The Recovery From The Great Recession: A Long, Evolving Expansion by Jay C. Shambaugh and Michael R. Strain published by NBER (2/2021). Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy…
“Financial Stability, the Trilemma, and International Reserves” by Maurice Obstfeld, Jay C. Shambaugh and Alan M. Taylor. The Trilemma (difficult trade-off policy makers face to choose between a fixed exchange rate regime, an independent monetary policy, and an open capital…