Do severe recessions associated with financial crises cause permanent reductions in potential GDP, or does the economy return to its trend? If the economy eventually returns to its trend, does the return take longer than the return following recessions not associated with financial crises? We...

"In Central Bank Governance and Oversight Reform, the distinguished contributors tackle this and a range of other key questions surrounding the balance of central bank authority with accountability and constraints. They discuss the conflicting public attitudes towards the Fed. The authors...