May 19, 2009
        
When the Unconventional Becomes Conventional: Monetary Policy in Extraordinary Times
            The financial turbulence that began in the U.S.  subprime-mortgage market in August 2007 reached maximum intensity towards the  end of 2008, and enveloped the entire global economy. Strains that had  previously been concentrated in a few major financial centers turned into a  full-blown crisis, affecting both industrial and emerging-market economies  through trade, financial, and confidence channels.
        
        
     
                