The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

Recommended by Kenneth S. Rogoff, Professor of Economics and Maurits C. Boas Chair of International Economics

For those who find central banking mysterious, Mohamed El-Erian’s book gives an in-depth look at how, during the extended period of political paralysis that set in after the global financial crisis, central banks engaged not only in monetary policy but quasi-fiscal policy. With hindsight, it is clear that the effects of these efforts were often wildly overblown — so-called quantitative easing now appears to be largely smoke and mirrors — but nevertheless a very concise and eloquent exposition of the challenges and issues.