Moschella, Manuela. Unexpected Revolutionaries: How Central Banks Made and Unmade Economic Orthodoxy

Elena Carletti of Bocconi University reviews “Unexpected Revolutionaries: How Central Banks Made and Unmade Economic Orthodoxy” by Manuela Moschella. The Econlit abstract of this book begins: “Explores the development of central banks from the heyday of monetary orthodoxy in the 1980s to the 2008 global financial crisis and the 2020 COVID-19 crisis, explaining why central banks responded to changed economic conditions by breaking with monetary orthodoxy and what consequences this evolutionary path entails for the role of central banks in domestic societies.”