The Federal Reserve
a new history
- ISBN: 9780226821658
- Editorial: University of Chicago Press
- Fecha de la edición: 2023
- Lugar de la edición: Chicago. Estados Unidos de Norteamérica
- Encuadernación: Cartoné
- Medidas: 24 cm
- Nº Pág.: 696
- Idiomas: Inglés
An illuminating history of the Fed from its founding through the tumult of 2020.
In The Federal Reserve: A New History, Robert L. Hetzel draws on more than forty years of experience as an economist in the central bank to trace the influences of the Fed on the American economy. Comparing periods in which the Fed stabilized the economy to those when it did the opposite, Hetzel tells the story of a century-long pursuit of monetary rules capable of providing for economic stability.
Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of the bank's watershed moments since 1913. This includes critical accounts of the Great Depression, the Great Inflation, and the Great Recession-including how these disastrous events could have been avoided.
A critical volume for a critical moment in financial history, The Federal Reserve is an expert, sweeping account that promises to recast our understanding of the central bank in its second century.
ve account of the 1920s
Attacking speculative mania
The Great Contraction: 1929-33
The Roosevelt era
The guiding role of governor Harrison and the NY Fed
Contemporary critics in the Depression
From World War II to the 1953 Recession
LAW (Lean-against-the-Wind) and long and variable lags
The early Martin Fed
From price stability to inflation
The Burns Fed
Stop-go and the collapse of a stable nominal anchor
The Volcker Fed and the birth of a new monetary standard
The Greenspan FOMC
The Great Recession
The 2008 financial crisis
The Eurozone crisis
Recovery from the Great Recession
Covid-19 and the Fed's credit policy
Covid-19 and the Fed's monetary policy: flexible-average-inflation targeting
How can the Fed control inflation?
Making the monetary standard explicit
What is the optimal monetary standard?
Why is learning so hard?