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A Century of Monetary Policy at the Fed: Ben Bernanke, Janet - download pdf or read online

By David E. Lindsey

ISBN-10: 1137578599

ISBN-13: 9781137578594

ISBN-10: 1349887579

ISBN-13: 9781349887576

A narrative background through a Fed insider of the way financial coverage is formed within the US, with detailed emphasis at the performances of former Chairman Ben Bernanke and present Chairwoman Janet Yellen in dealing with the prelude, outbreak, and aftermath of the 2008 monetary crisis.

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Extra info for A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008

Example text

27 Breaking Up Is Hard to Do ● 39 Heller touted the “New Economics,” according to which the business cycle could be conquered through the application of the fundamental principles of macroeconomic science that already were familiar to college freshman. Heller did much to publicize that point of view, as did the other members of the CEA, James Tobin and Arthur Okun. Paul Samuelson and Robert Solow already had written an influential article providing intellectual support. It asserted that governmental policy could exploit a long-run tradeoff between unemployment and inflation in which more of one meant less of the other.

To account for the severe weakness in aggregate demand once the Great Depression got going, we saw that Temin, like Keynes, emphasized drops in autonomous spending, whereas Friedman and Schwartz pointed to bank panics and the resultant destruction of deposits, while Meltzer identified the Fed’s focus on member bank discount-window borrowing as forestalling massive open market operations. I am advancing different arguments. I place the blame for the start of the downturn, the stock market crash, and the early development of the Great Depression squarely on the lagged effects of the restrictiveness in monetary policy in 1928 and much of 1929 that the Fed established to resist the stock market boom.

24 But Bernanke’s research supplemented this causal factor by pointing to breakdowns in the functioning of the credit intermediation mechanism. On the demand side, the widespread deflation in asset prices decimated the financial position of debtors by undercutting their net worth. Their resulting bankruptcy eliminated their capacity to borrow to acquire working capital or to finance consumer durables. On the supply side, loan losses seriously impaired bank capital, disrupted their ability to lend, and gave rise to financial crises, including banking panics.

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A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008 by David E. Lindsey

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