Overview
Offers insights from a 30-year veteran of the Federal Reserve
Provides an insider perspective on how personalities drive financial policy
Discusses the polices and strategies of Janet Yellen, the Fed's first chairwoman
Exposes secrets of the Fed's enigmatic processes
Presents the first history of the Federal Reserve since 2004, and the only one in a single volume
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Table of contents (14 chapters)
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Front Matter
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Introducing the Book
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The Broad Sweep of Federal Reserve History: December 1913–December 2013
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Front Matter
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Monetary Policy in Chairman Bernanke’s Era: Taking a Closer Look at Monetary Policymaking and Communication, February 2006–January 2014
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Front Matter
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Related Developments in Chairman Bernanke’s Era: February 2006–January 2014
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Front Matter
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Back Matter
Keywords
About this book
In this narrative history, David E. Lindsey gives the reader a ringside seat to a century of policies at the US Federal Reserve. Alternating between broad historical strokes and deep dives into the significance of monetary issues and developments, Lindsey offers a fascinating look into monetary policymaking from the Fed's inception in 1913 to today.
Lindsey's three decades of service on the Federal Reserve Board staff allow him to combine the heft of scholarship with an insider's perspective on how the recent chairmen's and current chairwoman's personalities and singular visions have shaped policy choices with far-reaching consequences. He critiques the performances of Chairman Ben Bernanke and Vice Chair Janet Yellen during the prelude, outbreak, and aftermath of the financial crisis of 2008, situating them in the context of the Fed's century-long history. He also quantitatively explores an alternative to the conventional New-Keynesian theory of inflation, replacing so-called "rational expectations" with the Fed's inflation objective.
This unique volume is a piece of living history that has much to offer economists and monetary policy and finance professionals.
Reviews
“How the Federal Reserve handled the 2008 financial crisis continues to be hotly debated. Here is an outstanding insider’s view of the crisis, targeting advanced students of economics. … Summing Up: Highly recommended. Upper-division undergraduates through faculty.” (J. J. Janney, Choice, Vol. 54 (4), December, 2016)
"Exceptionally well written, cogently argued, and an important contribution to monetary policy and history." - Janet Yellen
About the author
David E. Lindsey was a 29-year veteran of the Federal Reserve Board's senior staff when he retired in 2003. He became Associate Economist of the policymaking Federal Open Market Committee in 1984 and Deputy Director of the Division of Monetary Affairs in 1987. Lindsey received his PhD from the University of Chicago in 1970, writing his thesis under Nobel Laureate Milton Friedman.
Bibliographic Information
Book Title: A Century of Monetary Policy at the Fed
Book Subtitle: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008
Authors: David E. Lindsey
DOI: https://doi.org/10.1007/978-1-137-57859-4
Publisher: Palgrave Macmillan New York
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2016
Hardcover ISBN: 978-1-137-57858-7Published: 30 January 2016
eBook ISBN: 978-1-137-57859-4Published: 20 April 2016
Edition Number: 1
Number of Pages: XI, 337
Topics: Macroeconomics/Monetary Economics//Financial Economics, Regional/Spatial Science, Economic History