By David E. Lindsey

ISBN-10: 1137578599

ISBN-13: 9781137578594

ISBN-10: 1349887579

ISBN-13: 9781349887576

A narrative heritage by way of a Fed insider of the way financial coverage is formed within the US, with certain 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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Additional info for A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008

Sample text

After a meeting in the White House between President Truman and the FOMC on January 31, 1951, the administration falsely asserted in a press release and subsequent letter that the Committee had committed to support the current low bond rate. 13 Breaking Up Is Hard to Do ● 37 The Fed and the Treasury Reaching an Accord and the Unfolding of the Martin Era Allan Sproul, president of the New York Reserve Bank, earlier had pushed internally for Fed independence. An external voice, Senator Paul H. Douglas (Democrat, Illinois) also had been supportive of the Fed’s autonomy.

It also created the president’s Council of Economic Advisers. Since he published his major work, many observers have commented on the prophetic irony of the following passage from the General Theory: The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.

The conquest of the political sphere by the Keynesian vision in the United States was marked by the passage of the Employment Act of 1946. ” It also created the president’s Council of Economic Advisers. Since he published his major work, many observers have commented on the prophetic irony of the following passage from the General Theory: The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else.

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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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