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The Federal Reserve
"A new and critical history of one of America's most important institutions In The Federal Reserve System: A New History, Robert Hetzel draws on a 43-year career as an economist in the central bank to trace the influence of the Fed on the American economy. Hetzel compares period in which the Fed stabilized the economy and period in which it destabilized the the economy. He draws lessons about what monetary rule is stabilizing. Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers new understanding of the bank's watershed moments since 1913. They include critical accounts of the Great Depression, the Great Inflation, and the Great Recession, all of which were avoidable. The Federal Reserve System: A New History arrives as a critical history for a critical moment. It promises to recast our understanding of the central bank in its second century"--
The Great Recession
Argues that the 2008-9 recession needs to be understood as deriving from mistakes of central banks and regulators, not financial markets.
The Monetary Policy of the Federal Reserve
Details the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the fitful process of replacing a gold standard with a paper money standard, the conduct of monetary policy becomes a series of experiments useful for understanding the fundamental issues concerning money and prices. How did the recurrent monetary instability of the 20th century relate to the economic instability and to the associated political and social turbulence? After the detour in policy represented by FOMC chairmen Arthur Burns and G. William Miller, Paul Volcker and Alan Greenspan established the monetary standard originally foreshadowed by William McChesney Martin, who became chairman in 1951. The Monetary Policy of the Federal Reserve explains in a straightforward way the emergence and nature of the modern, inflation-targeting central bank.
Contributions of Milton Friedman to Economics
Milton Friedman began his teaching career at the Univ. of Chicago isolated intellectually. He defended the ideas that competitive markets work efficiently to allocate resources & that central banks are responsible for inflation. By the 1980s, these ideas had become commonplace. Friedman was one of the great intellectuals of the 20th century because of his major influence on how a broad public understood the Depression, the Federal Reserve¿s stop-go monetary policy of the 1970s, flexible exchange rates, & the ability of market forces to advance individual welfare.
Monetary Policy in the 2008-2009 Recession
The recession that began with a cyclical peak in Dec. 2007 originated in a combination of real shocks because of a fall in housing wealth and a fall in real income from an increase in energy prices. The most common explanation for the intensification of the recession that began in the late summer of 2008 is the propagation of these shocks through dysfunction in credit markets. The alternative explanation offered emphasizes propagation through contractionary monetary policy. The 1st explanation stresses the importance of credit-market interventions (credit policy). The 2nd emphasizes the importance of money creation (money-creation policy). "The System should always be engaged in a ruthless examination of its past record."
Should Increased Regulation of Bank Risk-Taking Come from Regulators Or from the Market?
The heavy losses in bank asset portfolios do not reflect an inherent failure of markets to monitor risk adequately but rather the perverse incentives of the financial safety net to excessive risk-taking. The unsustainable rise in house prices and their subsequent sharp decline derived from the combination of a public policy to expand home ownership to unrealistic levels and from a financial safety net that encouraged excessive risk-taking by banks. Charts and tables.
Club Expat
Club Expat: A Teenager's Guide to Moving Overseas is a comprehensive guidebook for any young adult or family moving overseas. Written by two former expatriate teenagers, this book is the culmination of experiences of students all around the world and of broad consultations with dozens of experts in the field of international relocation. Covering topics ranging from culture shock to the intricacies of overseas life, this guidebook will serve as the knowledgeable "companion" for young adults embarking on a new journey overseas. Aniket and Akash Shah are brothers who lived with their family in Europe and Asia for several years as expatriates. They were born in Allentown, Pennsylvania and lived in different parts of the United States before moving abroad. Aniket and Akash are members of the Class of 2009 and the Class of 2006, respectively, at Yale University.
