By David E. Lindsey
A narrative historical past via a Fed insider of ways financial coverage is formed within the US, with distinct 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
It had little impact, though the Treasury’s enhanced issuance of long-maturity securities at the same time didn’t help. And the evidence from the Fed’s recent turn to quantitative easing after the financial meltdown, while still being assessed, arguably supports this view given the tepid recovery. 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.
Eccles’s bill would have lasting effects, including the book in your hands. Founding the Modern Federal Open Market Committee and Pegging Interest Rates The new legislation gave the Board of Governors in Washington a majority on the FOMC with seven votes, while the 12 Reserve banks were allotted only five votes at 34 ● A Century of Monetary Policy at the Fed a time to be determined on a rotating basis. 1). The Secretary of the Treasury and the Comptroller of the Currency were removed from the Board, with the remaining seven members serving staggered 14-year terms.
32 But their dialogue never became personal, since both Patman and Martin always remained cordial. Patman did deeply resent the activities of Reserve bank directors in lobbying to defeat his proposed legislation. For example, he blamed such pressure for subverting his efforts to have the government own the Fed, or impose Congressional appropriations to deprive the Fed of its independent source of funding, or have the Fed audited by the General Accounting Office (now Government Accountability Office) (GAO).
A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008 by David E. Lindsey