By Leonard J. Santow
A crowd gathers. humans crane their necks. Cameras flash. The limo door opens. who's it—Mick Jagger? Oprah? Tiger Woods? No. it truly is Alan Greenspan—and the group nonetheless is going wild. Many felt Greenspan walked on water in the course of his long time period as Chairman of the Federal Reserve method. yet was once he a genius or, as Tolstoy may painting him, easily anyone who may possibly occur self belief whereas trying to captain an uncontrollable send? during this e-book, economist Leonard Santow casts a steely eye at the Fed and its 5 newest chairmen—Arthur Burns, G. William Miller, Paul Volcker, Alan Greenspan, and Ben Bernanke. alongside the best way, readers study what functionality the Fed plays and why, how financial coverage differs from monetary coverage, which levers the Fed makes use of to alter the cash provide and regulate inflation, and extra. this is often one of many few books to provide an explanation for the internal workings of the Fed and its Open marketplace Operations in layman's phrases, whereas comparing its most up-to-date chiefs of their efforts to maintain inflation at bay and the economic system buzzing. Written in a simple and obtainable variety, the booklet additionally includes insights at the subprime mess and the securities that helped convey down the true property condominium of playing cards, and it deals prescriptions for smoothing the uneven financial seas going forward.
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Extra resources for Do They Walk on Water?: Federal Reserve Chairmen and the Fed
In terms of generalities, the bank lists and discusses its two core purposes— monetary stability and ﬁnancial stability. Quoting from the Bank of England with respect to its core purposes: Core Purpose 1—Monetary Stability Monetary stability means stable prices and conﬁdence in the currency. Stable prices are deﬁned by the Government’s inﬂation target, which the Bank seeks to meet through the decision on interest rates taken by the Monetary Policy Committee, explaining those decisions transparently and implementing them effectively in the money markets.
Moreover, ethnic differences were considerable to say the least, and new countries evolved while others disappeared. The study took well over one month, and I worked on it almost full time. The conclusions I reached were that both the euro and the ECB would endure, but substantial problems would exist in the ﬁrst few years because of lack of cooperation, jealousies, and a lack of leadership. To start with, there was a big battle as to who would be the ﬁrst head of the ECB (not surprisingly, France and Germany were on opposite sides), and when that decision was made, from a monetary policy leadership point of view, the person selected was far from an optimum choice.
As for policy meetings, the Governing Council usually meets twice a month in Frankfurt. Obviously, during the ﬁnancial market problems in 2007 and 2008 meetings were more frequent. Interestingly, although the origins of the meltdowns MONETARY POLICY AROUND THE WORLD 23 were generated in the United States, the ECB was earlier and more aggressive than the Federal Reserve in trying to head off ﬁnancial difﬁculties. The main difﬁculty for the ECB and the Bank of England appeared to be a dysfunctional interbank market, in which some banks were unwilling to lend to other banks.