By David E. Lindsey
A narrative heritage by way of a Fed insider of ways financial coverage is formed within the US, with distinctive 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 resources for A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008
2 Eccles had begun to issue a press release after each meeting. 3 Starting with its first meeting, the new FOMC additionally produced the “Minutes” that included initially in very summary form the comments of individual members. The FOMC, however, kept those records entirely internal. 4 The wording of the legislation also softened the emphasis on the real bills doctrine. In his review of the first volume, Michael Bordo noted that “Meltzer (p. ”5 And this was the act that had removed the two Treasury officials, including its Secretary, from the Board!
The FOMC, however, kept those records entirely internal. 4 The wording of the legislation also softened the emphasis on the real bills doctrine. In his review of the first volume, Michael Bordo noted that “Meltzer (p. ”5 And this was the act that had removed the two Treasury officials, including its Secretary, from the Board! 1 Chairmen of the Board of Governors, August 23, 1935, through January 31, 1970 Chairman Date of Term Marriner S. Eccles Thomas B. htm. 1 ● 35 Reports from FOMC Meetings: Past and Present Nomenclature Source: Deborah J.
10 The incisive monetarist vision, though initially unpopular, ultimately changed the theory and practice of policymaking. The book by Friedman and Schwartz blamed the Fed’s disastrous monetary policy on the illness and subsequent death in October 1928 of Benjamin Strong, the president of the Federal Reserve Bank of New York. The last two paragraphs of their chapter on the Great Contraction defending that view contain a prophetic irony because the words also apply to the future acceptance of the monetarist doctrine itself: The foregoing explanation of the financial collapse as resulting so largely from the shift of power from New York to the other Federal Reserve Banks and from personal backgrounds and characteristics of the men nominally in power may seem farfetched.