The Quiet Revolution / Edition 1

The Quiet Revolution / Edition 1

by Alan S. Blinder, Robert J. Shiller, Robert J. Shiller
     
 

Although little noticed, the face of central banking has changed significantly over the past ten to fifteen years, says the author of this enlightening book. Alan S. Blinder, a former vice chairman of the Federal Reserve System and member of President Clinton's Council of Economic Advisers, shows that the changes, though quiet, have been sufficiently profound to… See more details below

Overview

Although little noticed, the face of central banking has changed significantly over the past ten to fifteen years, says the author of this enlightening book. Alan S. Blinder, a former vice chairman of the Federal Reserve System and member of President Clinton's Council of Economic Advisers, shows that the changes, though quiet, have been sufficiently profound to constitute a revolution in central banking.

Blinder considers three of the most significant aspects of the revolution. The first is the shift toward transparency: whereas central bankers once believed in secrecy and even mystery, greater openness is now considered a virtue. The second is the transition from monetary policy decisions made by single individuals to decisions made by committees. The third change is a profoundly different attitude toward the markets, from that of stern schoolmarm to one of listener. With keenness and balance, the author examines the origins of these changes and their pros and cons.

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Product Details

ISBN-13:
9780300100877
Publisher:
Yale University Press
Publication date:
04/01/2004
Series:
Arthur Okun Memorial Lectures Series
Edition description:
New Edition
Pages:
140
Product dimensions:
5.50(w) x 8.50(h) x 0.44(d)

Table of Contents

List of Illustrations
Foreword
Acknowledgments
Introduction1
Ch. 1Through the Looking Glass: Central Bank Transparency5
Ch. 2Ex Uno Plures: Central Banking by Committee34
Ch. 3Following the Leader: The Central Bank and the Markets65
Conclusion: Thoroughly Modern Central Banking98
Notes101
Bibliography109
Index115

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