Ben Bernanke's Fed: The Federal Reserve After Greenspan

Ben Bernanke's Fed: The Federal Reserve After Greenspan

by Ethan S. Harris


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Ben Bernanke's Fed: The Federal Reserve After Greenspan by Ethan S. Harris

Ben Bernanke's swearing in as Federal Reserve chairman in 2006 marked the end of Alan Greenspan's long, legendary career. To date, the new chair has garnered mixed reviews. Business economists see him as the best-qualified successor to Greenspan, while many traders and investors worry that he's too academic for the job. Meanwhile, many ordinary Americans do not even know who he is.

How will Bernanke's leadership affect the Fed's actions in the coming years? How will Bernanke build on Greenspan's success, but also put his own stamp on the Fed? What will all this imply for businesses and investors? In Ben Bernanke's Fed, Ethan Harris provides exceptional insights into these crucial issues.

As a leading "Fed watch" economist, Harris draws on Bernanke's academic research, his speeches as a governor of the Fed, and his first two years on the job to shed light on:

· How the Federal Reserve analyzes and manages the economy using a synthesis of classical and Keynesian theory

· Bernanke's strategies for fighting inflation

· The implications of the new chair's remarkably plain-spoken style

· How Bernanke has cultivated diverse viewpoints but still builds consensus within the Fed

Engaging and discerning, this book demystifies the man who has stepped into what many describe as the second most powerful job in America.

Product Details

ISBN-13: 9781422125847
Publisher: Harvard Business Review Press
Publication date: 08/11/2008
Pages: 237
Product dimensions: 6.30(w) x 9.20(h) x 1.00(d)

About the Author

Ethan S. Harris is a member of Lehman Brothers' Global Economics team. A U.S. chief economist, he started his career at the Federal Reserve Bank of New York, joining Lehman Brothers in 1996.

Table of Contents

Acknowledgments     vii
It's All About the Benjamin: An Early Look at the New Fed Chairman     1
Bernanke's Backdrop: The Federal Reserve's Role in the Economy
How the World Works: A Brief Course in Macroeconomics     13
Secrets of the Temple: Demystifying the Fed     27
Declaration of Independence: The Political Economy of Central Banking     37
Blowing Smoke: The Fed's Evolving Communication Strategy     51
Bernanke's Benchmark: The Shadow of Alan Greenspan
Greenspan, an Enviable Record: Greenspan's Successes as Fed Chairman     61
Greenspan, to Err Is Human: The Downside of Greenspan's Chairmanship     73
Bernanke's Beliefs: How Bernanke's Life Work Shapes His Policies
Constrained Discretion: Bernanke's Quest for an Inflation Target     95
Depression Obsession: How the Great Depression Informs Bernanke's Thinking     113
Glasnost: Democracy Comes to the Fed     127
Zen and the Art of Monetary Maintenance: The Fed's New Communication Style     141
See No Evil, Hear No Evil, Speak No Evil: The Policy Response to an Asset Market Bubble     147
Radical Risk Management: A New Policy Focus for the Fed     159
Bernanke's Beginning: The Early Report Card
Murphy's Law: New Fed Chairmen Always Seem to Face a Tough Environment     167
Pressure Cooker: Bernanke'sPerformance in His First Two Years     181
Conclusion: Can He Walk the Walk?, The Outlook for the Bernanke Fed     203
Notes     211
Index     229
About the author     237

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