9789811201790 medium

A Century of Federal Reserve Monetary Policy (eBook)

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  • 83,988 Words
  • 308 Pages

The Federal Reserve System, created in the early 20th century, is now more than a hundred years old. This book takes the reader through the founding and first century of Federal Reserve monetary policy, and uses the analysis of the past to address the present and future issues of central banking.

With its focus on the actual policies, rather than the politics or individuals that determined those policies, this book addresses issues that have plagued monetarists since the onset of the Great Recession. Then, it proceeds to discuss the issues that will affect the efficacy of policy in the future. This section of the book is relevant for all central banks as central bank behavior post the onset of the Great Recession was similar throughout the world.

The book presents an analysis of the path of inflation that puzzled the experts. It adds an analysis of central banking's ability or lack thereof to influence market interest rates. Lastly, it explains the current exploding crypto-currency craze, its potential to supplant traditional transactions media, and the future of these so-called currencies.

Contents:
  • The Federal Reserve: A Century of Monetary Policy:
    • The Advent of Central Banking in the United States
    • The Early Years of the Federal Reserve: A Limited Role for Independence
    • A Wartime Federal Reserve
    • The Federal Reserve's First Decade Free of the Treasury
    • The Federal Reserve in the Vietnam Decade: The 1960s
    • The Federal Reserve and the Rise of Inflation: The 1970s
    • The Federal Reserve and the Taming of Inflation: The 1980s
    • The 1990s: Turning Deficits into Surpluses
    • The Federal Reserve in the Early 21st Century
    • The Federal Reserve and the Great Recession Financial Crisis
    • Expanding the Federal Reserve's Mission
  • Issues from the Past and Problems for the Future:
    • The Federal Reserve: An Independent Central Bank or an Arm of Government?
    • The Federal Reserve's Role in Market Interest Rates
    • The Federal Reserve, the Great Recession and the Lost Inflation
    • Federal Reserve Monetary Policy when Reserves Pay Interest
    • The Fed Funds Market in an Interest on Reserves World
    • Can Monetary Policy Exist in a Zero or Very Low Interest Rate World?
    • The Federal Reserve and the Federal Debt
    • Measuring the Federal Reserve's Net Worth
    • Is There a Path Back to Your Parents' Federal Reserve?
    • Estimating a Path to Your Parents' Federal Reserve
    • Cryptocurrencies and Monetary Policy
    • Some Concluding Issues in the History and Future of the Federal Reserve
  • References

Readership: Undergraduate and graduate level students, lecturers and professors of macroeconomics. Federal Reserve;Monetary Policy;Money;Currency;Interest Rates;Inflation00

The Federal Reserve System, created in the early 20th century, is now more than a hundred years old. This book takes the reader through the founding and first century of Federal Reserve monetary policy, and uses the analysis of the past to address the present and future issues of central banking.

With its focus on the actual policies, rather than the politics or individuals that determined those policies, this book addresses issues that have plagued monetarists since the onset of the Great Recession. Then, it proceeds to discuss the issues that will affect the efficacy of policy in the future. This section of the book is relevant for all central banks as central bank behavior post the onset of the Great Recession was similar throughout the world.

The book presents an analysis of the path of inflation that puzzled the experts. It adds an analysis of central banking's ability or lack thereof to influence market interest rates. Lastly, it explains the current exploding crypto-currency craze, its potential to supplant traditional transactions media, and the future of these so-called currencies.

Contents:
  • The Federal Reserve: A Century of Monetary Policy:
    • The Advent of Central Banking in the United States
    • The Early Years of the Federal Reserve: A Limited Role for Independence
    • A Wartime Federal Reserve
    • The Federal Reserve's First Decade Free of the Treasury
    • The Federal Reserve in the Vietnam Decade: The 1960s
    • The Federal Reserve and the Rise of Inflation: The 1970s
    • The Federal Reserve and the Taming of Inflation: The 1980s
    • The 1990s: Turning Deficits into Surpluses
    • The Federal Reserve in the Early 21st Century
    • The Federal Reserve and the Great Recession Financial Crisis
    • Expanding the Federal Reserve's Mission
  • Issues from the Past and Problems for the Future:
    • The Federal Reserve: An Independent Central Bank or an Arm of Government?
    • The Federal Reserve's Role in Market Interest Rates
    • The Federal Reserve, the Great Recession and the Lost Inflation
    • Federal Reserve Monetary Policy when Reserves Pay Interest
    • The Fed Funds Market in an Interest on Reserves World
    • Can Monetary Policy Exist in a Zero or Very Low Interest Rate World?
    • The Federal Reserve and the Federal Debt
    • Measuring the Federal Reserve's Net Worth
    • Is There a Path Back to Your Parents' Federal Reserve?
    • Estimating a Path to Your Parents' Federal Reserve
    • Cryptocurrencies and Monetary Policy
    • Some Concluding Issues in the History and Future of the Federal Reserve
  • References

Readership: Undergraduate and graduate level students, lecturers and professors of macroeconomics. Federal Reserve;Monetary Policy;Money;Currency;Interest Rates;Inflation00


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