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Century of Monetary Policy at the Fed : Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008
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In this narrative history, David E. Lindsey gives the reader a ringside seat to more than a century of policies at the US Federal Reserve Bank. Alternating between broad historical strokes and deep dives into the significance of monetary policy, Lindsey offers a fascinating look into government-regulated monetary policy from the Fed's inception in the early twentieth century through today.Lindsey's nearly three decades of service on the Federal Reserve Board allow him to combine the heft of scholarship with an insider's perspective on how the chairmen's – and chairwoman's – personalities and singular visions have shaped policies with far-reaching consequences. He critiques the performances of Chairman Ben Bernanke and Vice Chair Janet Yellen during the prelude, outbreak, and aftermath of the financial crisis of 2008, situating them in the context of the Fed's century-long history. He also quantitatively explores an alternative theory of inflation to explain why the central bank's inflation goal lagged despite its efforts.The only single volume history of the Fed and the first to appear in over a decade, this is a piece of living history that has much to offer to economists, policy and finance professionals.