Ben Bernanke's Fed: The Federal Reserve After Greenspan
Author: Ethan S Harris
The Federal Reserve chairmanship is often described as the second most powerful job in America. When Ben Bernanke was confirmed in 2006, many traders and investors were skeptical. Could anyone really replace Alan Greenspan?
Even in the best of times, Bernanke would have faced a tough balancing act. On one hand, he wanted to demonstrate continuity with his legendary predecessor, and he could certainly learn from Greenspan as both an economist and a policy maker. Moreover, the public was not looking for change. Senator John McCain even joked on the campaign trail that, if Greenspan were to expire during a McCain presidency, McCain would put sunglasses on the corpse and prop it up in a chair, as in the movie Weekend at Bernie's. On the other hand, Bernanke needed to establish his own identity.
But he stepped into the legend's job during a challenging period. Central bankers want the economy to grow fast enough-but not too fast-to achieve high employment without sparking inflation, and the Fed was attempting as much when Bernanke took over. Central banking is a crude science, and managing such growth requires both luck and skill. Despite his maestro reputation, Greenspan had allowed both the overall economy and the housing market to run too hot in his last two years as chair. His slow, "measured" interest-rate hikes, designed to avoid shocking the economy, failed to impose enough restraint. Consequently, Bernanke inherited a bubble in the housing market and an inflation problem. The economy was overheating.
Furthermore, a year and a half into Bernanke's chairmanship, a Wall Street Journal poll pegged him with only a 12 percent approval rating-and a 7 percent disapproval rating. Howdoes that work? Remarkably, 67 percent of respondents did not know who Bernanke was-even though he was "the second most powerful" person in the country.
Table of Contents:
Acknowledgments viiIt'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
Book about: Foodservice Profitability or Choice Recipes
Now What?: The Young Person's Guide to Choosing the Perfect Career
Author: Nicholas Lor
The impolite truth nobody mentions in college commencement speeches: "Many of you have just spent four years and a small fortune studying something you will never use, and, if you do, you won't like all that much. Have a nice life." Up until now, you've had to rely on hit-and-miss methods of picking your career that lead to only 30 percent of college graduates reporting satisfaction with their careers.
That's because up until now there has never been a book that guides you through the difficult process of designing a career that gives you the best chance for both high-level success and satisfaction. But career guru Nicholas Lore has found a way to show you how to custom design a career where you will:
Look forward to going to work
Be extremely successful and productive
Use your natural talents fully in work that fits your personality
Be highly respected because you excel at your work
In Now What?, he helps you put all the pieces together to make wise decisions about what you will do with your life and how you can best go about setting and accomplishing your life and work goals. You'll also learn the skills you need to live an extraordinary life.
Filled with charts, worksheets, and quizzes, Now What? is the cutting-edge guide for choosing a career that fits you perfectly -- whether you're a college student, a twentysomething already out in the working world, or a high school student just getting started.
