By David E. Lindsey
A narrative background by means of a Fed insider of the way financial coverage is formed within the US, with specific emphasis at the performances of former Chairman Ben Bernanke and present Chairwoman Janet Yellen in dealing with the prelude, outbreak, and aftermath of the 2008 monetary crisis.
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Additional info for A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008
Eccles remained on the Board, and later played an important role in resisting underhanded administration efforts to retain the Treasury’s domination. After a meeting in the White House between President Truman and the FOMC on January 31, 1951, the administration falsely asserted in a press release and subsequent letter that the Committee had committed to support the current low bond rate. 13 Breaking Up Is Hard to Do ● 37 The Fed and the Treasury Reaching an Accord and the Unfolding of the Martin Era Allan Sproul, president of the New York Reserve Bank, earlier had pushed internally for Fed independence.
But Fed had little practical independence during the war years owing to the Treasury’s control over monetary policy. The Fed was relegated to pegging interest rates. The Fed and the Treasury reached an accord in March 1951 allowing for the central bank’s independence. The main negotiator for the Treasury was William McChesney Martin, who became Board chairman a month later, serving until early 1970. CHAPTER 3 Breaking Up Is Hard to Do: Splitting from the Treasury in Adolescence and Maturing More—September 1935–January 1970 G overnor Laurence Meyer gave a talk in 1998 describing a Treasury lunch at the Board at which the question arose as to what the four letters FOMC meant.
A more plausible explanation is that the depth and severity of the Great Depression were the consequence of a series of shocks that the Federal Reserve neglected or failed to offset completely. The shocks include French gold policy, banking panics, increased demand for currency, departure of Britain from the gold standard, the stock market decline, failure of banks in Austria and Germany, collapse of United States export markets in Latin America, the effects of tariffs and retaliation on prices and thus on gold movements, and other events.
A Century of Monetary Policy at the Fed: Ben Bernanke, Janet Yellen, and the Financial Crisis of 2008 by David E. Lindsey