Ben Bernanke's Fed

Ben Bernanke's Fed

by Ethan S. Harris
Released August 2008
Publisher(s): Harvard Business Review Press
ISBN: 9781422163245

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Book description

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.

Table of contents

  1. Cover
  2. Copyright
  3. Acknowledgments
  4. Chapter 1: It’s All About the Benjamin: An Early Look at the New Fed Chairman
  5. PART I: BERNANKE’S BACKDROP: The Federal Reserve’s Role in the Economy
    1. Chapter 2: How the World Works: A Brief Course in Macroeconomics
    2. Chapter 3: Secrets of the Temple: Demystifying the Fed
    3. Chapter 4: Declaration of Independence: The Political Economy of Central Banking
    4. Chapter 5: Blowing Smoke: The Fed’s Evolving Communication Strategy
  6. PART II: BERNANKE’S BENCHMARK: The Shadow of Alan Greenspan
    1. Chapter 6: Greenspan, an Enviable Record: Greenspan’s Successes as Fed Chairman
    2. Chapter 7: Greenspan, to Err Is Human: The Downside of Greenspan’s Chairmanship
  7. PART III: BERNANKE’S BELIEFS: How Bernanke’s Life Work Shapes His Policies
    1. Chapter 8: Constrained Discretion: Bernanke’s Quest for an Inflation Target
    2. Chapter 9: Depression Obsession: How the Great Depression Informs Bernanke’s Thinking
    3. Chapter 10: Glasnost: Democracy Comes to the Fed
    4. Chapter 11: Zen and the Art of Monetary Maintenance: The Fed’s New Communication Style
    5. Chapter 12: See No Evil, Hear No Evil, Speak No Evil: The Policy Response to an Asset Market Bubble
    6. Chapter 13: Radical Risk Management: A New Policy Focus for the Fed
  8. PART IV: BERNANKE’S BEGINNING: The Early Report Card
    1. Chapter 14: Murphy’s Law: New Fed Chairmen Always Seem to Face a Tough Environment
    2. Chapter 15: Pressure Cooker: Bernanke’s Performance in His First Two Years
  9. Conclusion
  10. Notes
  11. About the Author

Product information

  • Title: Ben Bernanke's Fed
  • Author(s): Ethan S. Harris
  • Release date: August 2008
  • Publisher(s): Harvard Business Review Press
  • ISBN: 9781422163245