Federal Reserve

ISBN-10: 0199934479
ISBN-13: 9780199934478
Edition: 2013
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Description: The Federal Reserve System ("the Fed") was established in 1913 to help avert financial panics and breakdowns in the banking system, which had all too frequently unsettled the economy in earlier decades. As the U.S. evolved into a major financial and  More...

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Book details

List price: $16.95
Copyright year: 2013
Publisher: Oxford University Press, Incorporated
Publication date: 5/16/2013
Binding: Paperback
Pages: 256
Size: 5.50" wide x 8.25" long x 0.50" tall
Weight: 0.616
Language: English

The Federal Reserve System ("the Fed") was established in 1913 to help avert financial panics and breakdowns in the banking system, which had all too frequently unsettled the economy in earlier decades. As the U.S. evolved into a major financial and economic power the Fed took on responsibilities as the U.S. central bank to assure that everyone who wants a job can get one and that the average level of prices remains generally stable.The Federal Reserve: What Everyone Needs to Knowis about how things work in practice for the Fed: how it makes decisions, what actions it takes, and the actual effects it has on the economy and society. Stephen H. Axilrod, a fomer prominent insider, lays out and answers questions about the political and social context, and the rapidly changing financial environment--accelerated and made more complex and potentially bedeviling by rapid technological advances, as well as regulatory issues and laxness. The book will focus on domestic conditions as well as international influences when they arise, especially in more recent decades. The discussion will draw almost entirely on experience of the post-World War II years, which are the years in which the Fed became further modernized and thus better able to find its way through and deal with the accelerating changes in world finance and communication. In 2013 The Fed will celebrate its one-hundredth anniversary. Thus the book will be an aptly timed, and unparalleled explanation of the powerful and relatively unknown role the Fed has come to play in the U.S. and world economies.

Stephen H. Axilrod worked from 1952 to 1986 at the Board of Governors of the Federal ReserveSystem in Washington, D.C., rising to Staff Director for Monetary and Financial Policy and StaffDirector and Secretary of the Federal Open Market Committee, the Fed's main monetary policy arm.Since 1986 he has worked in private markets and as a consultant on monetary policy with foreignmonetary authorities. He is the author of The Federal Reserve: What Everyone Needs toKnow.

Preface
Introduction
Why is the Federal Reserve (the Fed) so important to the country?
When and why was the Fed founded?
How did the Fed evolve?
How in general does the Fed compare with other central banks?
How does a central bank differ from other banks and financial institutions?
How do the Fed's unique policy instruments affect the nation's economy as a whole?
If so crucial to national policy, why is the Fed independent of the government?
The Fed's Organization for Policy
Where does responsibility for monetary policy decisions reside in the Fed?
What does the FOMC do and how is it organized?
How are other monetary policy instruments controlled?
How is the politically appointed Board of Governors chosen?
How are Reserve Banks governed?
What role do Reserve Banks play in the policy process?
Should the regional structure of me Fed be modified for today's world?
Should Reserve Bank presidents be politically appointed?
Do member banks and directors of Federal Reserve Banks unduly profit or exert influence?
What happens to the profits from Fed operations?
What is the underlying connection between the government and the Fed?
How does the government keep tabs on the Fed?
What does it mean in practice to say the Fed is independent?
Basic Monetary Policy Objectives
What are the Fed's basic objectives?
How does the Fed take account of it long-run economic goals?
What role does the Fed chairman play in focusing the institution's goals?
In what sense are the Fed's monetary policy objectives compatible with each other?
What does price stability mean?
What makes the Fed prefer a little rather than no inflation as its practical goal?
What inflation rate seems to satisfy the goal of price stability?
Has the Fed specified a target rate of inflation?
Instruments of Monetary Policy
How are the Fed's monetary instruments employed in the policy process?
Which of the Fed's instruments are most significant for implementing policy?
How are open market operations employed in policy implementation?
How does the federal funds rate connect with money market conditions in general?
How does the funds rate decision affect other credit markets?
How do key borrowers respond to changed market conditions?
How do FOMC policy decisions adapt to market uncertainties?
How do open market operations avoid creating too much money and inflation?
Does the money market itself influence spending or is it mostly a policy conduit?
Are the Fed's powers also used to influence the government securities market?
The Formulation and Communication of Monetary Policy
What is the institutional structure for monetary policy decisions?
What material is provided to the FOMC for discussion of the economic outlook?
What material is provided to help the Committee form its monetary policy decision?
How do Committee members conduct their discussion of the economy and monetary policy?
What, in general, are the main influences on the Fed's policy decision?
How do Committee members frame and communicate their decision about policy?
How influential is the chairman in the policy votes?
Why has the Fed become much more open about policy in recent decades?
Can there be too much openness?
The Fed's Role, Other Domestic Policies, and Conditions Abroad
What policies outside the Fed's control most influence its policy effectiveness?
How do fiscal and monetary policies best fit together?
How are decisions about coordinate roles of fiscal and monetary policies made in practice?
How do regulatory issues relate to monetary policy and its dual economic objectives?
How does the Fed's own regulatory authority fit into the nation's regulatory structure?
How has the Dodd-Frank Act influenced the Fed's regulatory stance?
How might the Fed better integrate monetary and regulatory policies?
How is Fed policy influenced by policies and conditions abroad?
Will the Fed's ability to make monetary policy decisions on purely domestic grounds be significantly lessened by further integration of world financial markets?
The Fed's Two Great Postwar Crises
In what ways are the two great postwar crises similar?
How did the Fed becomes involved in the great inflation's onset?
How did the Fed control inflation and regain credibility?
What again destabilized the economic and financial background for Fed policy?
How did the Fed become involved in the great credit crisis?
What actions did the Fed take to help contain the crisis?
How did the Fed contribute to the recovery?
What lessons can be learned from the Fed's management of the two great postwar crises?
Conclusion
What major challenges face the Fed as an organization in the future?
How well has the Fed served the country?
Appendix A-1
Appendix A-2
Index

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