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In May 2023, the world's top economic policymakers and academics convened at the Hoover Institution for the annual Monetary Policy Conference. They met at a tumultuous time: the previous year, inflation had surged, and some believed the Federal Reserve was slow to react. What was behind this surge, and why did the Fed fail to forecast inflation, or perceive it when it happened? Participants considered whether the sluggish response made the situation...
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In The Structural Foundations of Monetary Policy, Michael D. Bordo, John H. Cochrane, and Amit Seru bring together discussions and presentations from the Hoover Institution's annual monetary policy conference. The conference participants discuss long-run monetary issues facing the world economy, with an emphasis on deep, unresolved structural questions. They explore vital issues affecting the Federal Reserve, the United States' central bank. They...
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A contributors' "who's who" from the academic and policy communities explain and provide perspectives on John Taylor's revolutionary thinking about monetary policy. They explore some of the literature that Taylor inspired and help us understand how the new ways of thinking that he pioneered have influenced actual policy here and abroad.
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With the inflation rate in the United States and many other countries on the rise for over a year and nearing double digits, the Hoover Institution hosted its 2022 conference on monetary policy. Policy makers, market participants, and academic researchers gathered to discuss the situation. Many agreed that low interest rates and high money growth were inappropriate given the high inflation rate and evidence that the United States has recovered from...
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Please note: This is a companion version & not the original book. Book Preview:
#1 The United States had a populist tradition that was hostile to concentrations of power in finance and government, and this was reflected in the country's lack of a well-established central bank until the Federal Reserve was established in 1913.
#2 The Federal Reserve System was created in 1913 and is made up of a Board of Governors in Washington with general oversight...
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Behind the alarming headlines about job losses, bank bailouts, and corporate greed is a little-known story of bad ideas. For fifty years or more, economists have been busy developing elegant theories of how markets work-how they facilitate innovation, wealth creation, and an efficient allocation of society's resources. But what about when markets don't work? What about when they lead to stock market bubbles, glaring inequality, polluted rivers, real...
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Unveiling the Economic Odyssey - "From Gold Standards to Quantitative Easing: A History of Monetary Policy" Embark on a riveting journey through the annals of economic history as "From Gold Standards to Quantitative Easing: A History of Monetary Policy" unveils the captivating saga of our financial evolution. In this meticulously researched and engrossing narrative, Leonardo Guiliani, a seasoned economic historian, takes you by the hand and guides...
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Milton Friedman's 1968 paper "The Role of Monetary Policy" changed the course of economic theory. In just 17 pages, Friedman outlined an effective government monetary policy designed to achieve the goals of broader economic strategy, namely "high employment, stable prices, and rapid growth."
Friedman did not just demonstrate that monetary policy plays a vital role in broader economic stability. He also argued that economists got their monetary policy...
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"Winner of the 2017 PROSE Award in Economics, Association of American Publishers" "One of Financial Times (FT.com) Best Economics Books of 2016" "One of Bloomberg's Best Books of 2016" "Selected for Canada's Financial Post Best Personal Finance and Economics Books of 2016" "Longlisted for the Financial Times and McKinsey Business Book of the Year 2016" Kenneth S. Rogoff, the Thomas D. Cabot Professor of Public Policy at Harvard University and former...
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Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It's happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of this century.
Foregoing the usual relitigating of the problems of housing markets and banking crises,...
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In responding to the financial crash of 2008, both the Bush Administration and the Obama Administration have relied on prescriptions developed by John Maynard Keynes, the most important economist since Marx. But should we be relying on Keynes? What did Keynes actually say? Did he make his case? Hunter Lewis concludes that he did not. If Keynes was wrong then so are the economic policies of virtually all world governments today.
Now with linked endnotes...
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A former chair of the Federal Reserve explains the transformation of one our most powerful and consequential institutions. In response to the economic impact of the COVID-19 pandemic, the U.S. Federal Reserve and central banks worldwide have deployed tools that past policymakers and economists might have considered radical. Programs like large-scale securities purchases and a new policy framework remain a source of confusion for investors, journalists,...
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"From the chief economic commentator for the Financial Times, a brilliant tour d'horizon of the new global economy and its trajectory There have been many books that have sought to explain the causes and courses of the financial and economic crisis which began in 2007-8. The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us about modern...
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Explores the work of the world's most powerful central bankers-- --Ben Bernanke of the U.S. Federal Reserve, Mervyn King of the Bank of England, and Jean-Claude Trichet of the European Central Bank--offering a view from the cockpit of the global economy as the three men struggled to keep it from going down.
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IN TRADITIONAL economics the theory of money and the theory of output have been treated separately with little or no tendency toward integration. First Wicksell and then Keynes gave impetus to the movement to combine the theory of money with that of output as a whole. Drawing on classical economics and the modern aggregate analysis of Keynes, Professor Hansen in this volume succeeds in writing a book which, unlike the classical studies, shows the...
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"Economic inequality in America is on fire. The heat was rising in 2011 when Occupy Wall Street railed against the 1%, and then in 2016, when populist presidential candidates of both parties attracted fervent support. Now we see it in the platforms of 2020 candidates, whose policy proposals for tackling economic inequality reflect the critical concerns they've been hearing from angry, frustrated Americans every day. However, the candidates' plans...
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"We are all investors. We invest our time, our energy, our money. We invest every single day, as citizens, as consumers, as businesspeople. At its core, investing involves connection, exchange, and mutual benefit. Lately, however, the primary, beneficialfunction of investing has been overshadowed by ever-more mechanized iterations of finance. We have created funds of funds, securitizations of securitizations, and entire firms whose business is based...
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Perhaps the last Washington secret is how the Federal Reserve and its enigmatic chairman, Alan Greenspan, operate. What do they do? Why precisely do they do it? Who is Greenspan? How does he think? What is the basis for his decisions? Why is he so powerful? What kind of relationships has he had with Reagan, Bush, and Clinton -- presidents during the 13 years he has been Fed chairman? The Greenspan years, 1987 to 2000, are presented here as a gripping,...
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"The former dean of the Yale School of Management and Undersecretary of Commerce in the Clinton administration chronicles the 1971 August meeting at Camp David, where President Nixon unilaterally ended the last vestiges of the gold standard-breaking the link between gold and the dollar-transforming the entire global monetary system"--
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