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Federal Reserve Policies And Financial Market Conditions During The Crisis
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Book Synopsis Federal Reserve Policies and Financial Market Conditions During the Crisis by : Scott A. Brave
Download or read book Federal Reserve Policies and Financial Market Conditions During the Crisis written by Scott A. Brave and published by DIANE Publishing. This book was released on 2011-08 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the recent financial crisis, the Fed implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the economy. This paper examines the effects of these policies on broad financial market conditions. The Fed was more likely to initiate or expand new programs when financial market conditions were tighter than usual and economic conditions deteriorating. The Fed¿s policies improved broad financial market conditions significantly at announcement and that the improvements were associated primarily with program initiations and expansions. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Book Synopsis Monetary Policy and the Housing Bubble by :
Download or read book Monetary Policy and the Housing Bubble written by and published by DIANE Publishing. This book was released on with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis Innovative Federal Reserve Policies During the Great Financial Crisis by : Kaufman George G
Download or read book Innovative Federal Reserve Policies During the Great Financial Crisis written by Kaufman George G and published by World Scientific. This book was released on 2000-08-03 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, Innovative Federal Policies During the Great Financial Crisis, contains discussions of unconventional monetary policies, policy changes to address systemic and payments systems risks, new macroprudential policies, the 'stretching' of the financial safety net, changes in the Fed's liquidity funding facility (the discount window), use of the Fed's balance sheet as a tool of monetary policy, and alternative means to deal with real-estate asset bubbles and potential financial instability. The 10 chapters in this book offer a unique analysis of several innovative approaches by the Federal Reserve that contributed to the stabilization of the US economy following the Great Recession. What unique policies were implemented? Toward what goal? Were they effective? Were there unintended consequences? Additionally, but less thoroughly, events in the Euro market are also discussed, and policies (and their impact) of the ECB are critiqued. Based on papers presented at the 91st Annual Conference of the Western Economic Association International Meetings in Portland, Oregon, 2016, Innovative Federal Policies During the Great Financial Crisis adds significantly to the debate over why innovative or unconventional policies were needed, how they were implemented and how effective they were.
Book Synopsis The Financial Crisis and Federal Reserve Policy by : L. Thomas
Download or read book The Financial Crisis and Federal Reserve Policy written by L. Thomas and published by Springer. This book was released on 2013-11-07 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis and Federal Reserve Policy is fully revised and updated with the most accurate and thorough coverage available of the causes and consequences of the 2008 Financial Crisis and the role the Federal Reserve played in the recovery efforts.
Book Synopsis Stewards of the Market by : Mitchel Y. Abolafia
Download or read book Stewards of the Market written by Mitchel Y. Abolafia and published by Harvard University Press. This book was released on 2020-03-10 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fast-paced, behind-closed-doors account of the Federal Reserve’s decision making during the 2008 financial crisis, showing how Fed policymakers overcame their own assumptions to contain the disaster. The financial crisis of 2008 led to the collapse of several major banks and thrust the US economy into the deepest recession since the Great Depression. The Federal Reserve was the agency most responsible for maintaining the nation’s economic stability. And the Fed’s Open Market Committee was a twelve-member body at the epicenter, making sense of the unfolding crisis and fashioning a response. This is the story of how they failed, learned, and staved off catastrophe. Drawing on verbatim transcripts of the committee’s closed-door meetings, Mitchel Abolafia puts readers in the room with the Federal Reserve’s senior policymaking group. Abolafia uncovers what the Fed’s policymakers knew before, during, and after the collapse. He explores how their biases and intellectual commitments both helped and hindered as they made sense of the emergency. In an original contribution to the sociology of finance, Stewards of the Market examines the social and cultural factors that shaped the Fed’s response, one marked by missed cues and analytic failures but also by successful improvisations and innovations. Ideas, traditions, and power all played their roles in the Fed’s handling of the crisis. In particular, Abolafia demonstrates that the Fed’s adherence to conflicting theories of self-correcting markets contributed to the committee’s doubts and decisions. A vivid portrait of the world’s most powerful central bank in a moment of high stakes, Stewards of the Market is rich with insights for the next financial downturn.
Book Synopsis The Federal Reserve and the Financial Crisis by : Ben Bernanke
Download or read book The Federal Reserve and the Financial Crisis written by Ben Bernanke and published by Princeton University Press. This book was released on 2013-02-24 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collects a series of lectures the chairman of the U.S. Federal Reserve gave in 2012 about the Federal Reserve and the 2008 financial crisis.
Book Synopsis Monetary Policy Implementation by : Ulrich Bindseil
Download or read book Monetary Policy Implementation written by Ulrich Bindseil and published by OUP Oxford. This book was released on 2004-12-02 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first of its kind, this book is entirely dedicated to the implementation of monetary policy. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. Enthusiastically supported by Keynes and later by the monetarist school, reserve position doctrine was developed mainly by US central bankers and academics during the early 1920s, and at least in the US became the unchallenged dogma of monetary policy implementation for sixty years. The return of interest rate targeting also corresponds largely to the restoration of central banking principles established in the late 19th century. Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments (open market operations, standing facilities, and reserve requirements) and reviews their use in the twentieth century. In closing, he summarizes current views on efficient monetary policy implementation.
Book Synopsis Central Banks and Financial Markets by : Hasan Cömert
Download or read book Central Banks and Financial Markets written by Hasan Cömert and published by Edward Elgar Publishing. This book was released on 2013 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔHasan CšmertÕs timely book reaches us during the prolonged conditions of the global great recession. By providing a thorough and detailed econometric analysis of the institutional and historical developments of the hegemonic leader of capitalism, Cšmert reveals that the simplistic monetary policy tools of the central banks of the so-called Òmodern great moderationÓ era are over, and we are now at cross-roads of a paradigmatic shift. CšmertÕs book suggests itself as one of the first leading examples of this shift.Õ Ð Erini Yeldan, Yasar University, Turkey ÔThis provocative book shows that the Federal Reserve has, in the last four decades, gradually lost influence over credit and financial markets. This argument, supported by institutional analysis and econometric tests, has two explosive implications: first, Federal Reserve policy did not cause the subprime crisis; second, central banks no longer have instruments for intervening in economies whose growth they are now expected to restore. Anyone concerned with the future of global capitalism should consider ComertÕs work as a matter of urgency.Õ Ð Gary Dymski, Leeds University Business School, UK and University of California, Riverside, US ÔPrior to the outbreak of the financial crisis in 2008, mainstream economists celebrated a ÒNew ConsensusÓ on monetary policy in which independent central banks were assumed able to bring about a ÒGreat ModerationÓ of low inflation and high economic growth by manipulating short-term interest rates. In this important and interesting book, Hasan Cšmert demonstrates convincingly, through institutional analysis and econometrics, that central banks lost control of the price and quantity of credit starting two decades before this celebration. He shows that central banks themselves, through their support of financial market deregulation and globalization, helped bring about both monetary policy impotence and the global crisis. ItÕs a must-read.Õ Ð James Crotty, University of Massachusetts, Amherst, US In the wake of the financial crisis of 2008, there has been increasing debate over the appropriate role of central banks in mitigating economic disaster. This timely volume combines detailed historical and econometric analyses to explore the profound changes that occurred within the US financial system from the 1980s to the present, and shows how these changes have affected the US economy. Hasan Cšmert demonstrates how dramatic shifts in the financial system undermined the ability of the US Federal Reserve to control the price and quantity of credit. He identifies several key factors that facilitated this loss of control, including deregulation, rapid financial innovations, increased financial integration and a number of policy decisions implemented within the Federal Reserve itself. Through a combination of several methods, including historical and institutional analyses, descriptive statistics, simulation and econometric techniques, the author provides a well-rounded and vitally important picture of the US financial system and offers insightful policy recommendations for the future. Students, professors and policymakers with an interest in economics, finance, banking and monetary policy will no doubt find this book a fascinating and invaluable resource.
Download or read book Lombard Street written by Walter Bagehot and published by . This book was released on 1906 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Markets and Financial Crises by : R. Glenn Hubbard
Download or read book Financial Markets and Financial Crises written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 1991-08-13 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Book Synopsis The Great Inflation by : Michael D. Bordo
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Book Synopsis Inflation Targeting by : Ben S. Bernanke
Download or read book Inflation Targeting written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2018-06-05 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs. Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made.
Book Synopsis Federal Reserve's Commercial Paper Funding Facility by : Tobias Adrian
Download or read book Federal Reserve's Commercial Paper Funding Facility written by Tobias Adrian and published by DIANE Publishing. This book was released on 2010-06 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Reserve (FR) created the Commercial Paper Funding Facility (CPFF) in the midst of severe disruptions in money markets following the bankruptcy of Lehman Bros. on Sept. 15, 2008. The CPFF finances the purchase of highly rated unsecured and asset-backed commercial paper from eligible issuers via primary dealers. The facility is a liquidity backstop to U.S. issuers of commercial paper, and its creation was part of a range of policy actions undertaken by the FR to provide liquidity to the financial system. This report documents aspects of the financial crisis relevant to the creation of the CPFF, reviews the operation of the CPFF, discusses use of the facility, and draws conclusions for lender-of-last-resort facilities. Charts and tables.
Book Synopsis The Federal Reserve by : S. H. Axilrod
Download or read book The Federal Reserve written by S. H. Axilrod and published by Oxford University Press on Demand. This book was released on 2013-06-06 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses the legal basis for the Federal Reserve and the powers the institution can carry out, highlights key events in U.S. postwar financial history, and explains how monetary policy is tied to the political and social scenes.
Book Synopsis Review of the Monetary Policy Framework by : Great Britain: H.M. Treasury
Download or read book Review of the Monetary Policy Framework written by Great Britain: H.M. Treasury and published by The Stationery Office. This book was released on 2013-03-20 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the performance of the UK's flexible inflation targeting framework against the internationally-accepted monetary policy objective of price stability, a pre-requisite to longer-term growth and macroeconomic stability. Chapters cover the historical and international context, monetary policy frameworks and monetary policy instruments. The paper gives the Monetary Policy Committee's revised remit at Budget 2013. The Government has retained a flexible inflation target framework. The inflation target of 2 per cent, as measured by the 12-month increase in the Consumer Prices Index, is re-affirmed. The remit has been updated to clarify the trade-offs that are involved in setting monetary policy to meet a forward-looking inflation target, and in forming and communicating its judgements the MPC should promote understanding of these trade-offs. The remit continues to require an exchange of open letters between the Governor of the Bank of England and the Chancellor of the Exchequer if inflation moves away from the target by more than 1 percentage point in either direction. The open letter from the Governor should now be sent alongside the minutes of the MPC meeting that followed the publication of the CPI data. The remit requests that the MPC provides in its August 2013 inflation report an assessment of the merits of using intermediate thresholds - policy commitments conditional on future economic developments. The remit also reflects the Government's intention that the frameworks for monetary policy and macro-prudential policy, operated by the MPC and FPC of the Bank of England respectively, should be coordinated.
