The Road Ahead for the Fed (HOOVER INST PRESS PUBLICATION)
List Price:
Our Price: $5.73
You Save: $14.22 (71%)
Availability: Usually ships in 1-2 business days
Buy Used: from $0.47 (click here)
Category: Book
See more book details and other editions
Book Summary Information
Editor: John D. CiorciariEditor: John B. Taylor
Edition: Hardcover
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2009-07-17
ISBN: 081795001X
Number of pages: 225
Publisher: Hoover Institution Press
Book Reviews of The Road Ahead for the Fed (HOOVER INST PRESS PUBLICATION)
Book Review: Twelve Experts Explore the Fed's Actions During the Financial Crisis - Deserves to be Read - 4 Stars
Summary: 4 Stars
This book is an interesting concept and will be read by the intelligentsia of this country. Too many people and that means most of us are dependent upon reading newspapers, and watching television to understand the origins of the financial crisis during 2008/ 2009. Reporters simply parrot back what they are told. They possess no capacity to synthesize the vital information on which the vast majority of us will make decisions to support, or not support the programs that the Fed is putting forward.
The men in this book know what they are talking about to the extent that anyone can, when dealing with extremely complex macroeconomic interventions in uncharted territories.
Here are a few of the minds that are exploring the financial crisis and its aftermath in this book:
* George P. Shultz
Is there anyone more on top of his game than Shultz, educated at Princeton, with a PhD from MIT? He is a former Secretary of the Treasury and a former president of Bechtel Corporation. His recommendation is for all of us to think long-term because we are missing the big picture. Short term actions are having unintended long term effects that have to be anticipated.
* Allan Meltzer
Meltzer is probably America's foremost historian of the Fed. His volume II, History of the Federal Reserve was just released. In his essay in this book, he argues for a return to proven policies to attack our current situation.
* Donald Kohn
Former Vice-Chairman of the Board of Governors of the Federal Reserve System, in his essay talks about how the Fed operates from the inside, and in particular deals with the systemic risks that the Fed is trying to deal with.
* James D. Hamilton
With a doctorate from UC Berkeley he uses charts to lay out the Fed's balance sheet in detail. He shows you the precise concerns regarding inflation, and the potential loss of independence by the Fed.
* Myron Scholes
One of the authors of the Black-Scholes equations for options and derivative pricing, in this essay he argues for using market based mechanisms in an attempt to reduce systemic risk.
There are seven more experts who are writing essays. They are not all that difficult to read although it is expected that academics working at this level intentionally make themselves difficult to understand, so that they can deny ever saying anything. There are 205 pages of narrative, and it is my opinion that the most interesting part is the last chapter where the editor of the book John Ciorciari does a summary, and effectively argues for key principles and proposes recommendations. These include:
A) Dealing with Moral Hazard and the concept of Too Big to Fail
B) Transparency Improvements
C) Reforms of the Market and Regulations
D) Strengthening the Ratings Agency Concept
E) Capital Standards Enforcement
F) Derivatives Markets Improvements
G) Housing Finance Reforms
H) Bankruptcy Law Reforms
I) What to do with the Firms that FAIL
CONCLUSION:
As informed citizens of our Republic, we need to take control of these issues for ourselves, and not leave them in the hands of the academics, and the media. In order to do that we have to become better informed? Reading this book is a way to achieve that goal. I urge you if you want to understand the situation we got ourselves into, and the potential roads out of it, to read through a book like this. Thank you for reading this review.
Richard C. Stoyeck
Summary of The Road Ahead for the Fed (HOOVER INST PRESS PUBLICATION)
The Federal Reserve is the single most important economic policy institution in the United States. Its recent unprecedented actions and interventions have raised serious concerns in many quarters about inflation, as well as the independence and effectiveness of the Fed. In The Road Ahead for the Fed, twelve expert authors examine the recent actions of the Federal Reserve and debate key issues on how it can best navigate the road ahead.
The authors suggest directions for the Fed going forward by drawing on principles from politics, history, and the market. They then explain how the Fed decided to establish a number of large and extraordinary new programs and offer practical suggestions on how to exit. They also recommend a number of policy reforms to address risk in the financial system and reduce the need for crisis-driven intervention. Although they offer a range of views, they concur on the need for both market-based mechanisms and regulatory reforms to keep the Fed on the road to good monetary policy in the future.
Edited by John D. Ciorciari and John B. Taylor
Economics Books
Book Subjects
- Arts & Photography
- Biographies & Memoirs
- Business & Investing
- Children's Books
- Comics & Graphic Novels
- Computers & Internet
- Cooking, Food & Wine
- Entertainment
- Gay & Lesbian
- Health, Mind & Body
- History
- Home & Garden
- Horror
- Law
- Literature & Fiction
- Mystery & Thrillers
- Nonfiction
- Outdoors & Nature
- Parenting & Families
- Professional & Technical
- Reference
- Religion & Spirituality
- Romance
- Science
- Science Fiction & Fantasy
- Sports
- Teens
- Travel
Most talked about in Economics Books
The Day Wall Street Exploded: A Story of America in Its First Age of Terrorby Beverly Gage
Oxford University Press, USA; Published: 2009-01-28; Hardcover; Book
Best price: $5.33
Price in other shops:
Coal: A Human Historyby Barbara Freese
Penguin (Non-Classics); Published: 2004-01-27; Paperback; Book
Best price: $6.99
Price in other shops:
Econometric Models and Economic Forecastsby Robert Pindyck, Daniel Rubinfeld, Robert S. Pindyck, Daniel L. Rubinfeld
McGraw-Hill/Irwin; Published: 1997-07-01; Hardcover; Book
Best price: $88.50
Elements of Dynamic Optimizationby Alpha C. Chiang
Mcgraw-Hill College; Published: 1992-01; Hardcover; Book
Best price: $375.84
Macroeconomicsby Campbell McConnell, Stanley Brue
McGraw-Hill/Irwin; Published: 2006-10-27; Paperback; Book
Best price: $30.00
Empire of Wealth: The Epic History of American Economic Power (P.S.)by John Steele Gordon
Harper Perennial; Published: 2005-10-25; Paperback; Book
Best price: $8.74
Price in other shops:
A Term at the Fed: An Insider's Viewby Laurence H. Meyer
HarperBusiness; Published: 2006-01-03; Paperback; Book
Best price: $4.24
Price in other shops:
Built to Last: Successful Habits of Visionary Companies (Harper Business Essentials)by Jim Collins, Jerry I. Porras
HarperBusiness; Published: 2002-08; Paperback; Book
Best price: $5.86
Price in other shops:
Predictably Irrational: The Hidden Forces That Shape Our Decisionsby Dan Ariely
Harper; Published: 2009-06; Paperback; Book
Best price: $9.44
Price in other shops:
The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500 to 2000by Paul Kennedy
Harper Collins Publishers; Published: 1989-03-16; Paperback; Book
Best price: $18.65
Similar Books and other products
Crisis Economics: A Crash Course in the Future of Financeby Nouriel Roubini, Stephen Mihm
Penguin Press HC, The; Published: 2010-05-11; Hardcover; Book
Best price: $5.28
Price in other shops:
Global Imbalances and the Lessons of Bretton Woods (Cairoli Lectures)by Barry Eichengreen
The MIT Press; Published: 2010-01-22; Paperback; Book
Best price: $9.75
Price in other shops:
A History of the Federal Reserve, Volume 2, Book 2, 1970-1986by Allan H. Meltzer
University Of Chicago Press; Published: 2010-02-01; Hardcover; Book
Best price: $58.32
Price in other shops:
Fault Lines: How Hidden Fractures Still Threaten the World Economyby Raghuram G. Rajan
Princeton University Press; Published: 2010-05-04; Hardcover; Book
Best price: $15.20
Price in other shops:
A Monetary History of the United States, 1867-1960by Milton Friedman, Anna Jacobson Schwartz
Princeton University Press; Published: 1971-11-01; Paperback; Book
Best price: $47.61
Price in other shops:
Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary Systemby Barry Eichengreen
Oxford University Press, USA; Published: 2011-01-07; Hardcover; Book
Best price: $14.97
Price in other shops:
In FED We Trust: Ben Bernanke's War on the Great Panicby David Wessel
Crown Business; Published: 2010-08-03; Paperback; Book
Best price: $7.87
Price in other shops:
Ending Government Bailouts as We Know Them (HOOVER INST PRESS PUBLICATION)Hoover Institution Press; Published: 2010-03-15; Hardcover; Book
Best price: $5.48
Price in other shops:
Inside the Fed: Monetary Policy and Its Management, Martin through Greenspan to Bernankeby Stephen H. Axilrod
The MIT Press; Published: 2009-02-06; Hardcover; Book
Best price: $11.41
Price in other shops:
Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis (HOOVER INST PRESS PUBLICATION)by John B. Taylor
Hoover Institution Press; Published: 2009-02-25; Hardcover; Book
Best price: $7.47
Price in other shops: