Book Description
Allan H. Meltzer's monumental history of the Federal Reserve System tells the story of one of America's most influential but least understood public institutions. This first volume covers the period from the Federal Reserve's founding in 1913 through the Treasury-Federal Reserve Accord of 1951, which marked the beginning of a larger and greatly changed institution.
To understand why the Federal Reserve acted as it did at key points in its history, Meltzer draws on meeting minutes, correspondence, and other internal documents (many made public only during the 1970s) to trace the reasoning behind its policy decisions. He explains, for instance, why the Federal Reserve remained passive throughout most of the economic decline that led to the Great Depression, and how the Board's actions helped to produce the deep recession of 1937 and 1938. He also highlights the impact on the institution of individuals such as Benjamin Strong, governor of the Federal Reserve Bank of New York in the 1920s, who played a key role in the adoption of a more active monetary policy by the Federal Reserve. Meltzer also examines the influence the Federal Reserve has had on international affairs, from attempts to build a new international financial system in the 1920s to the Bretton Woods Agreement of 1944 that established the International Monetary Fund and the World Bank, and the failure of the London Economic Conference of 1933.
Written by one of the world's leading economists, this magisterial biography of the Federal Reserve and the people who helped shape it will interest economists, central bankers, historians, political scientists, policymakers, and anyone seeking a deep understanding of the institution that controls America's purse strings.
"It was 'an unprecedented orgy of extravagance, a mania for speculation, overextended business in nearly all lines and in every section of the country.' An Alan Greenspan rumination about the irrational exuberance of the late 1990s? Try the 1920 annual report of the board of governors of the Federal Reserve. . . . To understand why the Fed acted as it did—at these critical moments and many others—would require years of study, poring over letters, the minutes of meetings and internal Fed documents. Such a task would naturally deter most scholars of economic history but not, thank goodness, Allan Meltzer."—Wall Street Journal
"A seminal work that anyone interested in the inner workings of the U. S. central bank should read. A work that scholars will mine for years to come."—John M. Berry, Washington Post
"An exceptionally clear story about why, as the ideas that actually informed policy evolved, things sometimes went well and sometimes went badly. . . . One can only hope that we do not have to wait too long for the second installment."—David Laidler, Journal of Economic Literature
"A thorough narrative history of a high order. Meltzer's analysis is persuasive and acute. His work will stand for a generation as the benchmark history of the world's most powerful economic institution. It is an impressive, even awe-inspiring achievement."—Sir Howard Davies, Times Higher Education Supplement
Customer Reviews:
Not for the layman.......2003-12-12
This much heralded account of the Federal Reserve is justly lauded in academic circles because Meltzer brings forth many Fed documents which have long been buried away and unavailable to scholars. He is able to pursue step-by-step Fed actions and relate what happened in all those many meetings behind closed doors. Through the mass of information he has uncovered and his own in-depth knowledge of monetary policy and the Fed, he is able to bring new facts to light and correct previous interpretations that are more often than not those of Friedman and Schwartz's A Monetary History of the United States.
The weaknesses of Meltzer's book stem from his massive archive of information and the strength of his predecessors. The sheer volume of information he is trying to convey prompts the narrative to drift and the reader sometimes loses the point. And, as a good academic historian, he is engaged in a dialogue with other historians of the Fed and monetary policy that can push the layman to the sidelines. Meltzer's history assumes the reader has a rather advanced knowledge of economics and finance such as an understanding of the real bills doctrine and the operation of an international gold standard. Also, the charts and tables are often not very helpful in understanding the text or at least could have been presented in a better manner.
Overall, Meltzer does not produce any stunning revelations but a great many correctives to previous accounts and much added detail. The novice to the history of US monetary policy would do better to read Richard Timberlake's book (though taken with a grain of salt because of its conservative leanings) or the classic work by Milton Friedman and Anna Schwartz.
Amazon.com
Bob Woodward called his biography of Federal Reserve chairman Alan Greenspan Maestro for two reasons. First, Greenspan is a musician. He started out as a Julliard-trained jazz sax man. "He wasn't a good improviser," Woodward reports. And while the other guys got stoned all night, Greenspan "read economics and business books and eventually became the band's bookkeeper." He also cultivated powerful pals, like Ayn Rand, whose coterie dubbed the dour young man "The Undertaker."
More profoundly, Greenspan is a maestro, a conductor, exquisitely attuned to every instrument in the political and economic orchestra. He rules by consensus, but with a firm hand and notoriously inscrutable words. Marvelously, Woodward relates that Greenspan had to propose twice to his wife, the violinist-turned-TV news star Andrea Mitchell, before she understood: "His verbal obscurity and caution were so ingrained that Mitchell didn't even know that he had asked her to marry him." Woodward gives us the inside story of what Greenspan really thinks and how he outmaneuvered the most ruthless politicians on earth in some of the hairiest times imaginable, from the 1987 stock market crash to the 1994-95 Mexican crisis to the stomach-churning turn of the century. It turns out that for all his awesome knowledge of monetary minutiae, the Fed chief literally relies on "a pain in the pit of my stomach" to make decisions. "At times, he found his body sensed danger before his head," writes Woodward. The Fed chief also adapts Einstein's technique to economics, hunting for discrepancies as keys to deeper theories. Einstein made breakthroughs out of bent light; Greenspan deduced productivity gains that government statisticians had overlooked for years. (The gains appeared when Greenspan made the statisticians calculate productivity by business sector, the way it's done in the real world.)
Woodward's prose is cool and rational, not exuberant. But if you're into economics and politics, you'll find a rich gossip trove here. Who knew Reagan had a draft of a presidential order to shut down Wall Street trading at hand in 1987? Scary! Reading Maestro is better than sitting with Greenspan in his famous tub as he charts your future--it's like being right there inside his head. --Tim Appelo
Book Description
Perhaps the last Washington secret is how the Federal Reserve and its enigmatic chairman, Alan Greenspan, operate. In Maestro, Bob Woodward uses his proven interviewing and research techniques to take you inside the Fed and Greenspan's thinking. Woodward presents the Greenspan years as a gripping narrative, a remarkable portrait of a man who has become the symbol of American economic preeminence.
Download Description
Woodward's bestselling "The Agenda" presented a thrilling, intimate portrait of the making of economic policy during President Clinton's first year in office. The author now returns to the economic arena to examine why and how the present boom came to be.
Customer Reviews:
"The nurturing of capital and property ownership.".......2007-09-10
While there are some interesting tidbits throughout, ie Alan Greenspans association with Ayn Rand, the familiar names of the politically entrenched and the precarious state our nations economic machinations, this book was a bit boring. What I did find fascinating was the level of Ivy League ambition in our nations capital and Greenspans savvy manuevering therein.
Maestro Review .......2007-08-19
Among collegiate literature which I have been exposed to, I have found Bob Woodward's Maestro to be one of the most informative and educational. With this simple and easy to understand narrative, I have been taken inside the doors of the Federal Reserve, and have been given a picture of how the FOMC truly operates. I feel more equipped to discuss and express opinion towards the operations of the Fed. Upon the completion of this book, I sat back with a sense of gratification, in my newly acquired, practical understanding of the U.S. economy. Woodward was able to portray Monetary Policy in a sense that really applied to my level of thinking.
With an inside look at the decisions of Alan Greenspan and his role as chairman of the Federal Reserve, I was stuck with a sense of amazement watching this man operate mathematically and politically, still maintaining a sense of pure awareness and concern for the long-term affects of his resolutions. I would definitely recommend this book to any reader in search of a practical and realistic understanding of the economic engine which drives the U.S.
I Can't Believe I LOVED a Book on Greenspan!.......2007-04-10
I read this book wanting to be better informed about how The Fed and Greenspan operate, and wound up being nicely informed and entertained. Understanding how banks, the White House and political appointments co-exist in the field of economics, I never thought I would ever use the phrase "hard-to-put-down" in connection with an economics/banking book but this one really did it for me. It is a genuine page turner and definitely Woodward's most underrated and under-discussed books. (No caller mentioned this work during his 3-hour C-Span interview a few months back.) Get your hands on a copy of this book and prepare for an interesting and enjoyable ride. My one complaint: I wish it were longer. Although this book answered all my "Fed" questions, I wished its time track would continue to the present, or perhaps delve a little deeper into the past. But this minor complaint notwithstanding, the book was an excellent and engaging read.
Maestro.......2006-12-02
First, a brief note about what others have stated about the author and his relationship with the "establishment." Bob Woodward has always gotten close to the sources and heart of the story. It seems Woodward is inside and part of the system much moreso than than simply observing and reporting about it from the outside. In "Maestro," perhaps such conjecture is irrelevant. (Some biographers are more sympathetic to the subject.) If one is on the inside he/she has greater access to corroborated information and gets to know what's really going on behind the scenes.
The downside is that a person can also develop relationships with the people they write about (e.g. become friends, or admiring acquaintances). Insider or not, Woodward is and has been....a part of the establishment. But this isn't necessarily a reason to take anything away from him in this book. Woodward provides lots of details into Greenspan, the FOMC, and daily working of the Fed, as well as the politics and motivations behind individual and institutional actions.
This bio starts with brief glimpses into Greenspan's parents, his upbringing, and school days. It then moves to his young adulthood and formative years. The young Greenspan was 26 when he met philosopher and novelist Ayn Rand. He held many discussions with her and became a part of her inner circle. Then, as now, Greenspan believes in the philosophy of "Logical Positivism," which asserts that "nothing could be known rationally with total certainty."
"Maestro" spends a lot of time on the workings, structure, and politics of the Fed. As for the structure of the Federal Reserve Board, the President appoints board members to the Fed and the Senate confirms them, to a term of 14 years. These lengthy terms are designed to position the board members above politics. The appointments however, are influential and political. The Secretary of Treasury traditionally acts as a liaison between the administration and board members.
The FOMC is the Federal Open Market Committee, (then) chaired by By Greenspan. The FOMC has 12 voting members, seven of which which, are Fed Governors. 5 of are presidents (out of a total of twelve) of the Federal Reserve district banks in the U.S. The FOMC meets every six weeks to discuss and set the the short-term funds rate.
This book also notes how Greenspan's statements are interpreted by the media and the markets that react to them.
Greenspan's famous and carefully crafted ambiguous statements are misinterpreted, oversimplified, and over-reacted to constantly by the 'talking heads' and knee-jerk profit takers and short-termers.
It's become so common in recent years to listen to talking heads Analyze phrases, words, and sentences given by Greenspan (and now Bernanke) when they present reports and testimony. Below is one example of what commonly happens after the Fed Chairman utters his alphabet soup of ambiguity, as in this 1995 comment from Allen Greenspan:
"I don't see any problem that really disturb me" followed by, "As a consequence of the sluggish economic outlook, the probabilities, as some of my colleagues have indicated, of a recession have edged up, as indeed one would expect." This statement was made in 1995 at an international banking conference in Seattle .
Here are two major headlines responses to this statement:
"Greenspan Sees Chance of Recession" --The New York Times.
"Recession Is Unlikely, Greenspan Concludes" --The Washington Post.
Greenspan refers to these responses by the media and talking heads as "Constructive Ambiguity" (p. 147).
The Chairman of the Federal Reserve and board is considered to be the most important position in the governance and overseeing of the U.S. economy. This book makes a mundane topic and institution interesting.
One thing I liked about Greenspan. He believed in an "institutional rule of survival" in Washington: bring the bad news yourself. Look people in the eye, lay out the facts, and be direct (p. 53).
Some people think there is an element of fawning in this biography. Sometimes there seems to be some subtle praise. Aside from this, the media's categorization of Greenspan as a 'rock star' is oversimplified. It seems Woodward liked Greenspan's tenure. A lot of people did.
How to feel your way to the correct interest rate.......2006-05-03
Woodward will give you a feel for how Greenspan feels (this feeling is developed from massive amounts of economic dated and dicussions with other experts) his way along to a decision on interest rates. There is no clear-cut method for getting the interest rates to just the right level. Now that Greenspan is gone and left us with a boom, we have to be concerned that Ben Bernanke will also develop just the right feel. And probably more importantly--may he be just as lucky as Alan Greenspan.
Average customer rating:
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The Strategy and Consistency of Federal Reserve Monetary Policy, 19241933 (Studies in Macroeconomic History)
David C. Wheelock
Manufacturer: Cambridge University Press
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Binding: Hardcover
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ASIN: 0521391555 |
Book Description
Today, most scholars agree that mismanaged monetary policy contributed to the length and severity of the Great Depression. There is little agreement, however, about the causes of the Federal Reserve's mistakes. Some argue that leadership and other organizational changes prior to the depression caused a distinct change in policy strategy that lessened the Fed's responsiveness to economic conditions, while others contend that there was no change in the Fed's behavior, and that errors during the depression are traceable to previous policies. This book examines the policy strategy developed by the Federal Reserve during the 1920s and considers whether its continued use could explain the Fed's failure to respond vigorously to the depression. It also studies the effects on policy of the institutional changes occurring prior to the depression. While these changes enhanced the authority of officials who opposed open-market purchases and also caused some upward bias in discount rates, Wheelock concludes that monetary policy during the depression was in fact largely a continuation of the previous policy. The apparent contrast in Fed responsiveness to economic conditions between the 1920s and early 1930s resulted from the consistent use of a procyclical policy strategy that caused the Fed to respond more vigorously to minor recessions than to severe depressions.
Book Description
The Federal Reserve banking system was created in 1913 in an effort to bring coherence to nationwide banking practices and prevent crises like the financial panic of 1907. Since it began operating in 1914, the Federal Reserve has played a crucial role in determining American financial policy and practice. It is largely an entity unto itself, operating independently, rarely subject to the political machinations of Congress or the presidency. Yet few Americans know how it works, and even fewer know anything of its history.
This history of the Federal Reserve begins by giving an overview of American banking practices before the Federal Reserve's formation. The events leading to the Reserve's creation, and its early trials and tribulations, are then documented. Subsequent chapters track the Federal Reserve's history: its role during times of financial and military crisis, its relationship to each presidential administration, and the Fed's evolution as its leadership has changed over the years. The history wraps up with the Alan Greenspan era, explaining major changes in the institution's operating procedures since the 1980s. An appendix lists all members of the Federal Reserve Board of Governors, from its formation until 2003.
Customer Reviews:
The Court and Its Chairman At A Pivotal Time........2005-09-05
Greenspan was the Chairman of the Federal Reserve Board for many years and cultivated the money men to influence his thinking.
He's called "the most powerful man in the world" and yet there has always been a sense of mystery which surround his private life. Coming from Washington Heights in New York where he lived wiht his grandparents, to become a power proker of the "first Order," he excelled in how to manage money and control economic crises. He was pivotal in America's economic expansion. Now, that he is retiring, the United States of Europe are taking over as the superpower of the wealthy.
Author Justin Martin detaials Greenspan's training as an economist. Using the opinions and knowledge of his peers, Henry Kissinger, Milton Friedman and former U. S. Predsident Gerald Ford, who appointed him to the Federal Reserve. He served under five presidents on the Federal Reserve Board and Chairman. In the photo section, he is shown with former presidents Gore, Clinton, Reagan, Nixon, and Bush, Sr.
Before that heady position, he excelled in academics and music at George Washington High School; in the '43 yearbook, he was listed as taking part in orchestra, dance band, was class president, and labeled as "smart as a whip and talented." He was a musician at Julliard, and played clarinet and saxophone as he toured with Henry Jerome's jazz band and in a trio. Learning the strict precision of playing instruments aided him in making complicated decisions as Chief Justice of this august group.
He hobnobbed with the wealthy at the O'Conner parties, including Allen Blumenthal in the mid '50s. Nothing keep him from marrying two beautiful women. Like Prince Charles of England, he had two women in his first marriage, a young beauty and Ann Rand who played a big role in his life. She was his Camilla. An old man never learns, even a smart one -- he married again in 1997 to a 'dead ringer' of his first wife. This time he married up into society.
Just as another super hero of an earlier era, Nathan Bedford Forrest, the greatest Civil War General (according to Robert E. Lee), he was the target of cartoonists (not comics!). In one, he is one of the five "enduring national monuments" in Washington, D.C. In another, the favorite of Justin Martin's aunt (her contribution to the book), he's shown being "tempted" by dancing naked women whose large proportions had prominent n....s. holding banners for the dot com groups.
As a teenager with rolled up jeans, he is talller than his mom, Rose Goldsmith, who held the Bible when he was sworn in as Chairman of Council of Economic Advisers in 1974. He's shown in the Oval office under the portrait of George Washington (what's more appropriate?) with Bush, Sr. and cronies.
To end with a riddle: How many bankers does it take to screw in a lightbulb? One, Greenspan holds the bulb and the world revolves around him. That's the story of his life. He is certainly an exceptional individual, a marvelous government servant as opposed to the two giving me "what-for" right now
Very timely and important reading.......2004-12-08
The Federal Reserve banking system was created in 1913 to stabilize banking practices: while it's often in the news today, few Americans actually know the background of its creation and its effects on American lives. Donald Wells is a professor of economics from the University of Memphis with extensive studies in baking: his guide, The Federal Reserve System: A History, provides not just a review of the Federal Reserve's establishment and effects, but a survey of the entire American banking system. Very timely and important reading.
Book Description
This is the first biography of William McChesney Martin, Jr. (1906-1998), the first paid president of the New York Stock Exchange and the chairman of the Federal Reserve System under Presidents Truman to Nixon. The extent of Martin’s influence on the course of American economic history was significant: arguably he has done more to strengthen and reform the nation’s most important financial institutions than has any other individual.
Chairman of the Fed tells Martin’s fascinating life story and explains his lasting impact on the NYSE and the Fed, both troubled institutions that Martin transformed. The book provides an inside look into the economic deliberations of five presidential administrations and describes Martin’s battles to bring about ethical and intelligent regulation of U.S. financial markets. His experiences shed light not only on the evolution of the American financial system but also on critical issues that confront the system today.
Customer Reviews:
Great Condition.......2005-10-12
The book came in a timely manner and is in great condition. I would buy from this seller again.
Average customer rating:
- Clear
- A good blend of theory and historical evidence
- Accessible
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The International Origins of the Federal Reserve System
J. Lawrence Broz
Manufacturer: Cornell University Press
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The Black Swan: The Impact of the Highly Improbable
ASIN: 0801433320 |
Book Description
The Federal Reserve Act of 1913 created the infrastructure for the modern American payments system. Probing the origins of this benchmark legislation, J. Lawrence Broz finds that international factors were crucial to its conception and passage. Until its passage, the United States had suffered under one of the most inefficient payment systems in the world. Serious banking panics erupted frequently, and nominal interest rates fluctuated wildly. Structural and regulatory flaws contributed not only to financial instability at home but also to the virtual absence of the dollar in world trade and payments.
Key institutional features of the Federal Reserve Act addressed both these shortcomings but it was the goal of internationalizing usage of the dollar that motivated social actors to pressure Congress for the improvements. With New York bankers in the forefront, an international coalition lobbied for a system that would reduce internal problems such as recurring panics, and simultaneously allow New York to challenge London's preeminence as the global banking center and encourage bankers to make the dollar a worldwide currency of record. To those who organized the political effort to pass the Act, Broz contends, the creation of the Federal Reserve System was first and foremost a response to international opportunities.
Customer Reviews:
Clear.......2002-03-09
Broz provides an easy to read text. His premises are clear, leading to true understanding. I've read much on this subject, but never such a complete work. It is as economical as can be expected; and I would argue more general than others have claimed. I highly suggest this book, and thank Dr. Broz for his contribution.
A good blend of theory and historical evidence.......2000-02-25
Broz's "The International Origins of the Federal Reserve System" is a excellent example of how single-case qualitative empirical research should be done. By providing a detailed formal theory framework, Broz is able to derive specific hypothesis about the development of the Federal Reserve in a manner that is both scientifically rigorous and historically detailed. While comparison with other cases would have been helpful (and neccessary if the model is to be generalized), this book is one of the best qualitative works in political science in general and political economy in particular in years.
Accessible.......1999-09-29
You can't find a more accessible text for this topic. I have scoured the librarys of academia and find that this text is not only readable and enjoyable, but it is superior in its treatment of subject matter. A look at the index will tell any reader that Mr. Broz's volume is the compleat guide.
Don't miss your chance to read this welcoming introductory text.
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Competition and Monopoly in the Federal Reserve System, 19141951: A Microeconomic Approach to Monetary History (Studies in Macroeconomic History)
Mark Toma
Manufacturer: Cambridge University Press
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Binding: Paperback
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ASIN: 0521022037 |
Book Description
Many economists view competition among central banks as leading to an over-issue of money. This book challenges the conventional wisdom by showing that competition among Federal Reserve banks in the 1920s did not result in an over-issue problem. The US Congress imposed a more monopolistic structure on the Fed in the mid-1930s so that it could accomodate an increase in the revenue needs of the Treasury. This book is unique in emphasizing the evolution of the Fed's structure from a highly competitive one to a highly monopolistic one.
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