The Federal Reserve and the Financial Crisis

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Princeton University Press, Feb 24, 2013 - Business & Economics - 134 pages

In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges.


Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post-1945, when it began operating independently from other governmental departments such as the Treasury. During this time the Fed grappled with episodes of high inflation, finally tamed by then-chairman Paul Volcker. Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation. Bernanke then delves into the Fed's reaction to the recent financial crisis, focusing on the central bank's role as the lender of last resort and discussing efforts that injected liquidity into the banking system. Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed.


Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history.

 

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The Federal Reserve and the Financial Crisis

User Review  - Book Verdict

In March 2012, Federal Reserve chairman Bernanke gave four lectures to undergraduates on the origins and role of the Fed. His texts, charts, and answers to student questions are contained in this slim ... Read full review

THE FEDERAL RESERVE AND THE FINANCIAL CRISIS

User Review  - Kirkus

Federal Reserve Chairman Bernanke (Essays on the Great Depression, 2000, etc.) presents his views on the Federal Reserve System, central banking and the financial crisis in four lectures given to ... Read full review

Contents

The Federal Reserve after World War II
29
LECTURE 3
46
The Federal Reserves Response to the Financial Crisis
64
LECTURE 4
97
97
131
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About the author (2013)

Ben S. Bernanke served as chairman of the U.S. Federal Reserve from 2006 to 2014. He has also served as chairman of the President's Council of Economic Advisors and as a member of the Board of Governors of the Federal Reserve. Before his time in public service he was a professor of economics at Princeton University. His many books include Essays on the Great Depression and Inflation Targeting (both Princeton).