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From financial crises, to pandemic price-spikes, to recurring cycles of inflation, everyone agrees: the economy has seen better days. But as soon as pundits and politicians start discussing economics, things get murky. Most books ask more questions than they answer. Most books...but not this one.Judy Shelton—Senior Fellow at Independent Institute, former Chairman of the National Endowment for Democracy, and critically acclaimed monetary economist—has written a book with answers. And not a moment too soon. With clarity and moral courage, Shelton charts the course to a brighter future. She's one of the few economists bold enough to challenge the inflationary policies of the Federal Reserve, emphasizing how today's policies enrich elites at the expense of—you guessed it—poor and middle-class Americans. This, Shelton insists, must end. And it can end—easily. But Shelton doesn't stop there. Her vision is for not only America but also for people around the world. Global, economic upliftment, she insists, need not come at the expense of domestic prosperity. We can have both—but not without a sound and stable U.S. currency. And history is very clear on this point. When the U.S. dollar is backed by gold, America prospers, and so does the rest of the world. In this book, Shelton casts a powerful vision that is as revolutionary as it is time-tested...a vision that shows how the future American dollar can perform as good as gold......or even better. But this is no curmudgeonly demand to return to the gold standard of yore. Neither is it a demand to return to the Bretton Woods era. Instead, Shelton offers something new: an explanation of how we can use gold for a new international monetary order. Step by step, she lays out how gold can provide a universal measure of value across borders, create new financial opportunities, and dramatically increase prosperity around the world. If you care about the poor, rich, and everyone in between, you have to read this book... and discover: · how price stability functions as the foundation for productive economic growth; · how political freedom and economic freedom are fundamentally linked... and how one cannot exist without the other; · how to reconcile the stability of America's domestic currency in a global context; · the proper role of government in the economy; · and much, much more... Writing with a sober but hopeful voice, Shelton is no ordinary economist. With grace, intellectual rigor, and unmatched passion, this book is a must-read for anyone invested in the future of the American—and global—economy. You'll walk away with more answers than questions—a rare experience for anyone who reads about monetary policy.

AN NPR BEST BOOK OF THE YEAR • This fascinating deep dive into one of the most powerful and least understood American institutions—the Federal Reserve—is “a riveting narrative...[and] an invaluable guide to the monetary policy debates of the last few years'(Liaquat Ahamed, Pulitzer Prize-winning author of Lords of Finance).“The best book on the Fed in our time and a model of financial writing.” –KirkusThe marble halls of the Federal Reserve have always held secrets; for decades the Fed did the utmost to preserve its room to maneuver, operating behind the scenes as much as possible. Yet over the past two decades, this elite world of bankers and economists speaking a language that only monetary experts could understand has been forced to change its ways. Amid rising inequality, weakening global economic prospects, and a pandemic, the central bank has entered into a new era of transparency and activism that has changed its role in modern society in subtle but remarkable ways.Limitless tells the inside story of this deeply impactful transformation, and what it means for ordinary Americans. Focusing on characters such as the Fed chairman Jerome Powell; the Vice Chair for Supervision Randal Quarles; Vice Chair Lael Brainard; the Minneapolis Fed president Neel Kashkari; and the long-ago Fed Chair Marriner S. Eccles—and driven by the rising tension between Main Street and Wall Street—this is a page-turning account of the modern Fed's inner workings during a crucial inflection point in history.

An illuminating history of America's original credit market. The Continental Dollar is a revelatory history of how the fledgling United States paid for its first war. Farley Grubb upends the common telling of this story, in which the United States printed cross-colony money, called Continentals, to serve as an early fiat currency—a currency that is not tied to a commodity like gold, but rather to a legal authority. As Grubb details, the Continental was not a fiat currency, but a “zero-coupon bond”—a wholly different species of money. As bond payoffs were pushed into the future, the money's value declined, killing the Continentals'viability years before the Revolutionary War would officially end. Drawing on decades of exhaustive mining of eighteenth-century records, The Continental Dollar is an essential origin story of the early American monetary system, promising to serve as the benchmark for critical work for decades to come.

This book reviews the historical evolution of U.S. monetary policy, and then uses various methods such as mathematical models and econometric analysis to study the impact of U.S. monetary policy adjustments on the domestic economy and the spillover effects on the world economy. Finally, it summarizes the challenges faced by the Chinese economy in the post financial crisis era and proposes relevant countermea­sures and suggestions for China to respond to U.S. monetary policy adjustments.

It is widely believed that central banks have grown (the Bank of England) or were established (the Federal Reserve) to pursue the twin objectives of monetary and price stability. But why should they? Central bankers are people, too, whose behavior is presumably determined, like the rest of us, by their incentives and the information available to them. The author explores this question.Two sets of data confirm the reservations. Central banks have often worsened, even initiated, monetary instabilities by bailing out the risk-takers and their effects on prices, which depending on the quantities of money created by central banks, have often been catastrophic. The evidence suggests that central bankers have really been in business to support the politically powerful upon whose favors they depend, particularly high-spending governments and needy financial institutions. The book consists of several examples of this behavior and its consistency during wars and financial crises in the UK and US over the course of the last two centuries.Professors and students of finance will find A Comparative History of Central Bank Behavior to be a compelling and thoughtful exploration of how central banks have historically responded to and influenced financial markets.

Slowing economic growth and debt fatigue continue to hamper fiscal policy in the United States. The question is whether there is an alternative path to the one projected in CBO long term forecasts, and if so, how citizens can choose this alternative path. The experiences of Germany, Sweden, and Switzerland reveal that an alternative path of sustainable debt is possible, and that citizens in a democratic society are capable of choosing that path. This book explores the potential impact of Swiss-style fiscal rules on the U.S. budget and the economy over the next three decades. The dynamic simulation analysis reveals that with these fiscal rules in place, it is possible for the U.S. to stabilize and reduce debt to sustainable levels over the forecast period. The government must preserve policy credibility by demonstrating a commitment to meet the challenges of economic shocks. The recent economic crises have provided a learning experience, and the rules-based macroeconomic framework required for this new era may differ significantly from that of the past. With new fiscal rules in place, the U.S. can restore long term economic growth. However, empirical analysis reveals how difficult this challenge will be, and why the U.S. is likely to continue to experience debt fatigue.

Learn how the United States can stop and reverse its relative economic decline in this fascinating analysis of American Money, Credit and Capital In The Money Revolution: How to Finance the Next American Century, economist and bestselling author Richard Duncan lays out a farsighted strategy to maximize the United States unmatched financial and technological potential. In compelling fashion, the author shows that the United States can and should invest in the industries and technologies of the future on an unprecedented scale in order to ignite a new technological revolution that would cement the country's geopolitical preeminence, greatly enhance human wellbeing, and create unimaginable wealth. In this book, you will find: An important new history of the Federal Reserve that details the transformation of the country's central bank from the passive lender of last resort created by its founders in 1913 into the world's most powerful economic institution today. A fascinating discussion of the evolution of money and monetary policy in the United States over the past century. An examination of the role that credit has played in generating economic growth, especially since Dollars ceased to be backed by Gold five decades ago. A detailed description of the country's capital structure and its dangerous deficiencies. An urgent call-to-action for the United States to begin a multi-trillion-dollar investment program targeting industries of the future. The Money Revolution: How to Finance the Next American Century is a page-turning read ideal for anyone interested in the future of the United States. Its gripping thesis offers anyone with a personal or professional interest in America's economy, financial system, or geopolitical position in the world an engrossing intellectual journey.

Named one of Investopedia's 7 Best Economics Books of 2022The trailblazing story of Janet Yellen, the Ruth Bader Ginsburg of economics, and her lifelong advocacy for an economics of empathy that delivers the fruits of a prosperous society to people at the bottom half of the economic ladder. When President Biden announced Janet Yellen as his choice for secretary of the treasury, it was the peak moment of a remarkable life. Not only the first woman in the more than two-century history of the office, Yellen is the first person to hold all three top economic policy jobs in the United States: chair of both the Federal Reserve and the President's Council of Economic Advisors as well as treasury secretary. Through Owen Ullmann's intimate portrait, we glean two remarkable aspects of Yellen's approach to economics: first, her commitment to putting those on the bottom half of the economic ladder at the center of economic policy, and employing forward-looking ideas to use the power of government to create a more prosperous, productive life for everyone. And second, her ability to maintain humanity in a Washington policy world where fierce political combat casts others as either friend or enemy, never more so than in our current age of polarization. As Ullmann takes us through Yellen's life and work, we clearly see her brilliance and meticulous preparation. What stands out, though, is Yellen as an icon of progress—the “Ruth Bader Ginsburg of economics”—a superb-yet-different kind of player in a cold, male-dominated profession that all too often devises policies to benefit the already well-to-do. With humility and compassion as her trademarks, we see the influence of Yellen's father, a physician whose pay-what-you-can philosophy meant never turning anyone away. That compassion, rooted in her family life in Brooklyn, now extends across our entire country.

The first book-length work on market monetarism, written by its leading scholar. 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 the 21st century. Forgoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.

Sin lugar a dudas, con motivo de toda crisis económica global que pueda llegar a plantearse las políticas monetarias que adopten el conjunto de los principales Bancos Centrales adquieren una importancia extraordinaria. Esto es lo que ha sucedido con los distintos programas de flexibilización cuantitativa implementados por la Reserva Federal estadounidense a lo largo de estos últimos años y, en particular, a partir de la anterior crisis económica de 2008. Con carácter general las llamadas operaciones de mercado abierto se utilizan para aumentar o disminuir la oferta monetaria mediante la compra o la venta diaria de diversos activos (especialmente bonos), a través de las cuales se logra poner más dinero en circulación en la economía que puede ser utilizado por los bancos, las empresas y los individuos, contribuyendo además a aumentar el precio de aquellos bonos, lo que disminuye los tipos de interés a largo plazo para los prestatarios. Ahora bien como contrapartida, a pesar de que los prestatarios se benefician de menores tipos de interés, los tipos más bajos también alientan a las personas y a las empresas a pedir prestado más dinero, lo que significa que, por lo general, acaban con una deuda superior. La deuda adicional que se desprende de las políticas asociadas con este tipo de programas de flexibilización cuantitativa puede llegar a ser perjudicial para la economía a largo plazo. La presente Monografía analiza, una por una, el alcance de todas estas políticas implementadas por la FED a lo largo de estos últimos años (y su posterior retirada progresiva), así como sus consecuencias en las principales variables macro de la economía estadounidense, en las políticas fiscales llevadas a cabo y, obviamente, en la evolución de los mercados de deuda. Todo ello hasta llegar a la situación actual en la que, tras la aparición de la pandemia de la COVID-19, la FED ha procedido a priorizar su mandato de maximizar el empleo, situando el objetivo de la inflación por encima del límite anterior del 2%. El citado objetivo de inflación del 2% de la entidad ha pasado así a representar una media a largo plazo, lo que posibilitará que las políticas monetarias puedan conducir a una inflación “moderadamente” superior. El autor es Catedrático de Derecho Financiero y Tributario.Juan Calvo Vérgez es Licenciado en Derecho por la Universidad Complutense, Doctor en Derecho por la Universidad de Alcalá y Premio Extraordinario de Doctorado por dicha Universidad. Su carrera como profesor universitario de Derecho Financiero y Tributario se ha desarrollado en las Universidades de León y de Extremadura, impartiendo actualmente docencia en las Facultades de Derecho y Empresariales de esta última Universidad como Catedrático de Universidad. Juan Calvo Vérgez viene desarrollando desde hace más de veinte años una importante labor investigadora recogida en múltiples monografías, colaboraciones en obras colectivas y artículos doctrinales publicados en las más prestigiosas Revistas y Editoriales especializadas en la materia. Dentro de las distintas líneas de investigación desarrolladas destacan las relativas a la aplicación del principio de reserva de ley y del conjunto de principios constitucionales en materia tributaria, la financiación autonómica y local, la tributación de la empresa familiar, la fiscalidad de la Economía Social (mutualidades de previsión social, cooperativas, fundaciones, sociedades laborales, centros especiales de empleo, empresas de inserción social, etc.), el control presupuestario de los Entes públicos, el régimen fiscal de las entidades financieras, la fiscalidad de las operaciones de reestructuración empresarial, las políticas monetarias de las instituciones financieras internacionales, la fiscalidad inmobiliaria en la imposición directa e indirecta, el régimen fiscal de los planes y fondos de pensiones, la recapitalización de las entidades financieras, la crisis de deuda soberana en la Eurozona, la fiscalidad del comercio internacional o e

This book offers a series of statistical tests to determine if the “crowd out” problem, known to hinder the effectiveness of Keynesian economic stimulus programs, can be overcome by monetary programs. It concludes there are programs that can do this, specifically “accommodative monetary policy.” They were not used to any great extent prior to the Quantitative Easing program in 2008, causing the failure of many fiscal stimulus programs through no fault of their own. The book includes exhaustive statistical tests to prove this point. There is also a policy analysis section of the book. It examines how effectively the Federal Reserve's anti-crowd out programs have actually worked, to the extent they were undertaken at all. It finds statistical evidence that using commercial and savings banks instead of investment banks when implementing accommodating monetary policy would have markedly improved their effectiveness. This volume, with its companion volume Why Fiscal Stimulus Programs Fail, Volume 2: Statistical Tests Comparing Monetary Policy to Growth, provides 1000 separate statistical tests on the US economy to prove these assertions.

No institution, government, or country is “too big to fail.” A behind-the-scenes account of what led to the 2008 crisis—and may soon lead to a bigger one. Written by two bank executives with firsthand experience of several financial crises, Nothing is Too Big to Fail holds a stiff warning about the future of finance and social justice—revealing how the US government's fiscal and monetary policies are creating asset and debt bubbles that could burst at any time. The COVID-19 pandemic is just one of many risks that could derail our highly leveraged and fragile economic system. The authors also tell how government actions and an unregulated shadow banking system are leading to inequitable distribution of wealth, destroying the middle class, reducing trust in government, and accelerating racial injustice. No institution, government, or country is “too big to fail.” This book offers lessons learned from past crises and recommended actions for business and government leaders to take today to return our economic system and our democracy to a safer trajectory.

The first book to reveal how the Federal Reserve holds the key to making us more economically equal, written by an author with unparalleled expertise in the real world of financial policy Following the 2008 financial crisis, the Federal Reserve's monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Karen Petrou is a leading financial-policy analyst and consultant with unrivaled knowledge of what drives the decisions of federal officials and how big banks respond to financial policy in the real world. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book: Presents practical ways America can and should tackle economic inequality with fast-acting results Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever Reveals the dangers of FinTech and BigTech companies taking over banking Shows how Facebook wants to control even the dollars in your wallet Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists Engine of Inequality: The Fed and the Future of Wealth in America should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation's financial policy will be a force for promoting economic equality.

An insider's view of the U.S. government's response to the 2007–2009 global financial crisis, as recounted by the people who made the key decisions In 2008, the world's financial system stood on the brink of disaster. The United States faced an unprecedented crisis when the investment bank Lehman Brothers collapsed, setting off a global panic. Faced with the prospect of a new Great Depression, the Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation, and other agencies took extraordinary measures to contain the damage and steady the financial system and the economy. Edited by three of the policymakers who led the government's response to the crisis, with chapters written by the teams tasked with finding policy solutions, this book provides a comprehensive accounting of the internal debates and controversies surrounding the measures that were taken to stabilize the financial system and the economy. Offering previously untold insight into the key choices (including rejected options) and a frank evaluation of successes and failures, this volume is both an important historical document and an indispensable guide for confronting future financial calamities.

A major work of financial theory and practice with immediate relevance to the rebuilding of the economy, and restoring the promise of equalityWhen the government decides to spend money, it simply creates the necessary funds for itself--as if out of thin air. That's how we pay for interstate highways, post offices, wars, social services, and economic stimulus packages. If it's that easy to make money... can't we all get more of it? Absolutely. And we should. So argue financial regulation expert Robert Hockett and bestselling philosopher Aaron James in this eye-opening, irreverent, and inspiring exploration of what the dollar really is. And better still, they show how we can build an economy that works for everybody without unwanted taxes and added regulations. In the process, we learn how disingenuous the political rhetoric surrounding inflation can be, how the demonized concept of the deficit is really just another way of tallying our collective national wealth, and how a strong central bank could free us from the abuses of private banking. With broad historical background and ambitious yet practical institutional proposals, Hockett and James offer a new vision of public finance--people's banking for a people's economy. Armed with this new outlook, we can even stop worrying debt and learn to love a strong, accountable, and transparent Federal Reserve as a cornerstone of our democracy.

'Should be required reading for all policy makers.” —Warren BuffettFrom the three primary architects of the American policy response to the worst economic catastrophe since the Great Depression, a magnificent big-picture synthesis--from why it happened to where we are now.In 2018, Ben Bernanke, Tim Geithner, and Hank Paulson came together to reflect on the lessons of the 2008 financial crisis ten years on. Recognizing that, as Ben put it,'the enemy is forgetting,'they examine the causes of the crisis, why it was so damaging, and what it ultimately took to prevent a second Great Depression. And they provide to their successors in the United States and the finance ministers and central bank governors of other countries a valuable playbook for reducing the damage from future financial crises. Firefighting provides a candid and powerful account of the choices they and their teams made during the crisis, working under two presidents and with the leaders of Congress.

Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.

In the period just before and after the founding of the Federal Reserve System in 1913, bankers, economists, and legislators were intensely absorbed in discussing how to assure a proper functional relationship between the future central bank and the commercial banking system. During the sixty-odd years that followed, many changes have occurred to affect one side or the other of the Federal Reserve-banking system relationship. Much less attention has been devoted, however, to the current state of the relationship between the banking system and the Federal Reserve in regard to the conduct of national monetary policy. It is to this area-in the fundamentally important field of macroeconomic policy-that this book is addressed. The field is large, and the Federal Reserve Board shares responsibility with other important economic decision-makers for guiding the course of the economy. The book does not undertake to cover the whole subject of macroeconomic policy. What it does seek to examine are two areas that stand squarely at the common border where Fed monetary control meets the banking system.

Drawing from their 2018 conference, the Hoover Institution brings together leading academics and monetary policy makers to share ideas about the practical issues facing central banks today. The expert contributors discuss U.S. monetary policy at individual central banks and reform of the international monetary and financial system. The discussion is broken down into seven key areas: 1) International Rules of the Monetary Game; 2) Banking, Trade and the Making of the Dominant Currency; 3) Capital Flows, the IMF's Institutional View and Alternatives; 4) Payments, Credit and Asset Prices; 5) Financial Stability, Regulations and the Balance Sheet; 6) The Future of the Central Bank Balance Sheet; and 7) Monetary Policy and Reform in Practice. With in-depth discussions of the volatility of capital flows and exchange rates, and the use of balance sheet policy by central banks, they examine relevant research developments and debate policy options.

In dieser Studie wird die Höhe von Risikoprämien in Industrieländern, die Rolle von Quantitative Easing und die Bedeutung der veränderten Bankenregulierung nach der Bankenkrise sowie im Kontext des Brexit untersucht.Vor dem Hintergrund der Geldpolitik in den USA, in GB und in der Eurozone werden neue Politikperspektiven entwickelt und Reformen vorgeschlagen.Die Studie richtet sich an Wirtschaftswissenschaftler, Politologen, Banker und Bankenaufseher.

Recessions are a recurring phenomenon and there are repeated debates about how to combat them when the crisis hits and after the economy begins to grow again. Laurence Seidman argues that currently we are not ready to combat the next recession. A recession involves a plunge in aggregate demand for goods and services which compels producers to cut production and employment. Fortunately, a large boost in demand can be achieved by a large fiscal stimulus-primarily a temporary large increase in tax rebates for households plus several fiscal supplements. But fiscal stimulus has always involved a large increase in government debt, something Congress understandably resists. The assumption that a large fiscal stimulus requires an increase in government debt is false, Seidman asserts in this thought-provoking book. In fact, it is astonishingly easy to implement even a very large fiscal stimulus without any increase in government debt. All it takes is for Congress to enact a fiscal stimulus and the Federal Reserve to make a transfer (not loan) to the Treasury roughly equal to the fiscal stimulus so the Treasury doesn't have to borrow. Stimulus-without-debt consists of a transfer (not loan) from the Federal Reserve to the Treasury so that the Treasury does not have to borrow to finance fiscal stimulus enacted by Congress. Seidman explains all aspects of this new way to combat recession,'stimulus-without-debt.'He presents evidence that fiscal stimulus works in a recession-it increases aggregate demand which stimulates production and employment. He explains why the fiscal stimulus should consist primarily of tax rebates for households plus several fiscal supplements. His analysis covers basic foundations as well as implications for inflation, central banks, and how to address secular stagnation. When the next recession hits, we will be ready to combat it if we know how to use fiscal stimulus without increasing government debt. Seidman shows us how.

All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector. This engaging examination describes critical developments that changed the structure of US financial markets as well as developments and innovations in US credit markets that created the context for crisis. It discusses the advent of dollar hegemony, the critical role of international reserves in generating credit, the emergence of the debt bubble in the 1980s and the mounting risks of debt in the new millennium. The author also proposes a systemic approach to monetary control, offering two new reform proposals. The analysis concludes that reforms are needed in order to support sustainable economic activity in the US and global economies. This volume will appeal to students and scholars of economics interested in international finance and banking, financial regulation and monetary policy implementation. It will also be of interest to business economists, lawyers, policymakers and journalists concerned with the effects of financial instability and involved in ongoing debates on financial and monetary reform.

The United States has had a tumultuous monetary and banking history. The bitter Bank War during Andrew Jackson's presidency meant that the country never developed a central bank in the 1800s. The pre–Civil War monetary standard was deflationary until the fortuitous California gold discovery. Political turmoil erupted later in the nineteenth century over whether the government should freely coin silver. Meanwhile, Congress imposed a banking system that virtually drove bank reserves into stock market speculation. Even when the Federal Reserve was finally established in 1913, it was initially decentralized and unable to effectively respond to the Great Depression. From this narrative emerges a money supply increasingly managed by central banking authorities and increasingly nationalized with the end of the gold standard. Efficient Macro Concept: U.S. Monetary, Industrial, and Foreign Exchange Policies shows that the next step forward is a set of industrial and foreign exchange policy options for driving real growth in the economy. Stronger economic growth is possible through specialized institutions and transactions rooted in the tradition of central banking but flexible and compatible with free enterprise and balanced budgets.

Publikacja dotyczy współczesnych finansów międzynarodowych, ze szczególnym uwzględnieniem polityki stóp procentowych i mechanizmu transmisji impulsów polityki pieniężnej. Ma charakter unikatowy, stanowi wartościowe, kompleksowe, a zarazem oryginalne opracowanie naukowe podejmujące istotny i aktualny problem oddziaływania stopy procentowej Systemu Rezerwy Federalnej na poziom cen oraz przebieg realnych procesów gospodarczych w Stanach Zjednoczonych. Jest adresowana do studentów kierunków ekonomicznych, a także do czytelników chcących pogłębić wiedzę z zakresu finansów międzynarodowych, zainteresowanych zmianami zachodzącymi w sposobie prowadzenia i realizacji polityki pieniężnej w gospodarce globalnej. Może stanowić cenną lekturę dla specjalistów w dziedzinie finansów, bankowości oraz osób zajmujących się zawodowo polityką makroekonomiczną.

The shocking truth about where the markets are headed and why owning physical gold—not paper assets—is a far better strategy to building real wealth. An indispensable resource for the everyday investor, Gold Is A Better Way turns the strategies recommended by Wall Street on their head and makes the case for a return to sound investing. Adam Baratta strips away all the confusion and complexities surrounding investing and breaks down investment concepts and the simple fundamentals driving markets. He provides a roadmap for how to win at the game of investing and, more importantly, explains the “why” so readers can continue to win. Everyday investors gain tools that allow them to know with certainty they are making sound investment decisions, as well as an understanding of where to diversify investments that have historically performed well. There is a massive environmental shift happening in financial markets. Interest rates are rising and what has been very easy for investors in the past is about to become very hard. Everything people think they know about investing is being turned on its head. It's time to change investing behavior. “A fresh new voice in the world of gold... Baratta's book and cutting edge platform make the undeniable case why gold demands consideration in every portfolio.” —ZeroHedge

An in-depth look at the history, leadership, and structure of the Federal Reserve BankThe independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by'Federal Reserve independence'? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers.Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does—and does not—define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals—within and outside of government—shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed—including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation—requires a reevaluation of the very way the nation's central bank is structured.Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a uniquely clear and timely picture of one of the most important institutions in the United States and the world.

Economic stagnation, financial crisis, and increasing inequality have provoked worldwide debate about the reshaping of the market economy. But few are willing to risk a reorientation of dominant ideas and a reform of entrenched structures. Right-wing populism has stepped into the void created by a failure to imagine structural alternatives. Tamara Lothian offers a deeper view showing the path to the reconstruction of the economy in the service of both growth and inclusion. She probes the institutional innovations that would reignite economic growth by democratizing the market. Progressives have traditionally focused only on the demand side of the economy, abandoning the supply side to conservatives. Law and the Wealth of Nations offers a progressive approach to the supply side of the economy and proposes innovation in our fundamental economic arrangements.Lothian begins by exploring how finance can serve broad-based economic growth rather than serving only itself. She goes on to show how the reform of finance can lead into the democratization of the economy. How, she asks, can we ensure that the most advanced, knowledge-intensive practices of production spread throughout the economy rather than remaining in the hands of the entrepreneurial and technological elite? How can we anchor greater economic equality and empowerment in the way we organize the economy rather than just trying to diminish inequalities after the fact by progressive taxation and entitlements? How can we revise legal thought and economic theory to develop the intellectual equipment that these tasks require? Law and the Wealth of Nations will appeal to all who are searching for ways to think practically about change in our economic and political institutions.

Congress has delegated responsibility for monetary policy to the Federal Reserve (the Fed), but retains oversight responsibilities to ensure that the Fed is adhering to its statutory mandate of “maximum employment, stable prices, and moderate long-term interest rates.” The Fed has defined stable prices as a longer-run goal of 2% inflation. The Fed's responsibilities as the nation's central bank fall into four main categories: monetary policy, provision of emergency liquidity through the lender of last resort function, supervision of certain types of banks and other financial firms for safety and soundness, and provision of payment system services to financial firms and the government. The Fed's monetary policy function is one of aggregate demand management—stabilizing business cycle fluctuations. The Federal Open Market Committee (FOMC), consisting of 12 Fed officials, meets periodically to consider whether to maintain or change the current stance of monetary policy. The Fed's conventional tool for monetary policy is to target the federal funds rate—the overnight, interbank lending rate. It influences the federal funds rate through open market operations, transactions that have traditionally involved Treasury securities. This book provides an overview of monetary policy and recent developments, a summary of the Fed's actions following the financial crisis, and ends with a brief overview of the Fed's regulatory responsibilities.

This classic set of essays by Nobel Laureate and leading monetary theorist Milton Friedman presents a coherent view of the role of money, focusing on specific topics related to the empirical analysis of monetary phenomena and policy. The early chapters cover factors determining the real quantity of money held in a community and the welfare implications of policies that affect the quantity held. The following chapters formally restate why quantity analysis has become central to the science of economics. Friedman's presidential address to the American Economic Association, included here, provides a general summary of his views on the role of monetary policy, with an emphasis on its limitations and its possibilities. This theoretical framework is used in examining a number of empirical problems: the demand for money, the explanation of price changes in wartime periods, and the role of money in business cycles. These essays summarize some of the most important results of Friedman's extensive research over the course of his lifetime. The chapters on policy that follow survey the positions of earlier economists and deal with the importance of lags and the implications of destabilizing speculation in foreign markets. Taken as a whole, The Optimum Quantity of Money provides a comprehensive view of the body of monetary theory developed in leading centers of monetary analysis. This work is essential reading for economists and graduate students in the field. The volume will be no less important for practicing business and banking personnel as well. The new statement by Michael Bordo, a student of Friedman's and an expert in the field, provides a sense of where the field now stands in the economy and academy.

Conflicts over currency valuations are a recurrent feature of the modern global economy. To strengthen their international competitiveness, many countries resort to buying foreign currencies to make their exports cheaper and their imports more expensive. In the first decade of the twenty-first century, for example, China's currency manipulation practices were so flagrant that they produced a backlash in the United States and other trading partners, prompting threats of retaliation. How damaging is the practice of currency manipulation—and how extensive is the problem? This book by C. Fred Bergsten and Joseph E. Gagnon—two leading experts on trade, investment, and the effects of currency manipulation—traces the history, causes, and effects of currency manipulation and analyzes a range of policy responses that the United States could adopt. The book is an indispensable guide to a complex and serious problem and what might be done to solve it.

Born out of crisis a century ago, the Federal Reserve has become the most powerful macroeconomic policymaker and financial regulator in the world. The Myth of Independence traces the Fed's transformation from a weak, secretive, and decentralized institution in 1913 to a remarkably transparent central bank a century later. Offering a unique account of Congress's role in steering this evolution, Sarah Binder and Mark Spindel explore the Fed's past, present, and future and challenge the myth of its independence.Binder and Spindel argue that recurring cycles of crisis, blame, and reform propelled lawmakers to create and revamp the powers and governance of the Fed at critical junctures, including the Panic of 1907, the Great Depression, the postwar Treasury-Fed Accord, the inflationary episode of the 1970s, and the recent financial crisis. Marshaling archival sources, interviews, and statistical analyses, the authors pinpoint political and economic dynamics that shaped interactions between the legislature and the Fed, and that have generated a far stronger central bank than anticipated at its founding. The Fed today retains its unique federal style, diluting the ability of lawmakers and the president to completely centralize control of monetary policy.In the long wake of the financial crisis, with economic prospects decidedly subpar, partisan rivals in Congress seem poised to continue battling over the Fed's statutory mandates and the powers given to achieve them. Examining the interdependent relationship between America's Congress and its central bank, The Myth of Independence presents critical insights about the future of monetary and fiscal policies that drive the nation's economy.

A Federal Reserve insider pulls back the curtain on the secretive institution that controls America's economy After correctly predicting the housing crash of 2008 and quitting her high-ranking Wall Street job, Danielle DiMartino Booth was surprised to find herself recruited as an analyst at the Federal Reserve Bank of Dallas, one of the regional centers of our complicated and widely misunderstood Federal Reserve System. She was shocked to discover just how much tunnel vision, arrogance, liberal dogma, and abuse of power drove the core policies of the Fed. DiMartino Booth found a cabal of unelected academics who made decisions without the slightest understanding of the real world, just a slavish devo­tion to their theoretical models. Over the next nine years, she and her boss, Richard Fisher, tried to speak up about the dangers of Fed policies such as quanti­tative easing and deeply depressed interest rates. But as she puts it, “In a world rendered unsafe by banks that were too big to fail, we came to understand that the Fed was simply too big to fight.” Now DiMartino Booth explains what really happened to our economy after the fateful date of December 8, 2008, when the Federal Open Market Committee approved a grand and unprecedented ex­periment: lowering interest rates to zero and flooding America with easy money. As she feared, millions of individuals, small businesses, and major corporations made rational choices that didn't line up with the Fed's “wealth effect” models. The result: eight years and counting of a sluggish “recovery” that barely feels like a recovery at all. While easy money has kept Wall Street and the wealthy afloat and thriving, Main Street isn't doing so well. Nearly half of men eighteen to thirty-four live with their parents, the highest level since the end of the Great Depression. Incomes are barely increasing for anyone not in the top ten percent of earners. And for those approaching or already in retirement, extremely low interest rates have caused their savings to stagnate. Millions have been left vulnerable and afraid. Perhaps worst of all, when the next financial crisis arrives, the Fed will have no tools left for managing the panic that ensues. And then what? DiMartino Booth pulls no punches in this exposé of the officials who run the Fed and the toxic culture they created. She blends her firsthand experiences with what she's learned from dozens of high-powered market players, reams of financial data, and Fed docu­ments such as transcripts of FOMC meetings. Whether you've been suspicious of the Fed for decades or barely know anything about it, as DiMartino Booth writes, “Every American must understand this extraordinarily powerful institution and how it affects his or her everyday life, and fight back.”

Milton Friedman was one of the most influential economists of all time – and his ideas had a huge impact on the economic policies of governments across the world. A key theorist of capitalism and its relationship to democratic freedoms, Friedman remains one of the most cited authorities in both academic economics and government economic policy. His work remains striking not just for its brilliant grasp of economic laws and realities, but also for its consistent application of high-level evaluation and reasoning skills to produce arguments that can convince experts and laypeople alike. Friedman's 1968 essay ‘The Role of Monetary Policy'is a key example of how Friedman's critical thinking skills helped to cement his influence and reputation. The paper addressed the question of how a government's monetary policy affects the economy – from employment levels to inflation and so on. At its heart lies an evaluation and critique of the most widely accepted conception of monetary policy at the time – the ‘Phillips Curve'– which argued that increased inflation leads naturally to increased employment. Systematically noting the flaws and weaknesses of the Phillips Curve theory, Friedman showed why this is not, in fact, the case. He then drew up a systematic alternative argument for what governmental monetary policy could and should aim to do. Though economists now consider Friedman's ideas to have considerable limitations, ‘The Role of Monetary Policy'remains a masterclass in evaluating and countering faulty arguments.

The importance of international considerations in the US Federal Reserve System's deliberations has become more and more important over time as global financial crises and events create ever stronger repercussions in the US economy. This book critically evaluates the role of the Federal Reserve System as a player in the international monetary system over the past one hundred years, starting with its initial responsibility under the gold standard and looking ahead to the challenges it will face in the twenty-first century under the fiat standard. The book is based on a conference of the same name held at the Federal Reserve Bank of Dallas in September 2014, as part of the Federal Reserve System's centennial, and contributors include many of the most highly regarded financial historians and policymakers.

Despite the reversal of America's fortune from the triumphalism of the Roaring Nineties to the gloom of the lost decade and the Great Depression, theoretical conceptions of US capitalism have remained surprisingly unchanged. In fact, if the crisis questioned the sustainability of the US capitalist paradigm, it did not fundamentally challenge academic theorization of American political economy. This book departs from the American political economy literature to identify three common myths that have shaped our conceptualization of US capitalism: its reduction to a state-market dyad dis-embedded from societal factors; the illusion of a weak state and the synchronic conception of the US variety of capitalism. To remedy these pitfalls, the authors propose a civilizational approach to American political economy at the crossroads between cultural studies, history, sociology and political science. Drawing together contributions from a rich variety of fields (from geography to cultural studies, political science and sociology) this work sheds a new light on America's'cultural political economy'combining theoretical reflection with empirical data and offering innovative perspectives on the crisis and renewal of American capitalism.

Kidwell's Financial Institutions, 12th Edition presents a balanced introduction to the operation, mechanics, and structure of the U.S. financial system, emphasizing its institutions, markets, and financial instruments. The text discusses complex topics in a clear and concise fashion with an emphasis on'Real World'data, and people and event boxes, as well as personal finance examples to help retain topical interest.

Corporate debt in emerging markets has risen significantly in recent years amid accommodative global financial conditions. This paper studies the relationship of leverage growth in emerging market (EM) firms to U.S. monetary conditions, and more broadly, to global financial conditions. We find that accommodative U.S. monetary conditions are reliably associated with faster EM leverage growth during the past decade. Specifically, a 1 percentage point decline in the U.S. policy rate corresponds to an appreciable increase in EM leverage growth of 9 basis points, on average (relative to the sample average leverage growth of 35 basis points per year). This impact is more pronounced for sectors dependent on external financing, for SMEs, and for firms in more financially open EMs with less flexible exchange rates. The findings suggest that global financial conditions affect EM firms'leverage growth in part by influencing domestic interest rates and by relaxing corporate borrowing constraints.

Central banks have a profound impact on financial markets, and investors struggle to keep informed about their complex policy decisions. Technological and financial developments have transformed the US Federal Reserve Bank from a financial black box into a vocal, increasingly transparent institution—and the result is such a wealth of textual data that clues to future policy decisions may be lost among the details.This book presents a solution to this problem by keeping track of those details. Schnidman and MacMillan demonstrate how the latest advances in automated text analysis, combined with the precision of domain expertise, are the keys to understanding how central banks move markets with their words. The authors outline a method to not only examine every piece of every central bank communication, but to do it in a way that is completely comprehensive and unbiased while quickly yielding hard, quantitative data that can be put to work in modern financial models.

In this narrative history, David E. Lindsey gives the reader a ringside seat to a century of policies at the US Federal Reserve. Alternating between broad historical strokes and deep dives into the significance of monetary issues and developments, Lindsey offers a fascinating look into monetary policymaking from the Fed's inception in 1913 to today.Lindsey's three decades of service on the Federal Reserve Board staff allow him to combine the heft of scholarship with an insider's perspective on how the recent chairmen's and current chairwoman's personalities and singular visions have shaped policy choices with far-reaching consequences. He critiques the performances of Chairman Ben Bernanke and Vice Chair Janet Yellen during the prelude, outbreak, and aftermath of the financial crisis of 2008, situating them in the context of the Fed's century-long history. He also quantitatively explores an alternative to the conventional New-Keynesian theory of inflation, replacing so-called'rational expectations'with the Fed's inflation objective.This unique volume is a piece of living history that has much to offer economists and monetary policy and finance professionals.

The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by'Federal Reserve independence'? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does—and does not—define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals—within and outside of government—shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed—including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation—requires a reevaluation of the very way the nation's central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a clear picture of this uniquely important institution.

This study documents evidence of a decline trend in the international competitiveness of US industry. The analysis identifies three groups of countries that account for most of the US trade deficit in the 1980s: the surplus countries, Germany and Japan; the East Asian NICs; and the Latin American debtors. In each case the author points to underlying structural problems contributing to the deficit. They call for quite different US policy responses, including microeconomic and industrial policies, incentives to revive productivity, growth and technological innovation, import surcharges, wage increases in the NICs, currency realignments, US capital exports, and debt relief. A pragmatic policy approach, with efforts to open foreign markets, aims to achieve the greatest possible reduction in the trade deficit with the lowest possible cost from macroeconomic adjustments. The author urges the reversal of two adverse trends in his policy strategy: the decline in public sector investment and the decreasing progressivity of the tax code.

Mainstream economists explain the Federal Reserve's behavior over its one hundred years of existence as (usually failed) attempts to stabilize the economy on a non-inflationary growth path. The most important monetary event during those first one hundred years was the replacement of fixed exchange rates, based on a gold-exchange standard, with flexible exchange rates. In this book, Dickens explains how flexible exchange rates became necessary to accommodate the Federal Reserve's relentless efforts to prevent progressive social change. It is argued that the Federal Reserve is an institutionalized alliance of the large New York banks and the large regional banks. When these two groups of banks are united, they constitute an unassailable force in the class conflict. However, when the large regional banks are at loggerheads with the large New York banks over the proper role of bank clearinghouses during the populist period, along with the proper role of the Eurodollar market during the social democratic period, there is an opening for progressive social reforms.This book builds upon Hyman Minsky's financial instability hypothesis as well as the Marxian model constructed by Thomas Piketty. It follows Piketty's historical method of deepening our understanding of the current Neoliberal Era (1980-2014) of global financial capitalism by comparing and contrasting it with the first era of global financial capitalism—the Gilded Age (1880-1914). In contrast with Piketty, however, this book incorporates monetary factors, including monetary policy, into the set of determinants of the long-run rate of economic growth. This book is suitable for those who study political economy, banking as well as macroeconomics.

As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this comovement reflects synchronized business cycles. However, there is important heterogeneity across countries, and we find evidence of limited monetary autonomy in some cases. The co-movement of longer term interest rates is larger and more pervasive. We distinguish between U.S. interest rate movements that surprise markets versus those that are anticipated, and find that most countries receive greater spillovers from the former. We also distinguish between movements in the U.S. term premium and the expected path of risk-free rates, concluding that countries respond differently to these shocks. Finally, we explore the determinants of monetary autonomy and find strong evidence for the role of exchange rate flexibility, capital account openness, but also for other factors, such as dollarization of financial system liabilities, and the credibility of fiscal and monetary policy.

The underexamined art and science of managing the federal government's huge debt.Everyone talks about the size of the U.S. national debt, now at $13 trillion and climbing, but few talk about how the U.S. Treasury does the borrowing—even though it is one of the world's largest borrowers. Everyone from bond traders to the home-buying public is affected by the Treasury's decisions about whether to borrow short or long term and what types of bonds to sell to investors.What is the best way for the Treasury to finance the government's huge debt? Harvard's Robin Greenwood, Sam Hanson, Joshua Rudolph, and Larry Summers argue that the Treasury could save taxpayers money and help the economy by borrowing more short term and less long term. They also argue that the Treasury and the Federal Reserve made a huge mistake in recent years by rowing in opposite directions: while the Fed was buying long-term bonds to push investors into other assets, the Treasury was doing the opposite—selling investors more long-term bonds.This book includes responses from a variety of public and private sector experts on how the Treasury does its borrowing, some of whom have criticized the way the Treasury has been managing its borrowing.

Few presidents have sparked as much interest in recent years as Ronald Reagan. This biography finds Reagan's personal career and ability to understand and communicate with the American people admirable, but finds the long-term effects of his presidency harmful.

Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a ‘public'or ‘private'activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States'current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad.

“Exceptional... Deeply researched and elegantly written... As a description of the politics and pressures under which modern independent central banking has to operate, the book is incomparable.” —Financial TimesThe definitive biography of the most important economic statesman of our time, from the bestselling author of The Power Law and More Money Than God Sebastian Mallaby's magisterial biography of Alan Greenspan, the product of over five years of research based on untrammeled access to his subject and his closest professional and personal intimates, brings into vivid focus the mysterious point where the government and the economy meet. To understand Greenspan's story is to see the economic and political landscape of our time—and the presidency from Reagan to George W. Bush—in a whole new light. As the most influential economic statesman of his age, Greenspan spent a lifetime grappling with a momentous shift: the transformation of finance from the fixed and regulated system of the post-war era to the free-for-all of the past quarter century. The story of Greenspan is also the story of the making of modern finance, for good and for ill. Greenspan's life is a quintessential American success story: raised by a single mother in the Jewish émigré community of Washington Heights, he was a math prodigy who found a niche as a stats-crunching consultant. A master at explaining the economic weather to captains of industry, he translated that skill into advising Richard Nixon in his 1968 campaign. This led to a perch on the White House Council of Economic Advisers, and then to a dazzling array of business and government roles, from which the path to the Fed was relatively clear. A fire-breathing libertarian and disciple of Ayn Rand in his youth who once called the Fed's creation a historic mistake, Mallaby shows how Greenspan reinvented himself as a pragmatist once in power. In his analysis, and in his core mission of keeping inflation in check, he was a maestro indeed, and hailed as such. At his retirement in 2006, he was lauded as the age's necessary man, the veritable God in the machine, the global economy's avatar. His memoirs sold for record sums to publishers around the world. But then came 2008. Mallaby's story lands with both feet on the great crash which did so much to damage Alan Greenspan's reputation. Mallaby argues that the conventional wisdom is off base: Greenspan wasn't a naïve ideologue who believed greater regulation was unnecessary. He had pressed for greater regulation of some key areas of finance over the years, and had gotten nowhere. To argue that he didn't know the risks in irrational markets is to miss the point. He knew more than almost anyone; the question is why he didn't act, and whether anyone else could or would have. A close reading of Greenspan's life provides fascinating answers to these questions, answers whose lessons we would do well to heed. Because perhaps Mallaby's greatest lesson is that economic statesmanship, like political statesmanship, is the art of the possible. The Man Who Knew is a searching reckoning with what exactly comprised the art, and the possible, in the career of Alan Greenspan.

Bienvenue dans la collection Les Fiches de lecture d'UniversalisLorsque paraît, en 1963, Une histoire monétaire des États-Unis, 1867-1960, sous la plume de Milton Friedman et d'Anna Schwartz, le monde de la pensée économique est dominé par le keynésianisme.Une fiche de lecture spécialement conçue pour le numérique, pour tout savoir sur Une histoire monétaire des États-Unis, 1867-1960, de Milton FriedmanChaque fiche de lecture présente une œuvre clé de la littérature ou de la pensée. Cette présentation est couplée avec un article de synthèse sur l'auteur de l'œuvre.A propos de l'Encyclopaedia Universalis : Reconnue mondialement pour la qualité et la fiabilité incomparable de ses publications, Encyclopaedia Universalis met la connaissance à la portée de tous. Écrite par plus de 7 200 auteurs spécialistes et riche de près de 30 000 médias (vidéos, photos, cartes, dessins…), l'Encyclopaedia Universalis est la plus fiable collection de référence disponible en français. Elle aborde tous les domaines du savoir.

This report analyzes the possible spillover effects that could result if the U.S. normalizes its monetary policy while euro area countries are increasing monetary stimulus (a situation referred to as asynchronous monetary conditions). This analysis identifies country-specific shocks to economic activity and monetary conditions since the early 1990s, finding that real and monetary conditions in the United States and the euro area have oftentimes been asynchronous and have often resulted in significant spillover effects, particularly since early 2014.

The Great Monetary Experiment designed and administered by the Federal Reserve under the Obama Administration unleashed strong irrational forces in global asset markets. The result was a'monetary plague'which has attacked and corrupted the vital signalling function of financial market prices. This book analyses how quantitative easing caused a sequence of markets to become infected by asset price inflation. It explains how instead of bringing about a quick return to prosperity from the Great Recession, the monetary experiment failed in its basic purpose. Bringing about economic debilitation, major financial speculation, waves of mal-investment in particular areas, and a colossal boom in the private equity industry, the experiment instead produced monetary disorder. Brendan Brown puts the monetary experiment into a global and historical context, examining in particular Japanese'folklore of deflation'and the Federal Reserve's first experiment of quantitative easing in the mid-1930s. The author couples analysis from the Austrian school of monetary economics and Chicago monetarism with insights from behavioral finance, and concludes with major proposals for the present and the future, including ideas for monetary reform in the United States, and suggestions for how investors can survive the current market'plague'.