LEADER 04071nam 22006732 450 001 9910458700203321 005 20160418164749.0 010 $a1-107-18495-9 010 $a1-281-25492-4 010 $a9786611254926 010 $a0-511-38726-1 010 $a0-511-38623-0 010 $a0-511-38440-8 010 $a0-511-38259-6 010 $a0-511-75417-5 010 $a0-511-38825-X 035 $a(CKB)1000000000400917 035 $a(EBL)335059 035 $a(OCoLC)437204543 035 $a(SSID)ssj0000205081 035 $a(PQKBManifestationID)11184325 035 $a(PQKBTitleCode)TC0000205081 035 $a(PQKBWorkID)10192418 035 $a(PQKB)10248167 035 $a(UkCbUP)CR9780511754173 035 $a(MiAaPQ)EBC335059 035 $a(Au-PeEL)EBL335059 035 $a(CaPaEBR)ebr10221616 035 $a(CaONFJC)MIL125492 035 $a(EXLCZ)991000000000400917 100 $a20141103d2008|||| uy| 0 101 0 $aeng 135 $aur||||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 14$aThe monetary policy of the Federal Reserve $ea history /$fRobert L. Hetzel$b[electronic resource] 210 1$aCambridge :$cCambridge University Press,$d2008. 215 $a1 online resource (xvi, 390 pages) $cdigital, PDF file(s) 225 1 $aStudies in macroeconomic history 300 $aTitle from publisher's bibliographic system (viewed on 05 Oct 2015). 311 $a0-521-70759-5 311 $a0-521-88132-3 320 $aIncludes bibliographical references and index. 327 $tThe pragmatic evolution of the monetary standard --$tLearning and policy ambiguity --$tFrom gold to Fiat money --$tFrom World War II to the Accord --$tMartin and Lean-against-the-Wind --$tInflation is a nonmonetary phenomenon --$tThe start of the Great Inflation --$tArthur Burns and Richard Nixon --$tBretton Woods --$tPolicy in the Ford administration --$tCarter, Burns, and Miller --$tThe political economy of inflation --$tThe Volcker Disinflation --$tMonetary policy after the Disinflation --$tGreenspan's move to price stability --$tInternational bailouts and moral hazard --$tMonetary policy becomes expansionary --$tDeparting from the Standard Procedures --$tBoom and bust: 1997 to 2001 --$tBacking off from price stability --$tThe Volcker-Greenspan regime --$tThe Fed: inflation fighter or inflation creator? --$tThe Stop-Go laboratory --$tStop-Go and interest rate inertia --$tMonetary nonneutrality in the Stop-Go era --$tA century of monetary experiments. 330 $aDetails the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the fitful process of replacing a gold standard with a paper money standard, the conduct of monetary policy becomes a series of experiments useful for understanding the fundamental issues concerning money and prices. How did the recurrent monetary instability of the 20th century relate to the economic instability and to the associated political and social turbulence? After the detour in policy represented by FOMC chairmen Arthur Burns and G. William Miller, Paul Volcker and Alan Greenspan established the monetary standard originally foreshadowed by William McChesney Martin, who became chairman in 1951. The Monetary Policy of the Federal Reserve explains in a straightforward way the emergence and nature of the modern, inflation-targeting central bank. 410 0$aStudies in macroeconomic history. 606 $aMonetary policy$zUnited States 606 $aBanks and banking, Central$zUnited States 615 0$aMonetary policy 615 0$aBanks and banking, Central 676 $a339.5/30973 700 $aHetzel$b Robert L.$0521217 801 0$bUkCbUP 801 1$bUkCbUP 906 $aBOOK 912 $a9910458700203321 996 $aThe monetary policy of the Federal Reserve$92443598 997 $aUNINA