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The Federal Reserve: A New History by [Robert L. Hetzel]

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Robert L. Hetzel

The Federal Reserve: A New History Kindle Edition

by Robert L. Hetzel (Author) Format: Kindle Edition

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An illuminating history of the Fed from its founding through the tumult of 2020.

In The Federal Reserve: A New History, Robert L. Hetzel draws on more than forty years of experience as an economist in the central bank to trace the influences of the Fed on the American economy. Comparing periods in which the Fed stabilized the economy to those when it did the opposite, Hetzel tells the story of a century-long pursuit of monetary rules capable of providing for economic stability.

Recast through this lens and enriched with archival materials, Hetzel’s sweeping history offers a new understanding of the bank’s watershed moments since 1913. This includes critical accounts of the Great Depression, the Great Inflation, and the Great Recession—including how these disastrous events could have been avoided.

A critical volume for a critical moment in financial history, The Federal Reserve is an expert, sweeping account that promises to recast our understanding of the central bank in its second century.

ISBN-13

978-0226821658
Sticky notes

On Kindle Scribe
Publisher

University of Chicago Press
Publication date

January 11, 2023
Language

English
File size

5117 KB
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Editorial Reviews

About the Author

Robert L. Hetzel is a visiting scholar at the Federal Reserve Bank of Chicago, a senior affiliated scholar at the Mercatus Center at George Mason University, and a fellow in the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at Johns Hopkins University. His most recent books include The Monetary Policy of the Federal Reserve: A History and The Great Recession: Market Failure or Policy Failure?. --This text refers to the hardcover edition.

Review

"Robert Hetzel presents a historical narrative of how the Federal Reserve has responded to the state of the economy, exploring the evolution of monetary policy over time in terms of the consistency in its response to the economy’s behavior. The Federal Reserve [examines] the lead-up to and fallout from the Great Recession, the 2008 ﬁnancial crisis, and the European debt crisis, [analyzes] Fed credit and monetary policy during the COVID-19 pandemic, [and considers] how to make the monetary standard explicit and determine the optimal monetary standard." ― Journal of Economic Literature

"Hetzel's book skillfully traces out the Fed's uneven history. He carefully identifies and explains the reasons for the Fed's major failures and successes and he covers the most recent episodes—the financial crisis, Great Recession, and the COVID-19 crisis—in great detail. Hetzel's own intellectual framework provides valuable nuances, resulting in a unified view of Fed policy, before and after 1980, with reference to a single model." -- Peter Ireland, Boston College

"This book does for monetary policy what Doug Irwin's Clashing over Commerce did for trade policy. It is original in its historical coverage and in its ideas, and it offers a novel critique of classics in the field. Unlike many other monetary history books, this is written by a real insider, who has been active in monetary policy for decades. His points will be of interest to historians as well as economists. Through Hetzel's broad historical sweep, one can see both good monetary policy and bad monetary policy, and thereby learn from history." -- John B. Taylor, Stanford University

"Robert Hetzel’s book provides a very informative and detailed history of the monetary policy conducted by the Fed. Readers interested in Fed history will enjoy reading the book and learn a great deal from it. Hetzel takes a sympathetic but also critical look at the Fed’s actions since its inception. The book testifies to the challenges and difficulties faced by central banks in charting an appropriate policy course." -- Georg Rich, retired director and chief economist of the Swiss National Bank --This text refers to the hardcover edition.

Product details

ASIN ‏ : ‎ B0BRV8M5K6
Publisher ‏ : ‎ University of Chicago Press (January 11, 2023)
Publication date ‏ : ‎ January 11, 2023
Language ‏ : ‎ English
File size ‏ : ‎ 5117 KB
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Not Enabled
Word Wise ‏ : ‎ Enabled
Sticky notes ‏ : ‎ On Kindle Scribe
Print length ‏ : ‎ 706 pages
Page numbers source ISBN ‏ : ‎ 022682165X

Best Sellers Rank: #366,004 in Kindle Store (See Top 100 in Kindle Store)
- #84 in Money & Monetary Policy (Kindle Store)
- #126 in Banks & Banking (Kindle Store)
- #251 in Economic History (Kindle Store)

Customer Reviews:
6 ratings

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Customer reviews

4.7 out of 5

6 global ratings

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Top reviews from the United States

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Tenny Locke

On time and good condition

Reviewed in the United States 🇺🇸 on January 30, 2023

Verified Purchase

Speedy

Helpful

History falling short

Reviewed in the United States 🇺🇸 on March 10, 2023

This is a voluminous and at times technical account not just of the Federal Reserve, but its regulatory sibling, The Treasury. The book starts with an explanation of how monetary disorder can create real disorder, and the reasons why the Federal Reserve was created – since the USA already had the Treasury, which had been running the country’s finances and shaping its financial policies.

There are long chapters on crucial periods in the history of America, and how the Fed responded in those times. That includes the re-entry and exit of the US from the Gold standard, but what seems to be conspicuously absent (but perhaps that may be because the book was published too early) is an analysis of the problems arising from the US-China trade war, and the de-dollarisation movement, and, consequently, the Fed’s response.

The book does cover, however, the impact of COVID-19 on the economy and the tension between the Treasury and the Fed in the moves to manage the economy, bearing in mind that the problems of the national and international finance were and still are in the eye of what may be a perfect storm – slow recovery from the 2008 financial crisis- COVID-19- US-China trade war-Ukraine war.

This book may tax the casual reader because there it is not a journalistic account of the Fed’s history, but a history meant as a reference to scholars and bankers.

One person found this helpful

Helpful

Top reviews from other countries

Hande Z

History falling short

Reviewed in Singapore 🇸🇬 on March 10, 2023

Verified Purchase

This is a voluminous and at times technical account not just of the Federal Reserve, but its regulatory sibling, The Treasury. The book starts with an explanation of how monetary disorder can create real disorder, and the reasons why the Federal Reserve was created – since the USA already had the Treasury, which had been running the country’s finances and shaping its financial policies.

There are long chapters on crucial periods in the history of America, and how the Fed responded in those times. That includes the re-entry and exit of the US from the Gold standard, but what seems to be conspicuously absent (but perhaps that may be because the book was published too early) is an analysis of the problems arising from the US-China trade war, and the de-dollarisation movement, and, consequently, the Fed’s response.

The book does cover, however, the impact of COVID-19 on the economy and the tension between the Treasury and the Fed in the moves to manage the economy, bearing in mind that the problems of the national and international finance were and still are in the eye of what may be a perfect storm – slow recovery from the 2008 financial crisis- COVID-19- US-China trade war-Ukraine war.

This book may tax the casual reader because there it is not a journalistic account of the Fed’s history, but a history meant as a reference to scholars and bankers.

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