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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 1970's) 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 1920's, 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 1920's 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 1990's? 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

US / United States of America - USA - Verenigde Staten - Etats Unis --- 331.162.21 --- Geschiedenis van de centrale banken. --- Federal Reserve banks --- Board of Governors of the Federal Reserve System (U.S.) --- Federal Reserve banks. --- Board of Governors of the Federal Reserve System (U.S.). --- Banques de la Réserve fédérale --- History --- Board of Governors of the Federal Reserve System --- Private finance --- United States --- Banks of issue --- Sovet upravli︠a︡i︠u︡shchikh FRS --- Federal Reserve System (U.S.) --- F.R.S. --- FRS --- United States. --- Federal Reserve (U.S.) --- Federalʹnai︠a︡ rezervnai︠a︡ sistema (U.S.) --- Federal Reserve Board (U.S.) --- E-books --- Geschiedenis van de centrale banken --- United States of America

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International finance --- Money. Monetary policy --- Economic policy and planning (general) --- United States --- Finance --- Monetary policy --- Board of Governors of the Federal Reserve System (U.S.) --- Economic policy --- Finance - United States --- Monetary policy - United States --- United States - Economic policy - 1981-1993 --- United States of America

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"An examination of the challenges facing Fed chair Ben Bernanke as he addresses the problems affecting the U.S. economy inherited from his predecessor, Alan Greenspan, informed by a historical look at how other central bankers have dealt with similar crises"--Provided by publisher.

Macroeconomics --- International finance --- Banks and banking, Central --- Financial crises --- Monetary policy --- 338.974 --- 65.012.4 --- 332.11092273 --- banque centrale --- banques --- crise financiere --- #GGSB: Economie --- 330.08 --- 333.111.0 --- 333.78 --- 333.80 --- AA / International- internationaal --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 336.71 --- economische crisis - economische depressie - economische recessie --- management - leidinggeven (zie ook 361.012) --- centrale bank --- banken --- financiele crisis --- Economisten --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken --- Kredietcontrole. Credit crunch --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden --- bankwezen - banken --- Bernanke, Ben. --- Greenspan, Alan, --- Bernanke, Ben S. --- Board of Governors of the Federal Reserve System (U.S.) --- Sovet upravli︠a︡i︠u︡shchikh FRS --- Federal Reserve System (U.S.) --- F.R.S. --- FRS --- United States. --- Federal Reserve (U.S.) --- Federalʹnai︠a︡ rezervnai︠a︡ sistema (U.S.) --- Federal Reserve Board (U.S.) --- United States --- Economic policy. --- Board of Governors of the Federal Reserve System (U.S.). --- Economie

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333.17 --- Crises, saneringen en hervormingen van het bankwezen. --- Bernanke, Ben. --- Bernanke, Ben S. --- Board of Governors of the Federal Reserve System (U.S.) --- Sovet upravli︠a︡i︠u︡shchikh FRS --- Federal Reserve System (U.S.) --- F.R.S. --- FRS --- United States. --- Federal Reserve (U.S.) --- Federalʹnai︠a︡ rezervnai︠a︡ sistema (U.S.) --- Federal Reserve Board (U.S.) --- Private finance --- Crises, saneringen en hervormingen van het bankwezen

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The bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed. Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. The Fed's leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked the legal authority to save Lehman because it did not have adequate collateral for the loan it needed to survive. Based on a meticulous four-year study of the Lehman case, The Fed and Lehman Brothers debunks the official narrative of the crisis. It shows that in reality, the Fed could have rescued Lehman but officials chose not to because of political pressures and because they underestimated the damage that the bankruptcy would do to the economy. The compelling story of the Lehman collapse will interest anyone who cares about what caused the financial crisis, whether the leaders of the Federal Reserve have given accurate accounts of their actions, and how the Fed can prevent future financial disasters.

Bank failures --- Financial crises --- Global Financial Crisis, 2008-2009. --- Investment banking --- Law and legislation --- United States. --- Lehman Brothers. --- Private finance --- United States --- Global Financial Crisis, 2008-2009 --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Lehman Brothers (1993-2008) --- FRS --- Federal Reserve Board at Washington --- Federal Reserve Board (U.S.) --- Board of Governors of the Federal Reserve System (U.S.) --- Lehman Brothers Inc. --- Shearson Lehman Brothers --- Global Financial Crisis (2008-2009) --- H. Lehman and Brother --- Lehman, Durr, and Company --- Lehman Brothers, Kuhn, Loeb --- Lehman Corporation --- United States of America