The Monetary Policy of the Federal Reserve A History 1st Edition by Robert Hetzel ISBN 978-0521881326 0521881323

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Product details: 

ISBN 10: 0521881323

ISBN 13:  978-0521881326

Author: Robert L. Hetzel

The Monetary Policy of the Federal Reserve details 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. Monetary Policy explains in a straightforward way the emergence and nature of the modern, inflation-targeting central bank.

Table of contents: 

1. Foreword: What is the Monetary Standard?

2. The Pragmatic Evolution of the Monetary Standard

3. Learning and Policy Ambiguity

4. From Gold to Fiat Money

5. From World War II to the Accord

6. Martin and Lean-Against-the-Wind

7. Inflation Is a Nonmonetary Phenomenon

8. The Start of the Great Inflation

9. Arthur Burns and Richard Nixon

10. Bretton Woods

11. Policy in the Ford Administration

12. Carter, Burns, and Miller

13. The Political Economy of Inflation

14. The Volcker Disinflation

15. Monetary Policy after the Disinflation

16. Greenspan’s Move to Price Stability

17. International Bailouts and Moral Hazard

18. Monetary Policy Becomes Expansionary

19. Departing from the Standard Procedures

20. Boom and Bust

21. Backing Off from Price Stability

22. The Volcker-Greenspan Regime

23. The Fed: Inflation Fighter or Inflation Creator?

24. The Stop-Go Laboratory

25. Stop-Go and Interest Rate Inertia

26. Monetary Nonneutrality in the Stop-Go Era

27. A Century of Monetary Experiments

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Tags: Robert Hetzel, The Monetary, the Federal