Understanding central banking: the new era of activism
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Armonk, NY [u.a.]
Sharpe
2014
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturverz. S. 183-190 |
| Physical Description: | XXII, 200 S. graph. Darst., Kt. |
| ISBN: | 9780765642509 9780765642516 |
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MARC
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| 245 | 1 | 0 | |a Understanding central banking |b the new era of activism |c David M. Jones |
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| 650 | 4 | |a Monetary policy | |
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Record in the Search Index
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| adam_text | Table of Contents
Preface and Acknowledgments xi
Introduction xii
1. History and Purpose of Central Banking 3
Lender of Last Resort 3
Precursor of the Federal Reserve 4
Modern-Day Central Bank Functions 5
Reaction to Financial Crises 5
Human Factor ,, 6
Countercyclical Monetary Policy 7
Can Fed Policy Discretion Exceed Reasonable Limits? 7
Deeply Divided U.S. Central Bank 9
Policy Doves Prevail at Year’s End 10
2. Post-World War H Macroeconomic Policy 11
Bretton Woods Conference, July 1944 11
Trade Barriers and Capital Controls 13
Termination of the Convertibility of the U.S. Dollar and Gold 13
Fixed Exchange Rates v. Floating Exchange Rates 14
Employment Act of 1946 15
Humphrey-Hawkins Full Employment and Balanced Growth Act of 1978 15
3. Contemporary Federal Reserve Policy 16
Organization 16
Structure of the Federal Reserve 19
Objectives of Monetary Policy 21
Policy Instruments 24
FOMC Deliberations 25
Monetary Policy Transmission Mechanism 30
“Neutral” Federal Funds Rate Target 32
Fed “Conventional” Targeting of the Federal Funds Rate 32
Fed “Unconventional” Easing 33
Unexpectedly Prolonged Zero Interest Rate Policy 35
Flexible Inflation Targeting 39
Can There Be Too Much Transparency? 40
Open-Ended QE3 43
Addendum: Measuring the Relative Strength of Diverse FOMC Policymaker
Viewpoints 45
vli
viii
4. Globalization, Deregulation, Mounting Global Capital Flows 49
British Currency Crisis of 1992 49
U.S. Dollar Prospects 52
Trade and Currency Adjustments 53
U.S. Dollar Fueled Carry Trade 55
Emerging U.S. Pincrgy Miracle 56
Soaring Oil Prices 57
Monetary Policy Dilemma 58
U.S. Dollar’s Key Currency Status 59
5. New Activism by the European Central Bank (ECB)
and the Bank of Japan 61
North (Core) v. South (Distressed) 62
Greece—The Canary in the Coal Mine 63
Contagion 64
Coordinated Central Bank Response 66
ECB to the Rescue 67
Turning Point 67
New ECB Sovereign Debt Purchase Program 69
Bank of Japan 70
Super-Sized Easing Action 71
New Currency War? 72
6. Financial Crises 74
Major v. Minor 74
Great Credit Crisis of 2007-2009 75
Shadow Banking System 76
Mechanics of the Housing Credit Bubble 79
Unsound Structure 80
Global Dimensions 82
Crisis Erupts in Waves 83
Building to a Crescendo 84
Reports Reveal Numerous Recipients of Fed Emergency Liquidity 86
Comparison of the Great Credit Crisis of 2007-2009 and the Early 1980s
Credit Crunch 87
7. Asset Price Bubbles 91
Definition 91
Traditional Asset Price Bubbles 91
Housing Credit Bubble 93
Carry Trade-Induced Risk Asset Price Bubbles 93
Fed Rethinking Bubbles 94
Nature of Asset Price Bubbles 95
Human Nature 96
Transparency, Regulation, and Supervision 97
Financial Reform Legislation 98
8. How the U.S. Central Bank Dealt with a Disastrous Credit Crisis 101
Part I: Pre-Lehman Brothers Bankruptcy 101
Early Hints 101
Behind the Curve 102
Strong Leadership 103
Unusually Aggressive Fed Easing Actions 103
Bemanke Doctrine 105
Successful Bank Stress Tests 106
Two Basic Tracks 108
ix
Fierce July-September Carnage 109
Game Changer 109
Unusual Sunday Announcements 113
The Weekend That Wall Street “Died” 115
Part II: Post-Lehman Brothers Bankruptcy 116
Fallout 116
Hopeful Rumor 116
Last Resort Meeting with Congress 118
Changing the Purpose of TARP 119
Bernanke’s Victory 120
Fed’s Elevated Balance Sheet 121
New Playbook 122
Fed’s Exit Strategy 124
Part III: Fiscal Policy 127
Expansionary Fiscal Policy 127
Obama’s Fiscal Stimulus 128
Part IV: Lessons Learned 130
Bernanke’s Knowledge of the Great Depression 130
Bernanke’s Midcourse Adjustment in 2008 131
More Regulation of Financial Institutions 131
The U.S. Economy 132
9. An Evaluation of Contemporary Fed Chairmen 134
Ben Bernanke 136
Hawks v. Doves 139
Alan Greenspan 143
Paul Volcker 145
Political Sphere 148
William McChesney Martin, Jr. 150
U.S. Treasury-Federal Reserve Accord of 1951 150
Addendum: U.S. Central Bank History 153
10. Conclusions 157
Victory Lap 159
Limitations 162
Danger of Overregulation 163
A Note on References 163
Appendix I: Major Financial Crises in the United States 165
Appendix II: Recessions (Contractions), Depressions, and Panics 169
Appendix III: U.S. Business Cycle Expansions and Contractions 170
Appendix IV: Countries Making Up the Eurozone 172
Appendix V: Systemically Important Financial Institutions 173
Appendix VI: Reserve Bank President’s Rotation on FOMC as Voting Members 174
Appendix VII: Reserve-Deposit Multiplier 175
Appendix VIII: Statement on Longer-Run Goals and Monetary Policy Strategy 176
Appendix IX: Economic Indicators 178
Bibliography 183
Index 191
About the Author 201
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| illustrated | Illustrated |
| indexdate | 2024-07-10T01:05:45Z |
| institution | BVB |
| isbn | 9780765642509 9780765642516 |
| language | English |
| lccn | 013028422 |
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| physical | XXII, 200 S. graph. Darst., Kt. |
| publishDate | 2014 |
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| publisher | Sharpe |
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| spelling | Jones, David Milton Verfasser (DE-588)170656748 aut Understanding central banking the new era of activism David M. Jones Armonk, NY [u.a.] Sharpe 2014 XXII, 200 S. graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Literaturverz. S. 183-190 Geschichte Banks and banking, Central History Monetary policy Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027249764&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Jones, David Milton Understanding central banking the new era of activism Geschichte Banks and banking, Central History Monetary policy |
| title | Understanding central banking the new era of activism |
| title_auth | Understanding central banking the new era of activism |
| title_exact_search | Understanding central banking the new era of activism |
| title_full | Understanding central banking the new era of activism David M. Jones |
| title_fullStr | Understanding central banking the new era of activism David M. Jones |
| title_full_unstemmed | Understanding central banking the new era of activism David M. Jones |
| title_short | Understanding central banking |
| title_sort | understanding central banking the new era of activism |
| title_sub | the new era of activism |
| topic | Geschichte Banks and banking, Central History Monetary policy |
| topic_facet | Geschichte Banks and banking, Central History Monetary policy |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027249764&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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