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This book contains essays presented at a conference held in November 2010 to mark the centenary of the famous 1910 Jekyll Island meeting of leading American financiers and the US Treasury. The 1910 meeting resulted in the Aldrich Plan, a precursor to the Federal Reserve Act that was enacted by Congress in 1913. The 2010 conference, sponsored by the Federal Reserve Bank of Atlanta and Rutgers University, featured assessments of the Fed's near 100-year track record by prominent economic historians and macroeconomists. The final chapter of the book records a panel discussion of Fed policy making by the current and former senior Federal Reserve officials.

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

This new study provides a comprehensive survey of the recently established European financial system in comparison to previous European systems and the US Federal Reserve. This well-written contribution to financial economics should be of interest to academics as well as professionals concerned with financial systems around the world. Emmanuel Apel is Associate Professor of Economics at the University of Ottawa, Canada.

Stephen Axilrod is the ultimate Federal Reserve insider. He worked at the Fed's Board of Governors for over thirty years and after that in private markets and as a consultant on monetary policy. With Inside the Fed, he offers his unique perspective on the inner workings of the Federal Reserve System during the last fifty years - writing about personalities as much as policy - based on his knowledge and observations of every Fed chairman since 1951. Axilrod's discussion focuses on how the personalities of the various chairmen affected their capacity for leadership. He describes, for example, Arthur Burns's response to political pressure from the Nixon White House and Paul Volcker's radical shift to an anti-inflationary policy at the end of the 1970s - a transition in which Axilrod himself played a crucial role. As for the Greenspan years, Axilrod points to the unintended effects of the Fed's newfound \"garrulousness\" (the plethora of announcements and hints about policy intentions) - one of which was the Fed's loss of credibility in the aftermath of the chairman's 1996 comment about \"irrational exuberance.\" And Axilrod incisively outlines the problems - including the subprime mess - inherited from Greenspan by the current chairman, Ben Bernanke. Great leadership in monetary policy, Axilrod says, is determined not by pure economic sophistication but by the ability to push through political and social barriers to achieve a paradigm shift in policy - and by the courage and bureaucratic moxie to pull it off. Summary reprinted by permission of MIT Press

The Battle over the Charter of the Second Bank of the United States and Its Lasting Impact on the American Economy Late one night in July 1832,Martin Van Buren rushed to the White House where he found an ailing President Andrew Jackson weakened but resolute.Thundering against his political antagonists, Jackson bellowed: \"The Bank, Mr.

The global financial crisis is largely behind us, but it left challenges it posed to the stability of the world's financial system, to the well-being of families all over the globe and to the academic consensus on the way the economy works. To describe those challenges and the lessons learned, the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution turned to front-line policymakers and some of their most prominent critics. This volume provides the papers the Hutchins Center commissioned-on unconventional monetary policy, on financial regulation, on the impact of the crisis on the independence of the Fed-and transcripts of a lively discussion of those issues. It also includes an interview with Ben Bernanke, then in his final weeks at Fed chairman, by Liaquat Ahamed, author of the Pultizer-Prize winningLords of Finance.

Lawrence Jacobs and Desmond King's Fed Power is the first sustained examination of the Fed as a potent political institution that systematically provides concealed advantages to a privileged few. The authors trace the Fed's historic development from the fiery tug-of-war over monetary policy during the 19th century to its current position as the most important institution in the American economy, possessing unparalleled capacity and autonomy to intervene in private markets.

The global financial crisis is largely behind us, but it left challenges it posed to the stability of the world's financial system, to the well-being of families all over the globe and to the academic consensus on the way the economy works.? To describe those challenges and the lessons learned, the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution turned to front-line policymakers and some of their most prominent critics. This volume provides the papers the Hutchins Center commissioned-on unconventional monetary policy, on financial regulation, on the impact of the cri

Essays from the 2010 centenary conference of the 1910 Jekyll Island meeting of American financiers and the US Treasury