Congress created the Federal Reserve System in 1913 to tame the business cycle once a …… [ 展开全部 ]
nd for all. Optimists believed central banking would moderate booms, soften busts, and place the economy on a steady trajectory of economic growth. A century later, in the wake of the worst recession in fifty years, Editor David Beckworth and his line-up of noted economists chronicle the critic...(展开全部)
Congress created the Federal Reserve System in 1913 to tame the business cycle once and for all. Optimists believed central banking would moderate booms, soften busts, and place the economy on a steady trajectory of economic growth. A century later, in the wake of the worst recession in fifty years, Editor David Beckworth and his line-up of noted economists chronicle the critical role the Federal Reserve played in creating a vast speculative bubble in housing during the 2000s and plunging the world economy into a Great Recession. As commentators weigh the culpability of Wall Street’s banks against Washington’s regulators, the authors return our attention to the unique position of the Federal Reserve in recent economic history. Expansionary monetary policy formed the basis of the soaring housing prices, excessive leverage, and mispricing of risk that characterized the Great Boom and the conditions for recession. Yet as Boom and Bust Banking also explains, the Great Recession was not a inevitable result of the Great Boom. Contrary to the conventional wisdom, the Federal Reserve in fact tightened rather than loosened the money supply in the early days of the recession. Addressing a lack of critical studies of recent Federal Reserve policy, Boom and Bust Banking reveals the Federal Reserve’s hand in the economy’s deterioration from slowdown to global recession. At the close of the most destructive economic episode in a half-century, Boom and Bust Banking reconsiders the justifications for central banking and reflects on possibilities for reform. With the future ripe for new thinking, this volume is essential for policy makers and concerned citizens who wish to learn from recent history. [ 收起 ]
作者：David Beckworth,Scott Sumner,Jeffrey Rogers Hummel,W. William Woolsey,Joshua R. Hendrickson,George Selgin
Introduction
David Beckworth
Part I: Creating the Great Boom
Monetary Policy and the Financial Crisis
Lawrence H. White
Bungling Booms: How the Fed’s Mishandling of the P
David Beckworth
Chain Reaction: How the Fed’s Asymmetric Policy in
Diego Espinosa
The Great Liquidity Boom and the Monetary Superpow
David Beckworth and Christopher Crowe
Part II: Creating the Great Recession
How Nominal GDP Targeting Could Have Prevented the
Scott Sumner
Ben Bernanke Versus Milton Friedman: The Federal R
Jeffrey Rogers Hummel
The Great Recession and Monetary Disequilibrium
W. William Woolsey
A Global Liquidity Crisis
Nicholas Rowe
Part III: Creating a Better Monetary System
Nominal Income Targeting and Monetary Stability
Joshua R. Hendrickson
Should Monetary Policy “Lean or Clean”?
William R. White
Limited-Purpose Banking
Laurence J. Kotlikoff
Central Banks as a Source of Financial Instability
George Selgin
Index
About the Contributors