A Term at the Fed: An Insider's View
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About this ebook
As a governor of the Federal Reserve Board from 1996 to 2002, Laurence H. Meyer helped make the economic policies that steered the United States through some of the wildest and most tumultuous times in its recent history. Now, in A Term at the Fed, Governor Meyer provides an insider's view of the Fed, the decisions that affected both the U.S. and world economies, and the challenges inherent in using monetary policy to guide the economy.
When Governor Meyer was appointed by President Clinton to serve on the Federal Reserve Board of Governors in 1996, the United States was entering one of the most prosperous periods in its history. It was the time of "irrational exuberance" and the fabled New Economy. Soon, however, the economy was tested by the Asian financial crisis, the Russian default and devaluation, the collapse of Long-Term Capital Management, the bursting of America's stock bubble, and the terrorist attacks of 9/11.
In what amounts to a definitive playbook of monetary policy, Meyer now relives the Fed's closed-door debates -- debates that questioned how monetary policy should adapt to the possibility of a New Economy, how the Fed should respond to soaring equity prices, and whether the Fed should broker the controversial private sector bailout of LTCM, among other issues. Meyer deftly weaves these issues with firsthand stories about the personalities involved, from Fed Chairman Alan Greenspan to the various staffers, governors, politicians, and reporters that populate the world of the Fed.
Since the end of his term, Meyer has continued to watch the Fed and the world economy. He believes that we are witnessing a repetition of some of the events of the remarkable 1990s -- including a further acceleration in productivity and perhaps another bull market. History does not repeat itself, yet Meyer shows us how the lessons learned yesterday may help the Fed shape policy today.
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Reviews for A Term at the Fed
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- Rating: 5 out of 5 stars5/5An Insider’s Look at Interesting TimesAs a Federal Reserve Board Governor from 1996 to 2002, Laurence Meyer played an active role in forming economic policy for the United States.Serving during one of the wildest and most tumultuous times in our recent history, he offers an insider’s view of life at the Fed. Appointed by President Clinton in 1996 to a partial term, Dr. Meyers witnessed the Fed’s reaction to “the new economy,” “irrational exuberance,” the Asian financial crisis, the Russian Default, the collapse of Long-Term Capital Management, the bursting American Stock Bubble and the September 11, 2001 terrorist attacks.In a well-written and readable book, Meyer re-lives the Fed’s closed-door debates on these matters. He gracefully weaves issues with anecdotes about the people involved. The reader is transported behind the closed doors of the Fed and into the meeting room where policy matters are made.Personally, I was surprised at the quality and formality that debates on issues the Fed’s agenda assumed. Having become accustomed to the “pin everything on the other party” approach taken by Congress, I was shocked that monetary debates continue to assume an academic air.Meyer, who is the first former fed member to pen a book about his experiences, has provided fed watchers with an extraordinary look into a fascinating period of our economic history. It is well-worth reading.