By Laurence H. Meyer
As a governor of the Federal Reserve Board from 1996 to 2002, Laurence H. Meyer helped make the commercial guidelines that recommended the USA via a few of the wildest and such a lot tumultuous occasions in its fresh historical past. Now, in A time period on the Fed, Governor Meyer presents an insider's view of the Fed, the selections that affected either the U.S. and global economies, and the demanding situations inherent in utilizing financial coverage to steer the economy.
When Governor Meyer used to be appointed via President Clinton to serve at the Federal Reserve Board of Governors in 1996, the U.S. was once getting into probably the most wealthy classes in its heritage. It was once the time of ''irrational exuberance'' and the fabled New financial system. quickly, in spite of the fact that, the economic system used to be demonstrated through the Asian monetary main issue, the Russian default and devaluation, the cave in of long term Capital administration, the bursting of America's inventory bubble, and the terrorist assaults of 9/11.
In what quantities to a definitive playbook of financial coverage, Meyer now relives the Fed's closed-door debates -- debates that puzzled how financial coverage should still adapt to the potential of a brand new economic climate, how the Fed may still reply to hovering fairness costs, and even if the Fed may still dealer the debatable inner most region bailout of LTCM, between different concerns. Meyer deftly weaves those concerns with firsthand tales in regards to the personalities concerned, from Fed Chairman Alan Greenspan to a few of the staffers, governors, politicians, and newshounds that populate the area of the Fed.
Since the tip of his time period, Meyer has endured to monitor the Fed and the area economic system. He believes that we're witnessing a repetition of a few of the occasions of the extraordinary Nineteen Nineties -- together with one more acceleration in productiveness and maybe one other bull industry. heritage doesn't repeat itself, but Meyer exhibits us how the teachings discovered the day before today can assist the Fed form coverage today.
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Additional info for A Term at the Fed: An Insider's View
My NAIRU paradigm had predicted a rise in the core inﬂation rate, but inﬂation was stable, even declining slightly. Something was amiss. We were now grappling with a seductive proposition: If economic growth could be stronger than previously imagined—and the unemployment rate could fall to a level that in the past would have triggered higher inﬂation without triggering inﬂation—then the FOMC might not need to raise rates as hurriedly as it had in the past. Could the economic expansion we were experiencing in the summer of 1996 be sustained without the FOMC tapping on the brakes?
Call Joe back and go for it! You might think that they were happy to be rid of me and have the ﬁrm for themselves, but trust me, we were like family (and still are). Fortunately, Joe called back. I indicated that I would indeed be delighted to be on the short list and would accept the position if nominated and conﬁrmed. Joe ended our conversation by telling me that he didn’t want to pressure me on any issues on behalf of the Clinton administration, but he did want me to know that the administration was strongly in favor of CRA.
I didn’t protest. After all, apparently, I was special. I was getting used to it. Even the guards began to call me by my new name. I was Governor Meyer now. I parked in the governors’ parking garage, rode the governors’ elevator, and worked on the governors’ ﬂoor. My last decision was whether or not to ask for someone from the pool of talented Fed staffers—whose specialties spanned from economics to the regulatory and supervisory issues related to banking— A TERM AT T H E 29 FED to be assigned directly to me or to rely on the senior staff for my research and other needs.