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Do They Walk on Water? Federal Reserve Chairmen and the Fed
Leonard J. Santow
Foreword by Henry Kaufman
Book Code: C36033
ISBN: 0-313-36033-2
ISBN-13: 978-0-313-36033-6
360 pages, n/a
Praeger Publishers
Publication: 11/30/2008
List Price: $44.95 (UK Sterling Price: £25.95)
Availability: In Stock
Media Type: Hardcover
Trim Size: 6 1/8 x 9 1/4
Subjects:
  • Endorsement From Albert M. Wojnilower, Ph.D.,
    Consultant and former Chief Economist, First Boston Corporation:     Do They Walk on Water? is an extraordinary book on monetary policy by an extraordinary economist. It is historical, factual-and judgmental. There are surprises here for all readers, from layman to expert and everyone in-between. The author draws on long experience in the Federal Reserve, in the securities markets, and as a consultant to foreign central banks as well as the U.S. Treasury and major financial institutions. This gives him an unmatched breadth of perspective spanning many decades.
  • Endorsement From William N. Griggs, Ph.D.,
    Griggs & Santow, Inc.:     I have witnessed daily the analytical skills, intelligence and good judgment that Santow brings to every task. These qualities are on full display in this unique historical examination of fifty years of Fed policy focused on the Fed chairmen who shaped those policies. Here in clear and concise language is an unbiased examination of how a group of the most powerful individuals in this country used that power to meet the economic and financial challenges facing the nation.
  • Endorsement From Shijuro Ogata,
    Former Deputy Governor for International Relations, Bank of Japan:     Do They Walk on Water? is an unusual book written, not only with post-fact criticism, but also with many real-time comments from the time of historical events. Clearly and pointedly, the author repeats his warning against the Fed's overemphasis on CPI rather than market conditions and real economy; its over-reliance on federal-funds-rate targeting rather than other monetary policy instruments; and its insufficient attention to regulatory problems. The comparison of Volcker and Greenspan is interesting, and the detailed analysis of the current financial market turmoil is extremely informative. With the attached glossary and the chronological records of events since 1970, the book will be quite useful not only for professionals, but also for students in and outside the United States.
Description: A crowd gathers. People crane their necks. Cameras flash. The limo door opens. Who is it--Mick Jagger? Oprah? Tiger Woods? No. It's Alan Greenspan--and the crowd still goes wild. Many felt Greenspan walked on water during his lengthy term as Chairman of the Federal Reserve System. But was he a genius or, as Tolstoy might portray him, simply someone who could manifest confidence while attempting to captain an uncontrollable ship? In this book, economist Leonard Santow casts a steely eye on the Fed and its five most recent chairmen--Arthur Burns, G. William Miller, Paul Volcker, Alan Greenspan, and Ben Bernanke. Along the way, readers learn what function the Fed performs and why, how monetary policy differs from fiscal policy, which levers the Fed uses to change the money supply and control inflation, and more. This is one of the few books to explain the inner workings of the Fed and its Open Market Operations, while evaluating its most recent chiefs in their efforts to keep inflation at bay and the economy humming. Written in an easy and accessible style, the book also contains some prescriptions for smoothing the choppy economic seas going forward, and insights on the subprime mess and the securities that helped bring down the real estate house of cards. Chapters cover how the Fed works, analyses of each of the recent five Fed chiefs together with extensive economic data that describes their successes and failures numerically, what we can learn from the Fed's recent mistakes, and policy recommendations. Santow's insights, and the data that supports them, show us that while Fed chiefs probably don't walk on water, having the right Fed chief hold the post at the right time can help bring the country sustained prosperity and economic opportunity.
LC Card Number: 2008029268
LCC Class: HG2563
Dewey Class: 332
PDF Catalogs:
Business Catalog 2008.pdf
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