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Glasnost: Democracy Comes to the Fed--The Fed Under Ben Bernanke
Harris, Ethan S.Book Chapter HBS-7629BC-EFinanceIn this chapter, leading economist, Ethan Harris, explores how the internal workings of the Fed have changed under its new chairman, Ben Bernanke. He looks at how the passing of the mantle from a data junkie to a former academic has changed the economic and policy discussion within the Fed, and at the implications of having a less dominant chairman. This chapter is excerpted from "Ben Bernanke's Fed: The Federal Reserve After Greenspan."Starting at €8.20
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See No Evil, Hear No Evil, Speak No Evil: The Policy Response to an Asset Market Bubble--The Fed Under Ben Bernanke
Harris, Ethan S.Book Chapter HBS-7631BC-EFinanceOne of the most controversial questions in central banking is how policy makers should factor asset markets into their decision making. The toughest policy challenge comes in the extreme environment of a suspected asset price bubble or bust. Should a central bank step in to try to stop an unsustainable surge in asset prices? And, should the bubble burst, how long should a central bank wait before cutting interest rates? This chapter examines Ben ...Starting at €8.20
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Can He Walk the Walk: The Outlook for the Bernanke Fed
Harris, Ethan S.Book Chapter HBS-7635BC-EFinanceWhat is the outlook for the Fed? In this chapter, leading economist Ethan Harris looks into the future of economic policy under Ben Bernanke, offering some expert analysis and informed predictions of how the economy will fare in the years ahead. This chapter is excerpted from "Ben Bernanke's Fed: The Federal Reserve After Greenspan."Starting at €8.20
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Depression Obsession: How the Great Depression Informs Bernanke's Thinking
Harris, Ethan S.Book Chapter HBS-7628BC-EFinanceModern central banking is defined by two big policy mistakes of the last century: the Great Depression of the 1930s and the Great Inflation of the 1970s. Ben Bernanke's academic research has focused heavily on the Great Depression, which clearly informs his current policy outlook and his crusade against deflation. This chapter is excerpted from "Ben Bernanke's Fed: The Federal Reserve After Greenspan."Starting at €8.20
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Pressure Cooker: Bernanke's Performance in His First Two Years
Harris, Ethan S.Book Chapter HBS-7634BC-EFinanceHow has Ben Bernanke handled a tough economic environment? Has he dealt with the economy and financial markets effectively? Why does such a strong proponent of transparency seem to have had so much trouble communicating? Is he or the Fed as an institution susceptible to political pressure? This chapter addresses these key questions about the Fed under Bernanke. This chapter is excerpted from "Ben Bernanke's Fed: The Federal Reserve After Greensp...Starting at €8.20
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Radical Risk Management: A New Policy Focus for the Fed
Harris, Ethan S.Book Chapter HBS-7632BC-EFinanceMost of Ben Bernanke's agenda for change at the Fed was clear as he entered the job. Perhaps the biggest surprise has been his strong embrace of a risk-management approach to policy-that is, basing policy not just on the most likely outcome for the economy, but also on the risks around that outcome. Other central bankers, including Alan Greenspan, also believed in risk management, but the Bernanke Fed has taken risk management to a new level. Th...Starting at €8.20
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Zen and the Art of Monetary Maintenance: The Fed's New Communication Style
Harris, Ethan S.Book Chapter HBS-7630BC-EFinanceBen Bernanke, the latest Fed chair, belongs to a generation of economists who believe in a fully transparent central bank, which means clearly conveying to the public its forecasts for the economy, its policy goals, and the rationale behind its policy choices. However, Bernanke is also likely to keep a much lower profile than his predecessor, Alan Greenspan, who became an economic guru. This chapter examines how Bernanke is changing the way the F...Starting at €8.20
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Murphy's Law: New Fed Chairmen Always Seem to Face a Tough Environment
Harris, Ethan S.Book Chapter HBS-7633BC-EFinanceIn a perfect example of Murphy's Law, Ben Bernanke stepped into the job of Fed chairman at just the wrong moment. Greenspan had let the economy, the housing market, and the credit market run too hot at the end of his tenure. This was bad news for Bernanke, but good news for someone trying to learn quickly about him. The challenging economic and market environment at the start of his term have provided a rich natural experiment for demonstrating h...Starting at €8.20
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It's All About the Benjamin: An Early Look at the New Fed Chairman
Harris, Ethan S.Book Chapter HBS-7570BC-EFinanceThe chair of the Federal Reserve is often described as the second most powerful job in America. By pushing interest rates up and down, the Fed can send ripples throughout global capital markets. Just by hinting at fed action, the chair can make or break a day in the international financial markets. Yet the new Fed chair, Ben Bernanke, remains something of a mystery to investors and the press. This chapter takes a brief look at who Alan Greenspan'...Starting at €8.20
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Greenspan, to Err is Human: The Downside of Greenspan's Chairmanship
Harris, Ethan S.Book Chapter HBS-7626BC-EFinanceAlan Greenspan surely deserves credit for the strong performance of the economy during his Fed chairmanship, but he also had some notable mistakes, including thrusting himself unnecessarily into political matters and failing to respond to bubbles in asset markets. This chapter is excerpted from "Ben Bernanke's Fed: The Federal Reserve After Greenspan."Starting at €8.20