An illuminating history of the Fed from its founding through the
tumult of 2020. In The Federal Reserve: A New History, Robert L.
Hetzel draws on more than forty years of experience as an economist
in the central bank to trace the influences of the Fed on the
American economy. Comparing periods in which the Fed stabilized the
economy to those when it did the opposite, Hetzel tells the story
of a century-long pursuit of monetary rules capable of providing
for economic stability. Recast through this lens and enriched with
archival materials, Hetzel's sweeping history offers a new
understanding of the bank's watershed moments since 1913. This
includes critical accounts of the Great Depression, the Great
Inflation, and the Great Recession-including how these disastrous
events could have been avoided. A critical volume for a critical
moment in financial history, The Federal Reserve is an expert,
sweeping account that promises to recast our understanding of the
central bank in its second century.
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