"To most people the Federal Reserve is mysterious," Maisel, one of
its governors from 1965 to 1972 admits, but there is no black magic
being brewed - decisions of the Board and its all-important Federal
Open Market Committee are collective, often a reluctant compromise
(especially on international questions). By reason of its function,
"to keep money under control," the Federal Reserve has been
restrictionist and distrustful of government spending yet support
is on the wane for the holy trinity of balanced budget, positive
balance of payments and the gold standard. The Board's Chairman, if
he's a McChesney Martin or an Arthur Burns, is a powerful personage
but "in time any President can make his will prevail." The bureau
hasn't slain the dragon of inflation (it did help briefly stem its
flow in 1966) but then Maisel doesn't really think it can since
"monetary policy by itself does not have the strength necessary to
combat significant swings in spending policy without major costs."
Reliance on fiscal and income measures make better sense. (He
doesn't, by the way, say how he thinks Nixon's many Phases have
worked out.) Maisel was apparently a liberal monetarist and favored
comprehensive forecast targeting, flexible exchange rates,
macroeconomic and sectoral analysis and incomes policy before they
became official doctrine. This is a sympathetic and tolerant
description of how monetary policy was made in the '60's, but the
economic reasoning is much too technical for the general reader.
(Kirkus Reviews)
General
Imprint: |
W W Norton & Co Inc
|
Country of origin: |
United States |
Release date: |
April 1973 |
First published: |
September 1973 |
Authors: |
Sherman J. Maisel
|
Dimensions: |
203 x 127 x 25mm (L x W x T) |
Format: |
Paperback
|
Pages: |
340 |
ISBN-13: |
978-0-393-09337-7 |
Categories: |
Books >
Business & Economics >
Economics >
General
|
LSN: |
0-393-09337-9 |
Barcode: |
9780393093377 |
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