Although little noticed, the face of central banking has changed significantly over the past ten to fifteen years, says the author of this enlightening book. Alan S. Blinder, a former vice chairman of the Federal Reserve System and member of President Clinton's Council of Economic Advisers, shows that the changes, though quiet, have been sufficiently profound to constitute a revolution in central banking. Blinder considers three of the most significant aspects of the revolution. The first is the shift toward transparency: whereas central bankers once believed in secrecy and even mystery, greater openness is now considered a virtue. The second is the transition from monetary policy decisions made by single individuals to decisions made by committees. The third change is a profoundly different attitude toward the markets, from that of stern schoolmarm to one of listener. With keenness and balance, the author examines the origins of these changes and their pros and cons.

From the New York Times bestselling author, the fascinating story of U.S. economic policy from Kennedy to Biden-filled with lessons for today In this book, Alan Blinder, one of the world's most influential economists and one of the field's best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy that hasn't been told before-one that is a pleasure to read, and as interesting as it is important. Focusing on the most significant developments and long-term changes, Blinder traces the highs and lows of monetary and fiscal policy, which have by turns cooperated and clashed through many recessions and several long booms over the past six decades. From the fiscal policy of Kennedy's New Frontier to Biden's responses to the pandemic, the book takes readers through the stagflation of the 1970s, the conquest of inflation under Jimmy Carter and Paul Volcker, the rise of Reaganomics, and the bubbles of the 2000s before bringing the story up through recent events-including the financial crisis, the Great Recession, and monetary policy during COVID-19. A lively and concise narrative that is sure to become a classic, A Monetary and Fiscal History of the United States, 1961-2021 is filled with vital lessons for anyone who wants to better understand where the economy has been-and where it might be headed.

Named one of the Ten Best Books of 2013 by Michiko Kakutani and the "New York Times Book Review "
"Blinder is a master storyteller . . . one of the best books yet about the financial crisis." --"The Wall Street Journal"
Alan S. Blinder--esteemed Princeton professor, "Wall Street Journal" columnist, and former vice chairman of the Federal Reserve Board under Alan Greenspan--is one of our wisest and most clear-eyed economic thinkers. In "After the Music Stopped," he delivers a masterful narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we must do to recover from it. With bracing clarity, Blinder chronicles the perfect storm of events beginning in 2007, from the bursting of the housing bubble to the implosion of the bond bubble, and how events in the U.S. spread throughout the interconnected global economy. Truly comprehensive and eminently readable, "After the Music Stopped" is the essential book about the financial crisis.

This paper studies monetary policy decision making by committee, using an experimental methodology. In an earlier paper (Blinder and Morgan 2005), we found that groups not only outperformed individuals, but they also took no longer to reach decisions. We successfully replicate those results here. Next, we find little difference between the performances of fourperson and eight-person groups; the larger groups outperform the smaller groups by a very small (and often insignificant) margin. Third, and most surprisingly, we find no evidence of superior performance by groups that have designated leaders. Possible reasons for that strongly counterintuitive finding are discussed.

Will higher pay provide an incentive for better work? Can productivity be increased by changing the way workers are compensated? In response to the urgent need to improve productivity performance in American industry, leading economists examine alternative compensation schemes to assess their efficiency in raising productivity.

Over the years a number of suggestions have been made for improving labor productivity by changing the manner in which laborers are compensated for their efforts. The ideas presented and analyzed in this volume have all been put into practice, in modified form or on a small scale, in the United States or elsewhere. Some are new; others quite old.

David I. Levine and Laura D'Andrea Tyson consider the effects of employee participation in decisionmaking on firm performance, and Martin L. Weitzman and Douglas L. Kruse discuss the implications of profit sharing and related forms of pay for group performance. Michael A. Conte and Jan Svejnar analyze employee stock ownership plans in the United States and other forms of worker ownership in Europe; Masanore Hashimoto uses a transaction-cost perspective to assess Japanese employment and wage systems. Daniel J. B. Mitchell, David Lewin, and Edward E. Lawler III give an overall analysis of traditional and alternative pay systems, their history, development, and curent use, and recommend further experimentation with alternative compensation plans to ensure more adaptability on the part of U.S. firms. Blinder provides an overview of the findings and conclusions.

A hard-headed liberal economist, Alan Blinder clearly shows how economic policy is made in America and how good policies often make bad politics. He discusses liberal-conservative divisiveness and shows how it often prevents sound economic advice from being heeded. Blinder offers his own nonpartisan vision for the future of our economic society and challenges law-makers--Democrats and Republicans--to do better.

Alan S. Blinder offers the dual perspective of a leading academic macroeconomist who served a stint as Vice-Chairman of the Federal Reserve Board--one who practiced what he had long preached and then returned to academia to write about it. He tells central bankers how they might better incorporate academic knowledge and thinking into the conduct of monetary policy, and he tells scholars how they might reorient their research to be more attuned to reality and thus more useful to central bankers.Based on the 1996 Lionel Robbins Lectures, this readable book deals succinctly, in a nontechnical manner, with a wide variety of issues in monetary policy. The book also includes the author's suggested solution to an age-old problem in monetary theory: what it means for monetary policy to be "neutral."

Master the principles of economics, and gain an understanding of current economic situations with the solid introduction and policy-based examples and applications found in MACROECONOMICS: PRINCIPLES AND POLICY, 13E. Written by two of the most respected economists in the world, this edition provides significant updates that reflect the latest economic situations and timely economic data. The authors combine the right level of rigor and detail to clarify even the most complicated concepts. Well-developed examples, intriguing puzzles and meaningful economic issues provide a good balance of theory to application.