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Origins and Mission of the Federal Reserve

In: The Federal Reserve and the Financial Crisis

Author

Listed:
  • Ben S. Bernanke

    (U.S. Federal Reserve
    President’s Council of Economic Advisors
    Princeton University)

Abstract

In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges. Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post-1945, when it began operating independently from other governmental departments such as the Treasury. During this time the Fed grappled with episodes of high inflation, finally tamed by then-chairman Paul Volcker. Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation. Bernanke then delves into the Fed's reaction to the recent financial crisis, focusing on the central bank's role as the lender of last resort and discussing efforts that injected liquidity into the banking system. Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed. Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history.

Suggested Citation

  • Ben S. Bernanke, 2015. "Origins and Mission of the Federal Reserve," Introductory Chapters, in: The Federal Reserve and the Financial Crisis, Princeton University Press.
  • Handle: RePEc:pup:chapts:9928-2
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    Cited by:

    1. Ricardo Reis, 2016. "Funding Quantitative Easing to Target Inflation," Discussion Papers 1626, Centre for Macroeconomics (CFM).
    2. Ricardo Reis, 2017. "QE in the Future: The Central Bank’s Balance Sheet in a Fiscal Crisis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 65(1), pages 71-112, April.
    3. Christoffer Koch & Gary Richardson & Patrick Van Horn, 2016. "Bank Leverage and Regulatory Regimes: Evidence from the Great Depression and Great Recession," American Economic Review, American Economic Association, vol. 106(5), pages 538-542, May.
    4. Ricardo Reis, 2016. "QE in the future: the central bank's balance sheet in a financial crisis," Discussion Papers 1620, Centre for Macroeconomics (CFM).
    5. Reis, Ricardo, 2016. "Funding quantitative easing to target inflation," LSE Research Online Documents on Economics 67883, London School of Economics and Political Science, LSE Library.
    6. Ricardo Reis, 2017. "QE in the Future: The Central Bank’s Balance Sheet in a Fiscal Crisis," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 65(1), pages 71-112, April.

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