By Laurence H. Meyer
As a governor of the Federal Reserve Board from 1996 to 2002, Laurence H. Meyer helped make the industrial regulations that advised the us via the various wildest and such a lot tumultuous instances in its contemporary background. Now, in A time period on the Fed, Governor Meyer offers an insider's view of the Fed, the choices that affected either the U.S. and international economies, and the demanding situations inherent in utilizing financial coverage to steer the economy.
When Governor Meyer used to be appointed via President Clinton to serve at the Federal Reserve Board of Governors in 1996, the USA was once getting into essentially the most filthy rich sessions in its heritage. It used to be the time of ''irrational exuberance'' and the fabled New financial system. quickly, even though, the economic system used to be confirmed by way of the Asian monetary situation, the Russian default and devaluation, the cave in of long term Capital administration, the bursting of America's inventory bubble, and the terrorist assaults of 9/11.
In what quantities to a definitive playbook of economic coverage, Meyer now relives the Fed's closed-door debates -- debates that wondered how financial coverage may still adapt to the potential of a brand new economic system, how the Fed should still reply to hovering fairness costs, and no matter if the Fed should still dealer the debatable inner most quarter bailout of LTCM, between different matters. Meyer deftly weaves those matters with firsthand tales in regards to the personalities concerned, from Fed Chairman Alan Greenspan to a number of the staffers, governors, politicians, and journalists that populate the area of the Fed.
Since the tip of his time period, Meyer has persisted to observe the Fed and the area financial system. He believes that we're witnessing a repetition of a few of the occasions of the amazing Nineties -- together with another acceleration in productiveness and maybe one other bull marketplace. heritage doesn't repeat itself, but Meyer exhibits us how the teachings realized the day gone by can assist the Fed form coverage today.
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Extra info for A Term at the Fed: An Insider's View
She wasn’t sure. I told her that I didn’t want to embarrass her and the other members of the economics team who had backed me, but that I would defend my position vigorously if the issue arose at the meeting. I asked Laura to take the initiative and explain this to the President in advance. When I arrived for my meeting, I was informed that the President wasn’t feeling well and that I should return the next morning. In the meantime, to occupy my time, I was shepherded around to meet several of the leading members of the administration—Robert Rubin, Secretary of the Treasury; Jerry Hawke, Undersecretary of the Treasury for Domestic Finance; and Mack McLarty, a close political adviser to the President.
That relaxed me a little, but only a little. k I CERTAINLY WILL NEVER forget my meeting with the President. He chose to visit with me in a room in the living quarters of the White House. When I arrived at the door to the White House, two marines greeted me and saluted. That sent a chill down my back. I was then taken to the Map Room to wait for the President. I ﬁgured that if I didn’t faint or throw up on the President, the nomination was mine. I gave myself a 70% probability of meeting those conditions.
The staff at the Fed, it must be noted, hold a great amount of power. The staff members involved in preparing the governors for FOMC meetings and in providing guidance to the Committee at its meetings are highly qualiﬁed economists. Many have spent their entire careers at the Fed and have seen many governors and Reserve Bank presidents come and go. In recognition of their status, importance, and indeed power, the very top staffers—the division directors for research and statistics, monetary affairs, and international ﬁnance— were called “the Barons,” and they often lived up to their billing.