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Bernanke's Test Johan van Overtveldt

Bernanke's Test By Johan van Overtveldt

Bernanke's Test by Johan van Overtveldt


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Summary

Looks at the challenge facing US Federal Reserve chairman Ben Bernanke in trying to clean up the problems affecting the US economy that he inherited from his predecessor, Alan Greenspan, informed by a historical look at how other central bankers have dealt with similar crises.

Bernanke's Test Summary

Bernanke's Test: Ben Bernanke, Alan Greenspan and the Drama of the Central Banker by Johan van Overtveldt

This title offers an up-to-the-minute look at the challenge facing Fed chair Ben Bernanke in trying to clean up the problems affecting the U.S. economy that he inherited from his predecessor, Alan Greenspan, informed by a historical look at how other central bankers have dealt with similar crises. The current crises facing the economy in have thrown a sharp spotlight on US Federal Reserve chairman Ben Bernanke. Each of his moves to address worsening economic conditions have been reported and analyzed at length in the press, as he works to mitigate the effects of the sub-prime lending debacle, the spiraling rise in oil prices, and the sharp increase in food costs. Bernanke is facing a stern test as America's central banker - a test created for him, in large part, by his predecessor, Alan Greenspan. In the two decades Greenspan served as Fed chair, central bankers who formerly worked as obscure bureaucrats became geopolitical megastars with international recognition. This switch can largely be identified with Greenspan, who helped guide the U.S. to new heights of prosperity, but who also bears significant responsibility for the subprime-induced credit crisis and all the related problems plaguing the economy. But while their visibility may have changed dramatically, the underlying role played by central bankers has changed little. No one plays a bigger role in promoting those 'healthy financial conditions' than central banks, especially when it comes to price stability and the soundness of the overall financial system. The central bank also has the key power to act as lender of last resort, i.e. to 'create' money. But central bankers like Bernanke can also do much to growth and prosperity with policies that jeopardize the 'healthy financial conditions'. Deservedly, they will get the full blame for the disaster, even if sometimes others share responsibility. The consensus on Greenspan's performance as Fed chair used to be extremely positive, but more and more it's been called into question. 2008 saw Bernanke in the eye of a storm that was created largely during Greenspan's tenure. His management of the bubble of all bubbles will be a decisive factor in whether this crisis will be limited in its impact on the real economy or whether it directly leads to a major recession. This is Bernanke's Test. In examining the challenge facing Bernanke, author Johan Van Overtveldt will look back over Alan Greenspan's long record as Fed chair, as well as Ben Bernanke's career as an economist prior to replacing Greenspan. Historical context will be provided by a look at other former Fed chairmen, such as Benjamin Strong, William McChesney Martin, Arthur Burns, and especially Greenspan's predecessor, Paul Volcker.

About Johan van Overtveldt

Johan Van Overtveldt, PhD, is the director of the Belgium-based think tank VKW Metena, which works on a breadth of economics-related issues. Formerly editor-in-chief of the Belgian newsmagazine Trends, he has written several books in Dutch, and contributes to the Wall Street Journal Europe and other publications. He is the author of The Chicago School.

Additional information

GOR008179280
9781932841374
1932841377
Bernanke's Test: Ben Bernanke, Alan Greenspan and the Drama of the Central Banker by Johan van Overtveldt
Used - Very Good
Hardback
Agate Publishing
20090127
256
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us

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