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作者简介

The Federal Reserve system was designed, built and operated as an agency that forced its policies on American banks. The banks in turn had the power to push around the real economy. Now the Federal Reserve finds itself in a world where banks don't matter as much. Markets set interest rates, markets determine liquidity and markets help or hinder the plans of businessmen. Markets are unpredictable, international and, worst of all, they have their own information systems that do not follow the rules of banking or bank supervision. In response, the Federal Reseve has reinvented itself in a way not yet understood even by sophisticated investors. This text offers a look at the "new" Federal Reserve: what it does, what it doesn't do, what it must do, how it works, and how it hasn't changed. It looks at how the Federal Reserve judges market levels, how and when it decides to intervene, how it judges whether a hot economy will produce inflation or not, and many other decisions it makes.

书籍目录

PrefacePART ONe: MaGic TRICKS  Chapter 1: The Magician on the World Stage  Chapter 2: The Magician at HomePART Two: CENTRAL RANKS  Chapter 3: What Is a Central Bank?  Chapter 4: The Question of IndependencePART THREE: AVOIDING CATASTROPHE  Chapter 5: The System and Its Risks  Chapter 6: The Amen'can Lender of Last ResortPART FouR: MAKING MONEY  Chapter 7: The Age of lnvenlion  Chapter 8: Monetary Policy in the Maelstrom  Chapter 9: Disaster Time  Chapter 10: Greenspan and the Markets  Chapter 11: InternationallyPART FIVE: THE DAY JOBS  Chapter 12: The Payments Franchise  Chapter 13: Supervisions  Chapter 14: The Fed and the PoorPART SIX: WHAT'S NEXT?  Chapter 15: The Fed in Our FutureNotesIndex

内容概要

Martin Mayer is a premier financial journalist with more than thirty books to his credit, including The Bankers and The Greatest-Ever Bank Robbery. A guest scholar at the Brookings Institution, a regular contributor to The Wall Street Journal, and a popul

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