The Fed at One Hundred A Critical View on the Federal Reserve System
One hundred years after its foundation, the Federal Reserve has been entrusted with an enormous expansion in its operating powers for the sake of reviving a sluggish economy during the financial crisis. The aim of the present volume is to present a thorou
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e Fed at One Hundred
A Critical View on the Federal Reserve System
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David Howden • Joseph T. Salerno Editors
The Fed at One Hundred A Critical View on the Federal Reserve System
Editors David Howden Business and Economics St. Louis University Madrid Campus Madrid Spain
Joseph T. Salerno Pace University Lubin School of Business New York, New York USA
ISBN 978-3-319-06214-3 ISBN 978-3-319-06215-0 (eBook) DOI 10.1007/978-3-319-06215-0 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2014943916 © Springer International Publishing Switzerland 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword
The US Federal Reserve recently celebrated its 100th anniversary. It is therefore a fitting moment to ask how it is doing. This indispensable book, edited by Professors David Howden and Joseph Salerno, and including contributions from a long list of distinguished scholars, both asks the question and answers it simply and authoritatively: the Fed has been a complete failure. At first glance this question and answer might seem primarily of interest to economists. But nothing could be further from the truth. What the Fed and other central banks do deeply affects the lives of ever
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