Ebook Download The Power and Independence of the Federal Reserve, by Peter Conti-Brown
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The Power and Independence of the Federal Reserve, by Peter Conti-Brown
Ebook Download The Power and Independence of the Federal Reserve, by Peter Conti-Brown
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Review
"One of Financial Times (FT.com) Best Books of 2016""Conti-Brown, as a legal scholar, really gets the tangled web that is the Fed. And, as a writer, he does a masterful job of taking the typical reader into this web. The result is that Power and Independence is a wonderfully written book from which even the most expert Fedhead will learn a lot."---Narayana R. Kocherlakota, Journal of Economic Literature"Mr. Conti-Brown, a gifted legal historian who teaches at the Wharton School of the University of Pennsylvania, . . . has accomplished two near impossibilities: He has opened up new areas of inquiry on an overworn topic, and he has made them intellectually rigorous as well as riveting to read about.""---Kevin A. Hassett, Wall Street Journal"[A] stimulating book. . . . Conti-Brown gives us much food for thought about how central banks go about their work."---David Green, Financial World"Conti-Brown's clear analysis and elegant language make the book a fascinating read." (Biz Ed)"Conti-Brown makes a compelling case for change."---Michael Reddell, Central Banking Journal"He explains clearly how complex relationships shape the Fed's independence in a meticulous study of its political, economic and constitutional history."---Philip Augar, Financial Times"Peter's book should spur lawyers and academics to think critically about the FOMC's constitutional status. And whether or not we agree with Peter's conclusion, his book will serve to define the terms of the debate."---Daniel Hemel, Yale Journal of Regulation"While the topic is complex, layered, and labyrinthine, Conti-Brown's clear analysis and elegant language make the book a fascinating read." (Biz Ed Magazine)"This book is an interesting, even scary, account of the governance of the Federal Reserve, with examples of the influence of personalities in ways not anticipated by law."---John H. Wood, EH.Net,
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From the Back Cover
"Critiques of central banking have for too long been the preserve of economists and insiders, while legal scholars and political scientists concentrated on the regulatory state. Scholarly and stimulating, The Power and Independence of the Federal Reserve breaks this mold and deserves to attract wide interest and discussion."--Paul Tucker, former deputy governor, Bank of England and senior fellow, Harvard Kennedy School and Harvard Business School"This excellent book focuses on the operations and governance of the Federal Reserve. With an entertaining style and sound justification, Conti-Brown concludes that there are too many diverse functions and policymakers within the Fed, and he offers sensible policy alternatives. His book is essential reading for anyone concerned about monetary policy and the role of the Fed, and central banking more widely."--Charles Goodhart, emeritus professor, London School of Economics"Is it possible to write a fascinating, original, and even literary book on the power and independence of the Federal Reserve? Yes, because Peter Conti-Brown has done it. His unique blend of historical narrative, legal analysis, and economic knowledge distinguishes this remarkable book from anything ever written about the Fed. Readers may not agree with all of Conti-Brown's conclusions, some of which are highly controversial. But everyone will learn something new."--Alan S. Blinder, author of After the Music Stopped"Debates about the Federal Reserve often pit advocates of Fed independence against those who believe the Fed should be regularly audited or even abolished. In this highly readable work, Peter Conti-Brown shows both views are mistaken. Along the way, he uncovers forgotten heroes of Fed history, offers the clearest explanation yet of the Fed's maneuvers during and after the 2008 crisis, and demonstrates that the Fed's regional banks are almost certainly unconstitutional. This is an important book."--David Skeel, University of Pennsylvania"Although more people than ever have become aware of the Fed in recent years, very few actually know what it does and how it actually works. This book explains the history and laws that have shaped the Fed, and provides a deep and coherent discussion of the notion of Fed independence. It makes a significant contribution to our understanding of the Federal Reserve and central banks."--Anat Admati, coauthor of The Bankers' New Clothes"We know that the Federal Reserve is important, but we seldom think about the legal and political details of its daily monetary policy decisions. In this fascinating book, Conti-Brown brings a fresh and challenging perspective to almost every aspect of Fed history and its current operations."--Simon Johnson, author of 13 Bankers
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Product details
Hardcover: 368 pages
Publisher: Princeton University Press (January 26, 2016)
Language: English
ISBN-10: 0691164002
ISBN-13: 978-0691164007
Product Dimensions:
6.8 x 1.2 x 10 inches
Shipping Weight: 1.6 pounds (View shipping rates and policies)
Average Customer Review:
4.2 out of 5 stars
21 customer reviews
Amazon Best Sellers Rank:
#650,486 in Books (See Top 100 in Books)
This is a must-read for anyone who wants to understand the federal reserve. Conti-Brown expertly dispels false myth and lore about the federal reserve and clearly explains the origins and the functions of federal reserve independence. There is so much misunderstanding about how the fed functions--even many so-called fed experts misstate the structure of the federal reserve. This is because the federal reserve is unique among all government institutions and in order to understand it, you must know its origins, founding mission, and historic development. The federal reserve's "independence" is seen by some as dangerous and others as essential. But how exactly is the federal reserve independent and from whom? Conti-Brown has written a book chock full of expert analysis, fascinating stories, myth-busting examples, and hard-to-forget analogies all in a very readable narrative. This book should be required reading in every law school, business school, and college classroom where the federal reserve is discussed. And any policymaker who wants to "audit the fed," change it, or give it more power should also read this book.
The Power and Independence of the Federal Reserve is a very topical book in the aftermath of the financial crisis as the mandate of the institution has shifted quite dramatically. This is quite a different book than most on the Fed as it focuses on the legal structure of the Fed and how it lies in a vague land of accountability and how this is questionable at the least and unconstitutional in many interpretations of the law. The message of the book is that the technocratic nature of the Fed is overstated and behind the economics lies potential ideology and thus the independence that often goes with the territory and how that independence is structured likely needs to be rethought.The author describes the history of the Fed and how it evolved from its formation a century ago where it was a Federalist institution to the centralized power it is now. The author describes how those transitions took place and the main characters who aided that process. The author discusses the history of the Fed to highlight how it got to the powers it has and how today's structure is not how it was initially structured but a combination of circumstance and political mandate changes. The author discusses the uniqueness of the Fed's accountability to the United States president given it is a mixture of publicly inaugurated officials like the Fed Chair and the privately hired members like the various bank presidents. This is argued to be unconstitutional and the author gives the case history which has brought this up in the past. The author goes into the economic philosophies that have driven monetary economists over the years and how the real bills doctrine is an extremely distant memory from today's Fed. The author argues that the fed is much more similar to the Supreme court and should potentially be structured and organized as such rather than the quasi government private institution it is today. It is definitely an interesting overview of the legal cloud which the Fed operates under and for those interested in the legal structure of the Fed this book is a reminder of its existence outside the boundaries of democratic accountability.I definitely sympathize with the author's direction of the book. The actions taken by the Fed have had political repercussions and as a consequence, the mandate of the Fed and the accountability of the institution has changed from their original intent. Consequently a rethinking of what the degrees of freedom of the Fed should be are in order. Unfortunately this is an extremely complex issue and more democratic accountability of an institution that requires a level of knowledge and expertise that is far removed from the voting body leads to close to an unsolvable balancing act. The basis of ideology in monetary policy exists, bankers at the ECB, the FED, BOJ all have different views on how to solve problems within their mandates. But to see this as similar to the Supreme Court is really something that a lawyer would say and would be unconvincing to pretty much anyone else. The general public can understand judges opinions on ethical issues which makes democratic participation a much more fruitful exercise because value are intrinsic and relatively easy to reflect on. Understanding what a federal reserve bank president thinks about the implications of asset purchases on balancing growth and income inequality, though interesting to .1% of the population, is not an issue that lends itself to democratic accountability nor general popular debate about the truth of that statement. Despite the greater paternalism required for the "election" of central banking expertise vs Supreme Court justices say, there is a democratic deficit in what has occurred during and post the financial crisis with the Fed. Value judgments were made and there is no accountability of those making them and we have to ask ourselves, does that need changing and if so how. To imagine that the value systems that drive central bankers should be under the spotlight as are those of our justices is a massive overestimation of the general public's ability to have a meaningful opinion on such topics.
A very worthwhile read that fills in much of the white space left by histories of the Fed as well as day to day news coverage of the institution. Well researched and very readable. The cornerstone idea - analyzing how "Independent" the Federal Reserve has been and is today, and how it got that way - is a clever hook on which to hang the story. No matter how you may feel about the Federal Reserve, this book will add to your understanding of the institution.
I used to have a Churchillian thought pop into my head whenever the topic of the Federal Reserve came up, "It was a riddle, wrapped in a mystery, inside an enigma." But then I found the key: The Power and Independence of the Federal Reserve. This book is a must-read for people like me who have little to no background in law, banking, finance, or economics (outside the occasional article from the WSJ or the Economist) and who want to understand what the Fed actually is and what it actually does. Instead of amplifying the Fed's intimidating mystique, Peter Conti-Brown punctures it with straightforward metaphors, easy-to-read prose, and a handful of simple yet effective visual aids. As an avid nonfiction reader, my test for this type of book after reading it is whether it I feel I could explain its subject matter to fellow laypeople in terms they could understand. This book passes that test with ease.
The Federal Reserve System is quite hard to understand and even harder to explain to the layman. Mr. Conti-Brown has extensive knowledge and did the best anyone probably could. I did find his writing style a bit bland, kind of the way it would be if I tried to write a book on the subject. He did do a good job explaining how the 12 individual federal reserve banks are governed. I found the breakdown of how the board of governors is selected to be quite interesting. Also, I thought his recommendations for reform of the system were thought provoking. Although the book isn't a "page turner" I'd recommend it.
The Federal Reserve is one of most important levers of national power. And yet, the authority and roles of the Federal Reserve are misunderstood by the vast majority of Americans. Peter Conti-Brown's book is an important contribution to demystifying the Federal Reserve for any and all interested parties.
A bit repetitive at times, and it would be nice if there were more specifics; like, how bad was the 1907 recession in real terms. But a non-biased informative look at The Federal Reserve. What I was looking for.
Comprehensive and enlighteningMUST read for any serious investor
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