Summary Of Lev Menand S The Fed Unbound
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Summary Of Lev Menand S The Fed Unbound
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Author : Everest Media,
language : en
Publisher: Everest Media LLC
Release Date : 2022-08-16T22:59:00Z
Summary Of Lev Menand S The Fed Unbound written by Everest Media, and has been published by Everest Media LLC this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-16T22:59:00Z with Business & Economics categories.
Please note: This is a companion version & not the original book. Sample Book Insights: #1 As schools and businesses shut down, the Fed went into overdrive. Alongside COVID-19, another disease was spreading, and its progress could not be halted using N-95s or social distancing. This disease moved faster than any virus, and threatened economic harm as great as the pandemic itself. #2 A panic is when a shock causes an initial round of selling, which in turn causes more selling. This downward spiral can lead the entire economy to collapse. Panics are usually the result of structural vulnerabilities in the financial system. #3 The American banking system was designed so that only chartered banks could issue money claims. But over the past several decades, shadow banks have begun to issue similar but legally distinguishable forms of money that consumers do not consider to be deposits. #4 The Fed stepped in to help the Wall Street firms, offering up to $1. 5 trillion in short-term loans. The Fed’s New York bank was their counterpart, and they were providing the money claims that the primary dealers used to finance their activities.
The Fed Unbound
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Author : Lev Menand
language : en
Publisher:
Release Date : 2022-05-10
The Fed Unbound written by Lev Menand and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-05-10 with Business & Economics categories.
How an unelected, unaccountable institution gained immense power during the pandemic It is a bedrock principle of the US Constitution that Congress, as representatives of the people, sets economic policy and directs government resources. This all changed thirteen years ago, and even more dramatically during the pandemic. The Federal Reserve operates independently from the rest of the government, and can create as much money as it sees fit and use it without the prior approval of Congress, the courts, or the President. When the Fed creates new money to address economic problems, it helps certain groups, like powerful business interests, and becomes a massive driver of inequality. In The Fed Unbound, Lev Menand tells the story of how the Fed became out of control during the 2008 financial crisis and the 2020 pandemic, and what can be done about it.
The Supreme Court Review 2022
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Author : David A. Strauss
language : en
Publisher: University of Chicago Press
Release Date : 2023-09-05
The Supreme Court Review 2022 written by David A. Strauss and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-05 with Law categories.
An annual peer-reviewed law journal covering the legal implications of decisions by the Supreme Court of the United States. Since it first appeared in 1960, the Supreme Court Review has won acclaim for providing a sustained and authoritative survey of the implications of the Court's most significant decisions. SCR is an in-depth annual critique of the Supreme Court and its work, analyzing the origins, reforms, and modern interpretations of American law. SCR is written by and for legal academics, judges, political scientists, journalists, historians, economists, policy planners, and sociologists.
Balance Of Power
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Author : Eric Monnet
language : en
Publisher: University of Chicago Press
Release Date : 2024
Balance Of Power written by Eric Monnet and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024 with Business & Economics categories.
"Reconsidering the limits-past, present, future-of the financial institutions that stand between us and the abyss. Two financial crises in two decades have expanded and diversified the roles of central banks in the twenty-first century. With the 2008 crash, they became the lenders of last resort in monetary policy; with Covid-19, they became underwriters of the public welfare. Both powers are expansive, unchecked, and inherently political. Is this democracy? In Balance of Power, economist and historian Éric Monnet traces the rise of the central banks-from their public-private origins to their current portfolio, which spans everything from interest rates to international relations-to make an urgent and erudite argument: the central banks are no longer independent, if they ever were. And our ability to subject them to democratic rule will go a long way in wielding their expansive powers effectively in societies that face multiple crises at once. Eschewing the traditional storytelling around the birth of central banks and their operational independence, Monnet shows how the power of central banks flows from their origins as a part of the welfare state: they were the financial apparatus used to stabilize societies after World War II, and they have never abdicated that role since. Today it can be seen in the central banks' role as insurance providers-the backstop institution of bailouts, stimuli, and rescue plans. As new challenges emerge, including the boom of digital currencies and the simmering crisis of climate change, central banks will necessarily have to break the glass on longstanding taboos of monetary policy. With this creeping expansion well underway, Monnet offers a trenchant, deeply erudite case for what a democratic central bank can look like"--
Dollars And Dominion
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Author : Mary Bridges
language : en
Publisher: Princeton University Press
Release Date : 2024-09-24
Dollars And Dominion written by Mary Bridges and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-09-24 with Business & Economics categories.
"A history of the globalization of US banking in the early twentieth century"--
Comparing Financial Systems
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Author : Franklin Allen
language : en
Publisher: MIT Press
Release Date : 2000
Comparing Financial Systems written by Franklin Allen and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Why do different countries have such different financial systems? Is one system better than the other? This text argues that the view that market-based systems are best is simplistic, and suggests that a more nuanced approach is necessary.
Driverless Finance
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Author : Hilary J. Allen
language : en
Publisher: Oxford University Press
Release Date : 2022
Driverless Finance written by Hilary J. Allen and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Business & Economics categories.
Introduction -- The case for precaution -- Fintech and risk management -- Fintech and capital intermediation -- Fintech and payments -- Current approaches to fintech and financial stability regulation -- Precautionary regulation of fintech innovation -- The bigger picture.
The Money Problem
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Author : Morgan Ricks
language : en
Publisher: University of Chicago Press
Release Date : 2016-03-09
The Money Problem written by Morgan Ricks and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-09 with Business & Economics categories.
An “intriguing plan” addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times). Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a “public” or “private” activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad. “Highly recommended.” —Choice
Counterrevolution
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Author : Melinda Cooper
language : en
Publisher: Princeton University Press
Release Date : 2024-03-12
Counterrevolution written by Melinda Cooper and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-12 with Political Science categories.
A thorough investigation of the current combination of austerity and extravagance that characterizes government spending and central bank monetary policy At the close of the 1970s, government treasuries and central banks took a vow of perpetual self-restraint. To this day, fiscal authorities fret over soaring public debt burdens, while central bankers wring their hands at the slightest sign of rising wages. As the brief reprieve of coronavirus spending made clear, no departure from government austerity will be tolerated without a corresponding act of penance. Yet we misunderstand the scope of neoliberal public finance if we assume austerity to be its sole setting. Beyond the zero-sum game of direct claims on state budgets lies a realm of indirect government spending that escapes the naked eye. Capital gains are multiply subsidized by a tax system that reserves its greatest rewards for financial asset holders. And for all its airs of haughty asceticism, the Federal Reserve has become adept at facilitating the inflation of asset values while ruthlessly suppressing wages. Neoliberalism is as extravagant as it is austere, and this paradox needs to be grasped if we are to challenge its core modus operandi. Melinda Cooper examines the major schools of thought that have shaped neoliberal common sense around public finance. Focusing, in particular, on Virginia school public choice theory and supply-side economics, she shows how these currents produced distinct but ultimately complementary responses to the capitalist crisis of the 1970s. With its intellectual roots in the conservative Southern Democratic tradition, Virginia school public choice theory espoused an austere doctrine of budget balance. The supply-side movement, by contrast, advocated tax cuts without spending restraint and debt issuance without guilt, in an apparent repudiation of austerity. Yet, for all their differences, the two schools converged around the need to rein in the redistributive uses of public spending. Together, they drove a counterrevolution in public finance that deepened the divide between rich and poor and revived the fortunes of dynastic wealth. Far-reaching as the neoliberal counterrevolution has been, Cooper still identifies a counterfactual history of unrealized possibilities in the capitalist crisis of the 1970s. She concludes by inviting us to rethink the concept of revolution and raises the question: Is another politics of extravagance possible?
The Cost Benefit Revolution
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Author : Cass R. Sunstein
language : en
Publisher: MIT Press
Release Date : 2019-09-24
The Cost Benefit Revolution written by Cass R. Sunstein and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-24 with Political Science categories.
Why policies should be based on careful consideration of their costs and benefits rather than on intuition, popular opinion, interest groups, and anecdotes. Opinions on government policies vary widely. Some people feel passionately about the child obesity epidemic and support government regulation of sugary drinks. Others argue that people should be able to eat and drink whatever they like. Some people are alarmed about climate change and favor aggressive government intervention. Others don't feel the need for any sort of climate regulation. In The Cost-Benefit Revolution, Cass Sunstein argues our major disagreements really involve facts, not values. It follows that government policy should not be based on public opinion, intuitions, or pressure from interest groups, but on numbers—meaning careful consideration of costs and benefits. Will a policy save one life, or one thousand lives? Will it impose costs on consumers, and if so, will the costs be high or negligible? Will it hurt workers and small businesses, and, if so, precisely how much? As the Obama administration's “regulatory czar,” Sunstein knows his subject in both theory and practice. Drawing on behavioral economics and his well-known emphasis on “nudging,” he celebrates the cost-benefit revolution in policy making, tracing its defining moments in the Reagan, Clinton, and Obama administrations (and pondering its uncertain future in the Trump administration). He acknowledges that public officials often lack information about costs and benefits, and outlines state-of-the-art techniques for acquiring that information. Policies should make people's lives better. Quantitative cost-benefit analysis, Sunstein argues, is the best available method for making this happen—even if, in the future, new measures of human well-being, also explored in this book, may be better still.