A Term at the Fed: An Insider's View by Laurence H. Meyer

By Laurence H. Meyer

As a governor of the Federal Reserve Board from 1996 to 2002, Laurence H. Meyer helped make the commercial guidelines that recommended the U.S. via the various wildest and such a lot tumultuous instances in its fresh historical past. Now, in A time period on the Fed, Governor Meyer presents an insider's view of the Fed, the choices that affected either the U.S. and global economies, and the demanding situations inherent in utilizing financial coverage to lead the economy.

When Governor Meyer used to be appointed via President Clinton to serve at the Federal Reserve Board of Governors in 1996, the USA used to be getting into probably the most filthy rich classes in its background. It was once the time of ''irrational exuberance'' and the fabled New financial system. quickly, even though, the economic system was once validated by way of the Asian monetary problem, the Russian default and devaluation, the cave in of long term Capital administration, the bursting of America's inventory bubble, and the terrorist assaults of 9/11.

In what quantities to a definitive playbook of financial coverage, Meyer now relives the Fed's closed-door debates -- debates that puzzled how financial coverage may still adapt to the opportunity of a brand new economic system, how the Fed should still reply to hovering fairness costs, and no matter if the Fed should still dealer the arguable deepest zone bailout of LTCM, between different concerns. Meyer deftly weaves those concerns with firsthand tales in regards to the personalities concerned, from Fed Chairman Alan Greenspan to a few of the staffers, governors, politicians, and journalists that populate the area of the Fed.

Since the tip of his time period, Meyer has endured to observe the Fed and the realm economic system. He believes that we're witnessing a repetition of a few of the occasions of the awesome Nineties -- together with an extra acceleration in productiveness and maybe one other bull marketplace. background doesn't repeat itself, but Meyer indicates us how the teachings realized the day before today can help the Fed form coverage today.

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I was on a stage with the Chairman, Alice Rivlin, the President, and other members of the administration. I get very nervous in such situations. My knees were shaking. I know my wife and daughter, back in St. Louis, were watching and thinking, I just hope he doesn’t faint. In any case, I survived being nominated. k 22 LAURENCE H. MEYER NEXT CAME the vetting process, one of the more painful rites of passage for nominees. The cast of characters in this drama include the White House lawyers, accountants, and the FBI.

That relieved me. Incidentally, Gene went on to become chairman of the National Economic Council and one of the leading members of the economics team in the administration and seemed to get over the event more quickly than I did. When I left the Board, in fact, he wrote a very generous column about my accomplishments as a member of the Board. We have had a few laughs together about this incident in the years that followed. k AS THIS PROCESS was unfolding, and because of a serious concern about the direction of monetary policy, the administration was especially focused on the Fed appointments.

But Yellen was on a roll. ” she asked boldly. Before the Chairman could respond, he had to wait for the laughter to subside. But he was surprisingly willing to do so. “I would say the number is zero, if inflation is properly measured,” he said. This was the only time in my years at the Board that anyone successfully baited a number out of the Chairman. Yellen countered, saying that she preferred 2%, imprecisely measured. That was precisely the number that I would have named. Now the debate spread across the table.

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