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 rules that advised the USA via the various wildest and so much 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 selections that affected either the U.S. and international economies, and the demanding situations inherent in utilizing financial coverage to lead the economy.

When Governor Meyer used to be appointed through President Clinton to serve at the Federal Reserve Board of Governors in 1996, the us used to be getting into some of the most wealthy sessions in its historical past. It used to be the time of ''irrational exuberance'' and the fabled New financial system. quickly, even though, the economic climate was once confirmed by way of the Asian monetary obstacle, 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 economic coverage, Meyer now relives the Fed's closed-door debates -- debates that wondered how financial coverage should still adapt to the potential for 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 matters. Meyer deftly weaves those concerns with firsthand tales in regards to the personalities concerned, from Fed Chairman Alan Greenspan to some of the staffers, governors, politicians, and newshounds that populate the realm of the Fed.

Since the top of his time period, Meyer has persevered 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 outstanding Nineteen Nineties -- together with another acceleration in productiveness and maybe one other bull industry. background doesn't repeat itself, but Meyer exhibits us how the teachings realized the day prior to this may also help the Fed form coverage today.

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14 There is, however, some evidence that workers are reluctant to accept outright declines in their wages. In this case, it might be impossible for relative wage rates to vary enough to ensure an efficient allocation of labor across industries and occupations. If there was a little inflation, however, and therefore a higher average rate of wage increases, some wages would rise more slowly than the average, but none of the workers would have to experience an actual decline in their wages. In arguing that inflation could be too low as well as too high, Yellen anticipated the deflationary problems that Japan would face in A TERM AT T H E FED 41 the second half of the 1990s.

I became the member of the Board to testify before Congress on issues related to CRA. I went around the country supporting the superb work that community groups and banks were doing in providing affordable housing for low- and moderate-income groups. In other words, I was CRA all the way. I guess I’m a fast learner. , with Clinton administration staffers. Since I knew virtually all the folks involved, this was a pleasant experience. Well, there was one little point of tension. The political staffer closest to the Fed appointments was Gene Sperling.

The irony of my appointment was that, once appointed, I was perceived as occasionally challenging the Chairman, as the administration had hoped. But, as I will explain later, the Chairman and I actually traded places on the issues. Greenspan, apparently unbeknownst to the administration, had already become a convert to the view that the economy could grow faster. I, however, became the member of the FOMC most committed to the proposition that there was no evidence the economy could grow faster—and that monetary policy had no ability to contribute to that end.

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