The Federal Reserve and the Financial Crisis (by Ben S. Bernanke)

The Federal Reserve and the Financial Crisis


ISBN: 9780691165578Number of Pages: 144
Publisher:  Princeton University Press Book Title: The Federal Reserve and the Financial Crisis
Publication Year: 2015Target Audience: Trade
Author: Ben S. BernankeReading Age: 18+


The Federal Reserve and the Financial Crisis explains that Ben Bernanke is facing the most serious financial crisis since the Great Depression and is destined to play three important roles in the American economy, namely, the terminator of the interest rate increase movement, the shock absorber of the decline of the housing market, and the patrolman who provides security for the American economic train. Bernanke successfully played these three roles.

This book is a collection of Bernanke’s financial ideas behind many of the policies adopted by the Federal Reserve in response to the financial crisis, as well as his financial philosophy.

The book is mainly divided into four parts. The content runs through the more than 90 years of history of the Federal Reserve from its establishment in 1914 to the financial crisis.

It is not only a brief history of the central bank’s financial history of the Federal Reserve, but also a history of the evolution of financial policies in response to the crisis.

The first part mainly describes the origin and mission of the Federal Reserve. The second part describes the Federal Reserve after World War II until the recent outbreak of the financial crisis. The third and fourth parts mainly describe the financial crisis and the Federal Reserve’s response measures and subsequent impact.

These two parts allow us to fully understand how the relevant policies of the Federal Reserve were introduced and the philosophy behind them.

The Federal Reserve and the Financial Crisis is one of the Economics Prize Reading List in 2022

About the Author

Ben S. Bernanke is an American economist and former chairman of the Federal Reserve. He was born in Augusta, Georgia, USA on December 13, 1953, he received a bachelor’s degree in literature from Harvard University in 1975 and a doctor’s degree from Massachusetts Institute of Technology in 1979.

Bernanke has taught at Princeton University for 17 years and served as the dean of the Department of Economics. He has been a visiting scholar of the Federal Reserve since 1987, and worked at the Federal Reserve Bank of Philadelphia from 1987 to 1989, the Federal Reserve Bank of Boston from 1989 to 1990, and the Federal Reserve Bank of New York from 1990 to 1991 and from 1994 to 1996.

In 2002, he was appointed as the director of the Federal Reserve by Bush. In June 2005, Bernanke served as Chairman of the Council of Economic Advisers of the President. On February 1, 2006, he took over Greenspan as Chairman of the Federal Reserve.

In December 2009, Bernanke was elected the 2009 Person of the Year of Time magazine. On January 28, 2010, the Senate of the United States Congress finally voted to confirm his re-election. He took office on February 1, 2014 for a four-year term.

On October 10, 2022, Ben S. Bernanke won the Nobel Prize in Economics in 2022

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Table of Contents

First, the origin and mission of the Federal Reserve.

  • What is the central bank
  • What is financial panic
  • Advantages and Disadvantages of the Gold Standard
  • The first big challenge of the Federal Reserve

Lesson 2 The Federal Reserve after World War II

  • Monetary policy and inflation
  • Economic “Great Relaxation” Period
  • The prelude to the financial crisis
  • The bursting of the real estate foam

Lesson 3 Policy response to the crisis

  • The loopholes in the financial system
  • The proliferation of financial derivatives
  • Measures to deal with the crisis

Lesson 4 Aftereffects of the crisis

  • Extinguishing the fire of the financial crisis
  • Policy guide
  • Slow recovery
  • Regulatory changes

lecture 1 Origins and Mission of the Federal Reserve
lecture 2 The Federal Reserve after World War II
lecture 3 The Federal Reserve’s Response to the Financial Crisis // 177
lecture 4 The Aftermath of the Crisis // 211

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