Employing a light and lively writing style, the book starts with the history of central banking in England and then shifts focus to the United States, explains in detail how the Fed works, and covers the Fed's unprecedented activities to prevent the Great Recession from spiraling into the Greatest Depression. The final chapter presents a detailed scorecard for each of the Fed chairmen over the last 40 years.
Introduction 1. History and Purpose of Central Banking 2. Post-World War II Macroeconomic Policy 3. Contemporary Federal Reserve Policy 4. Globalization, Deregulation, Mounting Global Capital Flows 5. New Activism by the European Central Bank (ECB) and the Bank of Japan 6. Financial Crises 7. Asset Price Bubbles 8. How the U.S. Central Bank Dealt with a Disastrous Credit Crisis 9. An Evaluation of Contemporary Fed Chairmen 10. Conclusions