The Federal Reserve and the Financial Crisis

The Federal Reserve and the Financial Crisis

Ben S. Bernanke / Feb 21, 2020

The Federal Reserve and the Financial Crisis In Ben Bernanke chairman of the U S Federal Reserve gave a series of lectures about the Federal Reserve and the financial crisis as part of a course at George Washington University on th

  • Title: The Federal Reserve and the Financial Crisis
  • Author: Ben S. Bernanke
  • ISBN: 9780691158730
  • Page: 350
  • Format: Hardcover
  • In 2012, Ben Bernanke, chairman of the U.S Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy In this unusual event, Bernanke revealed important background and insights into the central bank s crucial actions during the woIn 2012, Ben Bernanke, chairman of the U.S Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy In this unusual event, Bernanke revealed important background and insights into the central bank s crucial actions during the worst financial crisis since the Great Depression Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed s activities and the lessons to be learned from its handling of recent economic challenges Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post 1945, when it began operating independently from other governmental departments such as the Treasury During this time the Fed grappled with episodes of high inflation, finally tamed by then chairman Paul Volcker Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation Bernanke then delves into the Fed s reaction to the recent financial crisis, focusing on the central bank s role as the lender of last resort and discussing efforts that injected liquidity into the banking system Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed Providing first hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history.

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    About "Ben S. Bernanke"

      • Ben S. Bernanke

        Ben S Bernanke served as chairman of the Federal Reserve from 2006 to 2014 He was named Time magazine s Person of the Year in 2009 and was a professor of economics at Princeton University prior to his career in public service.


    1. Two-and-a-half stars. See the videotapes & transcripts of the lectures comprising this short 42,000-word book here. See Robert Solow's review here. Near the very end of this book (pp. 125-126), a student asks: STUDENT: Do you think that 2 percent is enough of a cushion to prevent deflation? And have you considered higher inflation target rates? BERNANKE: That is a great question, and there has been a lot of research on it. It seems that the international consensus is around 2 percent. Almost [...]

    2. This book is a compilation of four lectures delivered in 2012 by Ben Bernanke, the former Chairman of the United States Federal Reserve. These lectures formed part of a course at George Washington University on the role played by the Federal Reserve in the Economy. The first lecture elucidates the underpinnings that lead to the formation of the Federal Reserve as well as the roles and responsibilities of the Federal Reserve in keeping the economy stable as well as ensuring financial and fiscal b [...]

    3. This book presents four lectures that Chairman Bernanke gave recently on the origins and details of the global financial crisis of 2007-2008, what the Federal Reserve did in response to the crisis, and how the actions taken by the Federal Reserve worked out. These are exceptionally clear and thoughtful statements of both policy and its execution and the do a great service to the public by showcasing the Federal Reserve chairman's efforts to inform the public and clarify expectations to market ac [...]

    4. A collection of four lectures Bernanke gave to a GW undergraduate course in 2012, The Federal Reserve and the Financial Crisis covers the history of the central banking, the origins of the crisis, the response to the crisis, and the status of the recovery (circa 2012, which is probably the only dated aspect of the book since the roles of unemployment and productivity have more clearly reversed since then). Overall an excellent overview of all of these topics, very little that is new for a specia [...]

    5. This book should renamed, "How I Ben Bernanke kept the world from collapsing and saved capitalism, and now there's nothing to worry about." There is some information about how the Fed functions, but it's largely just a puff piece on how great the Fed is and how they totally had everything under control, ignoring that if they had anything in hand there never would have been a financial crisis in the first place.

    6. A good economics book explains things you didn't realize before and makes you think about things you hadn't thought about before. This series of four lectures isn't an exhaustive history of the fed, nor is it an exhaustive look at fed policy during and after the crisis. But in a mere 129 Bernanke gets a lot done.

    7. Төв банкны үүрэг, ашигладаг арга хэрэгслүүд, санхүүгийн хямралын урьтал нөхцөл, санхүүгийн хямралын үед авсан арга хэмжээ, түүний дараах сургамж, хор нөлөө, системийн шинэчлэл зэргийн тухай тун сонирхолтой 4 цуврал лекцийг багтаасан ном байна. Над шиг мэргэжлийн бус хүн ун [...]

    8. Very informative read. Clearly walks the reader through the origination and history of the Federal Reserve, the response of the FED during the financial crisis, and the aftermath of the crisis. Simple to understand. Would highly recommend.

    9. For someone like myself who is interested in but entirely new to monetary & fiscal policy, this little collection of lectures is a great introduction. Bernanke speaks in clear and simple terms but doesn't dumb down the material. Planning to watch the lectures and see which medium is better - the book or the videos. Regardless, I always appreciate a book that makes me eager to learn more about a topic, especially one as dense as modern central banking.

    10. A surprisingly straightforward explanation of the purpose and function of Central Banks, in particular the Federal Reserve System. This slim volume consists of four lectures that cover a lot of ground in just over a hundred pages (including charts and Q&A): (a) the Great Depression, (b) the Post-War years, (c) the recent Financial Crisis, and (d) the prognosis for recovery. The first lecture opens with an explanation of how a simple monetary system like a gold-based economy works, and Bernan [...]

    11. Bernanke is a brilliant teacher. His lectures are clear and concise. He is transparent about monetary policy, freely admitting mistakes, highlighting lessons learned, and providing sage guidance for the future. He is circumspect about the 2008 bailout. Hank Paulson of the Treasury was responsible for that. The 2008 oil price spike was the largest in history. The mortgage crisis was minor by comparison. Bernanke stuck to the script of justifying the bailout on the collapse of mortgage-backed secu [...]

    12. Las cuatro conferencias de Ben Bernanke incluidas en este libro explican claramente las causas y consecuencias de la Gran Depresión y la crisis de 2008-2009, al mismo tiempo que explica la participación de la Reserva Federal en ellas. Cualquier persona con conocimientos básicos de finanzas puede entenderlo.Desde el punto de vista de un financiero o economista los temas de las crisis financieras lo más probable es que los conozcan al derecho y al revés, sin embargo es interesante verlo desde [...]

    13. This book served as the backbone reference for an undergraduate paper I wrote for a class on monetary economics. Bernanke does an honest and excellent job explaining the Fed's response to the 2007-2009 financial crisis; he speaks/writes in digestible, straightforward prose and supports key points with graphs and data. He zooms in on the Fed's response to the credit runs in the wake of the Lehman Brothers collapse, on the bailouts of Bear Sterns and AIG, and makes interesting comparisons to the G [...]

    14. This short read is available freely online at: federalreserve/newsevAnd the talks can be found at: youtube/watch?v=GLoqPThis is a collection of lectures given by Fed Chairman Ben Bernanke at George Washington University in 2012. I found this to be an excellent overview of what the Federal Bank is, how it came to be, and what its purpose is. Even more useful, the Chairman offers real examples of how it has failed in the past, as well as how it has succeed. I'm by no means an economic guru, so I f [...]

    15. We are likely familiar with QE involving the repos of long-term US Treasuries as a mechanism to provide liquidity to the banks to live another day. Maybe what is often missing in most discussions was that targeting long-term treasuries was meant to, not only, keep rates low at the far end of the term structure to stimulate borrowing, but also to encourage savers out of treasuries into alternative investments by removing treasuries from the system. This last part makes this worth a read and maybe [...]

    16. A series of 4 lectures that set out to help the reader understand the financial crisis and the context of the financial crisis, Bernanke does a wonderful job at speaking in terms that make understanding the crisis possible. He strikes a perfect balance in assuming the reader has knowledge, but eliminating technical language that would be over their head. If you have an average understanding of finance and the great recession, then this book will be perfect for helping you understand the role the [...]

    17. This book is a great recap and synopsis of events that led upto the 2007 financial crisis and fed's actions during and following the crisis. It only takes a few hours or a day to read it. Must read prior to a financial service interview or something.

    18. great introduction to / refresher on central banking. bernanke provides a clear and concise framework for analyzing the fed's response to the financial crisis. note: the contents of this book can be downloaded (for free) from the federal reserve's website.

    19. 번역서: 벤 버냉키, 연방준비제도와 금융위기를 말하다 (번역: 김홍범.나원준)버냉키의 대학 특강을 정리한 책. 금융위기와 중앙은행을 대학생 정도의 눈높이에서 잘 설명해준다. 영어 텍스트도 군더더기가 없고(FRB에 게시되어있다), 번역도 디테일이 훌륭했다. 어려울 수도 있을 내용을 참 쉽고 이해하기 쉽게 강의한다. 중급이상의 독자보다는 처음 접하는 사람이 읽으면 좋을 [...]

    20. easily understandable for someone w/ little macro background -- Bernanke's lectures at GWU in paperback form. Not worth 9 pounds, but a good read overall

    21. I was fascinated to learn after reading this book that is was actually Bernanke's visit to a college campus that set off the hipster-beard bubble of the years immediately following.

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