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Ben Bernanke's Fed: The Federal Reserve After Greenspan | 
 enlarge | Author: Ethan S. Harris
Publisher: Harvard Business School Press
Category: Book
List Price: $26.95
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Rating:  5 reviews
Sales Rank: 453645
Media: Hardcover
Pages: 256
Number Of Items: 1
Shipping Weight (lbs): 1.2
Dimensions (in): 9.2 x 6.2 x 1
ISBN: 142212584X
Dewey Decimal Number: 332.11092
EAN: 9781422125847
ASIN: 142212584X
Publication Date: August 11, 2008
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Product Description
Ben Bernanke's swearing in as Federal Reserve chairman in 2006 marked the end of Alan Greenspan's long, legendary career. To date, the new chair has garnered mixed reviews. Business economists see him as the best-qualified successor to Greenspan, while many traders and investors worry that he's too academic for the job. Meanwhile, ordinary Americans do not even know who he is. How will Bernanke's leadership affect the Fed's actions in the coming years? How will Bernanke build on Greenspan's success, but also put his own stamp on the Fed? What will all this imply for businesses and investors? In Ben Bernanke's Fed, Ethan Harris provides exceptional insights into these crucial issues. Engaging and discerning, this book demystifies the man who has stepped into what many describe as the second most powerful job in America.
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| Customer Reviews:
 Absence of insights and how we got into this mess December 31, 2008
Charles de Trenck (Hong Kong)
This book is still worth a quick read for reference even if much of what is there is out of date (final edit May 2008). And for beginners in finance there are some useful sections. I particularly liked p. 124, which tells us what Bernanke will do. It is about the only forward looking comment in the book, along with the not very adventurous ("going out on a limb") recommendation that the Fed should be forward acting in heading off bubbles by at least leaning against them.
Adjusting for limitations on perspective and additional market blow ups that followed final edits on the book, this is still an establishment book. The work itself is relatively shallow, and repetitive, given some collage work from the author's day job as a brokerage economist. Harris does tell us some of the writing comes from his brokerage notes. But he, or the editors, should have tried to cut out sections that went over the same material again. Instead of going deeper in a later chapter, we merely go around the same topic again. How many times do we hear that "Bernanke was one of the leading students of the depression?"
The biggest problem is the misleading nature of the title. We are told this is going to be a book about Bernanke. Yet, physically, the entire first part of the book is about Greenspan. When we get out of the Greenspan sections, we nonetheless get taken back to Greenspan countless times.
Conclusion: This is an establishment book. At the margin it is useful for quick reference. But let's recall how we got into this financial mess. We had passive analysts recycling consensus thinking to passive managements, bankers, regulators, investors, etc.
I recommend readers check out the analysis in the New Monetarism. And let's hope more thinkers come along to write in-depth, updated analysis of the Fed and its control/guidance over the flow of money in the largest economy in the world. Until then, keep reading raw news items, and blogs, and seek to draw your own conclusions.
 The Right Man at The Right Time December 29, 2008
Aubrey Price (Collinsville, VA USA)
0 out of 1 found this review helpful
Ethan Harris, as a Lehman Brothers economist, has no doubt seen better times, but his impartial lucidity in this book never wavers. For anyone who wants a simple but never simplistic introduction to contemporary Fed concerns, this is a superb choice. By explaining such terms as NAIRU and the Phillips Curve in the context of macroeconomic analysis and Fed policies, Mr. Harris provides us with a primer as well as a history of recent Fed policy.
Without saying so explicitly, Mr. Harris provides a clear case why Ben Bernanke is the right man at the right time. Bernanke's expertise on the Great Depression is highly reassuring. The chapter that explains the general outline of Bernanke's views on deflation and the role of the Fed I find particularly illuminating.
I hope Mr. Harris will continue to publish for a general audience. His vast knowledge and precision as a writer can benefit everyone, not just a professional audience.
Nuts and Bolts of Running the Fed's Monetary Policy December 4, 2008
Loves the View (Hawaii)
2 out of 2 found this review helpful
This book explains the limited tools and policy options that the Federal Reserve Board has to maintain a healthy US economy. It frames in clear language well known issues such as tightening the funds rate and the employment and inflation trade off. It also frames, in clear language, debates of which the public is not generally aware such as should the Fed identify bubbles or publically state a target inflation rate.
The style and legend of Alan Greenspan hovers over his successor. Ben Bernanke comes to the Fed with an academic background and speeches on record that hint of his leanings on the issues. Harris, a professional Fed watcher describes how he has dealt with some early issues and the just and unjust criticism that surrounds them.
While the book never promises more, I was hoping for more. What about the other work of the Fed? How does the banking operation work? Where does the Fed get its money? How does it make its loans? How does it expand and contract the money supply? What it the bank's relationship to other monetary arms of the government?
The book does what it sets out to do and the writer is refreshingly clear. He chooses simple English and avoids the convoluted turns of phrase that haunt his dismal science. The charts are excellent and are precisely placed (no need to flip pages). For this reason, I give Harris 5 stars for his book and hope he writes another on the other aspects of the Fed.
Bernanke and the Fed October 26, 2008
L. Demar (New York, NY)
5 out of 6 found this review helpful
This is certainly an excellent book for Fed watchers as well as for novices who would like to understand how the Fed works, the scope of its powers, and how they has been used well and not so well over the years. More importantly it is an extremely timely book for the present financial crisis. The author's evaluations of Greenspan and Bernanke are evenhanded but do seem in part, at least, to explain how we've gotten to where we are and that the choice of Bernanke may be reassuring in these difficult times.
Ben Bernake's Fed. Ethan Harris. Harvard Business Press. August 25, 2008
Leslie D. Kerr
10 out of 12 found this review helpful
Harris has written a book which is scholarly yet highly entertaining. A crystal clear, in depth ,and accurate explanation of the Federal Reserve and its Chairman.Also included are numerous short anecdotes
and clever comments from Fed history.
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