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The Federal Reserve: A New History First Edition

by Robert L. Hetzel (Author)
4.2 4.2 out of 5 stars 12 ratings
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An illuminating history of the Fed from its founding through the tumult of 2020.

In The Federal Reserve: A New History, Robert L. Hetzel draws on more than forty years of experience as an economist in the central bank to trace the influences of the Fed on the American economy. Comparing periods in which the Fed stabilized the economy to those when it did the opposite, Hetzel tells the story of a century-long pursuit of monetary rules capable of providing for economic stability.

Recast through this lens and enriched with archival materials, Hetzel’s sweeping history offers a new understanding of the bank’s watershed moments since 1913. This includes critical accounts of the Great Depression, the Great Inflation, and the Great Recession—including how these disastrous events could have been avoided.

A critical volume for a critical moment in financial history, The Federal Reserve is an expert, sweeping account that promises to recast our understanding of the central bank in its second century.
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Previous page
  1. ISBN-10
    022682165X
  2. ISBN-13
    978-0226821658
  3. Edition
    First Edition
  4. Publisher
    University of Chicago Press
  5. Publication date
    January 11, 2023
  6. Language
    English
  7. Dimensions
    6 x 2.1 x 9 inches
  8. Print length
    696 pages
  9. See all details
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From the Publisher

The Federal Reserve

The Federal Reserve

The Federal Reserve

The Federal Reserve

Editorial Reviews

Review

"Robert Hetzel presents a historical narrative of how the Federal Reserve has responded to the state of the economy, exploring the evolution of monetary policy over time in terms of the consistency in its response to the economy’s behavior. The Federal Reserve [examines] the lead-up to and fallout from the Great Recession, the 2008 financial crisis, and the European debt crisis, [analyzes] Fed credit and monetary policy during the COVID-19 pandemic, [and considers] how to make the monetary standard explicit and determine the optimal monetary standard." ― Journal of Economic Literature

"An ambitious history...[Hetzel's] book is a very important contribution to the literature on the history of U.S. monetary policy." ― EH.Net

"Hetzel's book skillfully traces out the Fed's uneven history. He carefully identifies and explains the reasons for the Fed's major failures and successes and he covers the most recent episodes—the financial crisis, Great Recession, and the COVID-19 crisis—in great detail. Hetzel's own intellectual framework provides valuable nuances, resulting in a unified view of Fed policy, before and after 1980, with reference to a single model." -- Peter Ireland, Boston College

"This book does for monetary policy what Doug Irwin's Clashing over Commerce did for trade policy. It is original in its historical coverage and in its ideas, and it offers a novel critique of classics in the field. Unlike many other monetary history books, this is written by a real insider, who has been active in monetary policy for decades. His points will be of interest to historians as well as economists. Through Hetzel's broad historical sweep, one can see both good monetary policy and bad monetary policy, and thereby learn from history." -- John B. Taylor, Stanford University

"Robert Hetzel’s book provides a very informative and detailed history of the monetary policy conducted by the Fed. Readers interested in Fed history will enjoy reading the book and learn a great deal from it. Hetzel takes a sympathetic but also critical look at the Fed’s actions since its inception. The book testifies to the challenges and difficulties faced by central banks in charting an appropriate policy course." -- Georg Rich, retired director and chief economist of the Swiss National Bank

About the Author

Robert L. Hetzel is a visiting scholar at the Federal Reserve Bank of Chicago, a senior affiliated scholar at the Mercatus Center at George Mason University, and a fellow in the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at Johns Hopkins University. His most recent books include The Monetary Policy of the Federal Reserve: A History and The Great Recession: Market Failure or Policy Failure?.

Product details

  • Publisher ‏ : ‎ University of Chicago Press; First Edition (January 11, 2023)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 696 pages
  • ISBN-10 ‏ : ‎ 022682165X
  • ISBN-13 ‏ : ‎ 978-0226821658
  • Item Weight ‏ : ‎ 2.29 pounds
  • Dimensions ‏ : ‎ 6 x 2.1 x 9 inches
  • Customer Reviews:
    4.2 4.2 out of 5 stars 12 ratings

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Robert L. Hetzel

Robert L. Hetzel

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Customer reviews

4.2 out of 5 stars
4.2 out of 5
12 global ratings

Top reviews from the United States

Hande Z
4.0 out of 5 stars History falling short
Reviewed in the United States on March 10, 2023
This is a voluminous and at times technical account not just of the Federal Reserve, but its regulatory sibling, The Treasury. The book starts with an explanation of how monetary disorder can create real disorder, and the reasons why the Federal Reserve was created – since the USA already had the Treasury, which had been running the country’s finances and shaping its financial policies.

There are long chapters on crucial periods in the history of America, and how the Fed responded in those times. That includes the re-entry and exit of the US from the Gold standard, but what seems to be conspicuously absent (but perhaps that may be because the book was published too early) is an analysis of the problems arising from the US-China trade war, and the de-dollarisation movement, and, consequently, the Fed’s response.

The book does cover, however, the impact of COVID-19 on the economy and the tension between the Treasury and the Fed in the moves to manage the economy, bearing in mind that the problems of the national and international finance were and still are in the eye of what may be a perfect storm – slow recovery from the 2008 financial crisis- COVID-19- US-China trade war-Ukraine war.

This book may tax the casual reader because there it is not a journalistic account of the Fed’s history, but a history meant as a reference to scholars and bankers.
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