Stephen H. Axilrod, a former top-level executive at the US Federal Reserve System, has written a dense first-hand report on the Fed’s inner workings and its policy development procedures. From the vantage point of his 30-year career at the Fed, he presents a detailed account of working closely with Fed chairmen William McChesney Martin, Arthur Burns, G. William Miller and Paul Volcker, along with astute observations about the tenures of Alan Greenspan and Ben Bernanke. Axilrod discusses how these distinct personalities tackled problems and made policy decisions. Given its slow pace and historical recollections about central bank operations – many of them inscrutable to the average reader – getAbstract recommends this look back to serious Fed observers who relish anecdotes about life inside the US central bank.
In this summary, you will learn
- How the US Federal Reserve System has evolved in the past several decades and
- How Fed chairmen have brought their unique styles to the role.
About the Author
Stephen H. Axilrod rose to Staff Director for Monetary and Financial Policy, and Staff Director and Secretary of the Federal Open Market Committee, at the US Federal Reserve System. Since 1986, he has worked in the private sector.
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