By Stephen H. Axilrod
Either insightful and attractive. Axilrod manages to show the level to which the effectiveness of assorted Fed chairmem and certainly the Fed itself relies the facility to appreciate the psychology of the instant either inside of coverage making circles and the rustic at huge and to behave at exactly the correct time. Too past due or too early ends up in failure. Brings the lethal technology to lifestyles and gets rid of most of the secret surrounding this so much misunderstood establishment.
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Additional info for Inside the Fed: Monetary Policy and Its Management, Martin through Greenspan to Bernanke
It was shortly after arriving at the Fed that I was invited (through the intercession of an early carpool mate who was a regular participant in the game) to participate in the daily doubles match that took place at around noon on the courts then located in the above-ground parking lot that was for a long time across the street from the original Board of Governors building. A second building, aptly named the Martin Building, was later built on the space devoted to 26 Chapter 2 that parking lot and, in my mind, to the noontime tennis match.
3 At the time of this conversation Win was the éminence grise at the board and principal policy advisor to the chairman, with an office in the board members’ corridor. Perhaps his being in that position contributed to doubts by monetarists about whether the Fed fully understood its own mechanism and failed, so it appeared, to grasp the need to guide policy by aiming at total reserves or, preferably, the monetary base, rather than at such a marginal measure as free reserves in order to control money supply with any satisfactory degree of precision.
In any event, for years Martin never saw me except in tennis attire. Then one day (probably around five years into my career), I happened to be in the corridor of the board members’ wing of the building when Martin walked out of his office as I was passing by. He looked, paused, and looked again—something familiar there; after a bit, the light dawned, a smile and a greeting, the first interchange with him when I was in mufti, so to speak. On the tennis court, Martin’s intuitive side came out in his sense of placement—not so much placement of the ball as placement of himself, somewhat analogous to how he dealt with monetary policy.