In this book, Alan Blinder, one of the world’s most influential economists and one of the field’s best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin...
In this book, Alan Blinder, one of the world’s most influential economists and one of the field’s best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider’s story of macroeconomic policy that hasn’t been told before―one that is a pleasure to read, and as interesting as it is important.
Focusing on the most significant developments and long-term changes, Blinder traces the highs and lows of monetary and fiscal policy, which have by turns cooperated and clashed through many recessions and several long booms over the past six decades. From the fiscal policy of Kennedy’s New Frontier to Biden’s responses to the pandemic, the book takes readers through the stagflation of the 1970s, the conquest of inflation under Jimmy Carter and Paul Volcker, the rise of Reaganomics, and the bubbles of the 2000s before bringing the story up through recent events―including the financial crisis, the Great Recession, and monetary policy during COVID-19.
A lively and concise narrative that is sure to become a classic, A Monetary and Fiscal History of the United States, 1961–2021 is filled with vital lessons for anyone who wants to better understand where the economy has been―and where it might be headed.
作者简介
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Alan S. Blinder is the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University, a former vice chair of the Federal Reserve Board, and a former member of the President’s Council of Economic Advisers. A regular columnist for the Wall Street Journal, he is the author of many books, including the New York Times bestseller After the Music Stop...
Alan S. Blinder is the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University, a former vice chair of the Federal Reserve Board, and a former member of the President’s Council of Economic Advisers. A regular columnist for the Wall Street Journal, he is the author of many books, including the New York Times bestseller After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead. He lives in Princeton, New Jersey.
目录
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Introduction 1
1 Fiscal Policy on the New Frontier 7
2 Inflation and the Rise of Monetarism 27
3 The Phillips Curve Becomes Vertical 45
4 Nixon, Burns, and the Political Business Cycle 59
5 Stagflation and Its Aftermath 75
· · · · · ·
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Introduction 1
1 Fiscal Policy on the New Frontier 7
2 Inflation and the Rise of Monetarism 27
3 The Phillips Curve Becomes Vertical 45
4 Nixon, Burns, and the Political Business Cycle 59
5 Stagflation and Its Aftermath 75
6 Inflation and the Rational Expectations Revolution 94
7 Carter, Volcker, and the Conquest of Inflation 109
8 Reaganomics and the Clash between Monetary and Fiscal Policy 133
9 The Long Expansion of the 1980s 152
10 Deficits Crowd Out Fiscal Policy, 1982–1998 173
11 The Long Boom of the 1990s 198
12 The 2000s: The Job-Loss Recovery and the Bubbles 227
13 The Financial Crisis and the Great Recession 246
14 All Together Now: The Fed and the Treasury Join Hands 268
15 The Aftermath and the Backlash 294
16 The Record Expansion of the 2010s 312
17 Trumponomics before the Pandemic 330
18 Responding to the Great Pandemic 344
19 Sixty Years of Monetary and Fiscal Policy: What’s Changed? 369
References 393
Index 415
· · · · · · (收起)
0 有用 Avidya 2024-05-31 23:57:16 上海
货币政策细节不如Hetzel 2008，但整体非常好，非常值得一读。少一星是因为太严重的Keynesian bias。
0 有用 Hacsumme 2023-12-14 12:44:51 上海
读的时间最久的一本书，对了解整个财政货币体系运行很有帮助。虽然还有不少地方看不太懂，但作为背景了解非常收益，会经常回顾的。
0 有用 猛犸猪 2024-04-20 22:58:02 北京
推荐对财政与货币政策史、货币金融、央行独立性感兴趣的伙伴阅读。坐拥这么长的历史视角，用翔实的资料和切合的数据娓娓道来，辅以有趣的文笔，真的很过瘾！读得时间最长的一本书，用时三个月：）
2 有用 千载遥望 2023-03-30 06:30:13 美国
Alan Blinder的观点你可以不同意，但一定会觉得写的精彩好看
0 有用 LouisValentine 2025-07-13 21:07:03 浙江
Blinder抛出了贯穿美国这60年的宏观政策的4条线索——财政政策vs货币政策、央行独立性、财政赤字以及凯恩斯经济学。 说到凯恩斯经济学，Blinder指出，尽管财政主导和货币主导的政策随着美国政治的起起伏伏几经演变，诸如里根、川普等名义上反凯恩斯主义的，内在逻辑却始终不离凯恩斯主义。可以说，凯恩斯主义是深植于美国货币-财政政策的内在机理。 Blinder批评共和党不负责任的减税，把问题抛给后人... Blinder抛出了贯穿美国这60年的宏观政策的4条线索——财政政策vs货币政策、央行独立性、财政赤字以及凯恩斯经济学。 说到凯恩斯经济学，Blinder指出，尽管财政主导和货币主导的政策随着美国政治的起起伏伏几经演变，诸如里根、川普等名义上反凯恩斯主义的，内在逻辑却始终不离凯恩斯主义。可以说，凯恩斯主义是深植于美国货币-财政政策的内在机理。 Blinder批评共和党不负责任的减税，把问题抛给后人。他说，共和党人只有在民主党人执政时期关注财政赤字，而在他们自己执政时，推动大规模减税，导致越来越大的财政窟窿（供给学派的“拉弗曲线”指导下的减税政策被历史证明只会扩大赤字，并无法有效缩小赤字规模）。 另外就是还有一些有学术圈、政策圈的小故事，也挺有意思的。 (展开)