Book notes: The Fed unbound, by Lev Menand
This book highlights need for charter-like oversight of shadow banking sector
Lev Menand, The Fed unbound: central banking in a time of crisis, Columbia Global Reports, May 2022, 176 pages
This new book by Lev Menand argues that the Fed has extended its mandate beyond the tasks for which it was originally designed. Starting with the broad interventions during the global financial crisis and more recently during the Covid-19 crisis, the result has been nothing short of a transformation of the Fed’s role in the US economy. Trying to stabilise a financial system that has
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Book notes: The bankers’ new clothes, second edition, by Anat Admati and Martin Hellwig
A disjointed book where ‘I told you so’ new chapters add little to the excellent original analysis