The Greenspan Era of the Federal Reserve Free Essay, Term Paper and Book Report
For the last eighteen years, Alan Greenspan has been chairman of the Federal Reserve, guiding the American economy through various periods of expansions recessions. In 1987, Greenspan was appointed to be the chairman of the Federal Reserves Board of Governors. He took the place of Paul Volker and served five terms, ending his tenure in 2006. Greenspan believed in battling inflation directly, targeting the federal funds rate for monetary policy, and decreasing unemployment.
Greenspan had several hurdles to overcome early in his time as chairman. One of these hurdles was an issue with the Dow-Jones Industrial Average. After the industrial average plummeted 17 percent in a month and a half leading up to a market crash on October 19th. Greenspan very quickly put together a plan to recover from this potentially disastrous situation. He was able to use the reserves of money to help various financial institutions who needed it. Greenspan announced that the Federal Reserve was able and willing to help these institutions. Working with the New York Branch of the Federal Reserve, they gave sh......
Word Count: 550
Page Count: 2.2 (250 words a page / double spaced)
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