ESCP Europe

The author, former chair of the Federal Reserve, explains the Fed's evolution and speculates about its future. Taking a fresh look at the bank's policymaking over the past seventy years, including his own time as chair, he shows how changes in the economy have driven the Fed's innovations. He lays out new challenges confronting the Fed, including the return of inflation, cryptocurrencies, , increased risks of financial instability, and threats to its independence.