The consensus on Alan Greenspan's performance as Fed chair used to be extremely positive, but more and more it's been called into question. Now, 2008 has seen Ben Bernanke in the eye of a storm that was created largely during Greenspan's tenure. His management of the bubble of all bubbles will be a decisive factor in whether this crisis will be limited in its impact on the real economy or whether it directly leads to a major recession. This is Bernanke's Test.
In examining the challenges facing Bernanke, author Johan Van Overtveldt reviews Greenspan's long record as Fed chair, as well as Ben Bernanke's career as an economist prior to replacing Greenspan. The book offers much-needed historical context by exploring the role and reach of the central banker, and how former Fed chairmen — Benjamin Strong, William McChesney Martin, Arthur Burns, and especially Paul Volcker — dealt with the same complex issues Bernanke faces today.
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Johan Van Overtveldt, PhD, is the director of the Belgium-based think tank VKW Metena, which works on a breadth of economics-related issues. Formerly editor-in-chief of the Belgian newsmagazine Trends, he has written several books in Dutch, and contributes to the Wall Street Journal Europe and other publications. He is the author of The Chicago School.
Starred Review. In this study of the Alan Greenspan and Ben Bernanke Federal Reserve eras, Overtveldt (director, VKW Metena, Belgium) provides insight into the current financial crisis. He says that Greenspan was generally successful in keeping the economy vibrant and ameliorating financial shocks but that his use of low interest rates and his opposition to financial regulation fostered the growth of the housing and credit bubble. In 2007 the bubble burst, becoming first a liquidity and then a solvency crisis that could lead not simply to a severe recession but to a depression. Overtveldt examines Bernanke's life and economic thinking, especially on the Great Depression, to show he was equipped for this crisis. Though he admits that it is too early to predict success, he praises Bernanke's early recognition of the crisis, his interest-rate cuts, the innovative ways he injected liquidity into the system, and his push for greater transparency and regulation. Overtveldt's serious examination of how we got into this mess and what the Federal Reserve can do to get us out brings clarity to this period of financial chaos. Highly recommended for all interested readers, many of whom will have liked Mark Zandi's Financial Shock.—Lawrence Maxted, Gannon Univ., Erie, PA
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