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Mitchel Y. Abolafia: Stewards of the Market: How the Federal Reserve Made Sense of the Financial Crisis

Mitchel Y. Abolafia: Stewards of the Market: How the Federal Reserve Made Sense of the Financial... Business Economics (2021) 56:183–185 https://doi.org/10.1057/s11369-020-00202-3 BOOK RE VIE W Mitchel Y. Abolafia: Stewards of the Market: How the Federal Reserve Made Sense of the Financial Crisis Harvard University Press, 2020 Harvey Rosenblum Published online: 18 February 2021 © National Association for Business Economics 2021 1 Introduction through “Archival Ethnography,” using a sociologist’s tech- niques of “sensemaking.” This technique uses automated This is a great book. It describes in granular detail the “Sur- textual analysis (“ATA”) of the FOMC’s meeting transcripts prise; Confusion; and Groping Forward” of Fed Chairman to discern from the FOMC’s own words, discussions, and Ben Bernanke and his fellow participants on the Federal debates, how Ben Bernanke and the Committee participants Open Market Committee as they dealt with the economic eventually began to listen to, then understand, and then com- paradigm that was seemingly shifting beneath their feet dur- prehend the new financial forces that reshaped the world ing the Great Financial Crisis (“GFC”). The reader gets to around them. Only after they began to comprehend their witness an almost live view of economic history through the new economic environment could the FOMC formulate and eyes and perspective of a sociologist/cultural anthropolo- execute regulatory and monetary policies to stabilize the gist, a http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Business Economics Springer Journals

Mitchel Y. Abolafia: Stewards of the Market: How the Federal Reserve Made Sense of the Financial Crisis

Business Economics , Volume 56 (3) – Feb 18, 2021

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Publisher
Springer Journals
Copyright
Copyright © National Association for Business Economics 2021
ISSN
0007-666X
eISSN
1554-432X
DOI
10.1057/s11369-020-00202-3
Publisher site
See Article on Publisher Site

Abstract

Business Economics (2021) 56:183–185 https://doi.org/10.1057/s11369-020-00202-3 BOOK RE VIE W Mitchel Y. Abolafia: Stewards of the Market: How the Federal Reserve Made Sense of the Financial Crisis Harvard University Press, 2020 Harvey Rosenblum Published online: 18 February 2021 © National Association for Business Economics 2021 1 Introduction through “Archival Ethnography,” using a sociologist’s tech- niques of “sensemaking.” This technique uses automated This is a great book. It describes in granular detail the “Sur- textual analysis (“ATA”) of the FOMC’s meeting transcripts prise; Confusion; and Groping Forward” of Fed Chairman to discern from the FOMC’s own words, discussions, and Ben Bernanke and his fellow participants on the Federal debates, how Ben Bernanke and the Committee participants Open Market Committee as they dealt with the economic eventually began to listen to, then understand, and then com- paradigm that was seemingly shifting beneath their feet dur- prehend the new financial forces that reshaped the world ing the Great Financial Crisis (“GFC”). The reader gets to around them. Only after they began to comprehend their witness an almost live view of economic history through the new economic environment could the FOMC formulate and eyes and perspective of a sociologist/cultural anthropolo- execute regulatory and monetary policies to stabilize the gist, a

Journal

Business EconomicsSpringer Journals

Published: Feb 18, 2021

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