Ben S. Bernanke

J JL ,cond edition he first edition of Macroeconomics was well received by instructors and students, who welcomed its modern coverage, extensive use of real-. world applications, clear writing, and effective learning aids. In the second edition we built on those strengths and, at the same time,...

AUTHOR'S NOTE In all crises, there are those who act and those who fear to act. The Federal Reserve, born of the now little-known Panic of 1907, failed its first major test in the 1930s. Its leaders and the leaders of other central banks around the world remained passive in the face of ruinous...