In The Federal Reserve: A New History (University of Chicago Press, 2022), Robert Hetzel draws on a 43-year career as an economist in the central bank to trace the influence of the Fed on the American economy. Hetzel compares periods in which the Fed stabilized the economy and periods in which it destabilized the economy. He draws lessons about what monetary rule is stabilizing. Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of the bank's watershed moments since 1913. They include critical accounts of the Great Depression, the Great Inflation, and the Great Recession. The Federal Reserve: A New History arrives as a critical history for a critical moment. It promises to recast our understanding of the central bank in its second century.

Robert L. Hetzel is a visiting scholar at the Federal Reserve Bank of Chicago and a senior affiliated scholar at the Mercatus Center at George Mason University.

Caleb Zakarin is the Assistant Editor of the New Books Network (Twitter: @caleb_zakarin).

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