S.H. Axilrod (Get the Book)Axilrod (Federal Reserve staffer, 1952-86) takes on the task of explaining the system's intricacies. After an introduction covering central banking basics, he uses a question-and answer format to describe the organization, powers, objectives, and methods of the U.S. Federal Reserve (the Fed). In the chapter covering instruments of monetary policy, he looks at how Federal Open Market Committee (FOMC) decisions adapt to market uncertainties, how open market operations avoid creating inflation, and whether monetary policy influences spending. Where there are gray areas, Axilrod offers his interpretations. His explanations often run several pages and, while not overly technical, do require readers to have some financial background. The problem comes in fulfilling the book's conflicting goals of clarifying the Fed for a broad public audience while still being of interest to professionals. The level of detail here is more than general readers will want to wade through and too little for seasoned Fed watchers. Verdict The book's likely audience is among students of finance and economics. Readers wishing the ultimate insider's take on the Federal Reserve's reaction to the 2007 financial crisis would find Federal Reserve chair Ben Bernanke's 2013 The Federal Reserve and the Financial Crisis a lucid and accessible account. [On October 9, Janet Yellen was nominated by President Obama to be the Fed's new chief; if confirmed, she would be the first woman in the bank's 100-year-history to hold that position. --Library Journal
