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The Greenspan effect [electronic resource] : words that move the world's markets /
David B. Sicilia and Jeffrey L. Cruikshank.
New York : McGraw-Hill, c2000.
xiii, 273 p. : ill. ; 24 cm.
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New York : McGraw-Hill, c2000.
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Includes bibliographical references (p. 268-269) and index.
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Full Text Reviews
Appeared in Choice on 2000-11-01:
The premise of The Greenspan Effect is that the Fed chairman reveals his consistent theoretical orientation, and occasionally the future direction of interest rates, in his public utterances. The authors sift through and comment on excerpts of Greenspan's speeches and congressional testimony, which address numerous topics including whether there is a "new" economy, the future of the Federal Reserve, the evolution of financial services, and the economic impact of technological change. They close with a disappointing chapter purporting to show investors how understanding Greenspan can enhance their market performance. Steven Beckner's Back from the Brink: The Greenspan Years (CH, May'97) provides more depth on Greenspan and on the Federal Reserve. Linking the chairman's comments to stock market gains suggests a marketing ploy, but Sicilia and Cruikshank do provide a useful analysis. Their strategy of providing numerous quotes of Greenspan followed by a short interpretation is quite effective. Greenspan, an economist who talks largely about banking and financial markets using terms most familiar to other economists, seems an unlikely candidate for a cult of personality, but the financial press has elevated him to cult status. The authors' commentary on the sayings of Chairman Greenspan usefully explicates the ideas of this interesting man directing a powerful institution. Public and undergraduate library collections. R. T. Averitt; Smith College
Appeared in Library Journal on 1999-11-01:
The words of Federal Reserve Board chairman Alan Greenspan are said to have the power to move markets. Sicilia, a business historian, and Cruikshank, a communications consultant, set out to prove that theory through examination of movements of the Dow Jones Industrial Average (DJIA) in the days surrounding several of Greenspan's speeches. And, indeed, they discover a "Greenspan Effect": Greenspan's words significantly changed market valuations for several daysÄbut the DJIA tended to return to its trend after that time. The bulk of the book consists of short excerpts from Greenspan's speeches, organized by topic, with brief passages of explanation; the authors also provide a biographical sketch of Greenspan and a brief history of central banking in the United States. Of particular interest are Chapter 29, explaining Greenspan's opposition to federal budget deficits, and Chapter 37, providing 16 tips to keep in mind when interpreting Greenspan's speeches. Recommended for both public and academic libraries.ÄA.J. Sobczak, Covina, CA Copyright 1999 Cahners Business Information.
This item was reviewed in:
Booklist, November 1999
Library Journal, November 1999
New York Times Book Review, January 2000
Choice, November 2000
To find out how to look for other reviews, please see our guides to finding book reviews in the Sciences or Social Sciences and Humanities.
Table of Contents
The Power of Greenspanp. xi
Greenspan, the Fed, and the Stock Market
The Fed Chairman as World Celebrityp. 3
The Fed's Levers of Powerp. 15
Words That Lift Markets
The "Exceptional" Economyp. 29
The "Oasis of Prosperity"p. 35
The "Salutary" Sell-Offp. 42
The Wealth Effectp. 47
Words That Sink Markets
"Irrational Exuberance" in the Stock Marketsp. 55
Battling Inflationp. 62
Tight Labor Marketsp. 68
Financial Contagionp. 74
Remaking Financial Institutions
Reforming Social Securityp. 83
Merging Commercial and Investment Bankingp. 90
Reforming Federal Deposit Insurancep. 95
Derivativesp. 99
World Crisis Manager
The Asian Crisisp. 109
The Crash of '87p. 115
The Gulf Warp. 121
Competing in the Global Economy
U.S. International Competitivenessp. 129
Foreign Investment in the U.S.p. 134
Economic Reform in Russia and Eastern Europep. 139
The Virtues of Capitalismp. 144
Critical Investments
The American Education Systemp. 151
Consumer Saving, Credit, and Retirementp. 155
Corporate Restructuringp. 160
Income Inequalityp. 165
Small Business Financep. 169
The Farm Economyp. 174
Mortgage Financep. 179
The Federal Budget Deficitp. 184
Greenspan Looks Toward the 21st Century
The "New" Economyp. 193
The Future of the Federal Reservep. 201
The Future of the Banking Systemp. 205
The Future of Financial Servicesp. 210
Technology and the Futurep. 214
The Investor's Roadmap to Greenspan
Explaining the Greenspan Effectp. 221
The Game of Deciphering Greenspanp. 228
What Matters--and Doesn't--When the Chairman Speaksp. 235
Greenspan and the Future of the Stock Marketp. 243
Notesp. 251
Bibliographyp. 269
Indexp. 271
Table of Contents provided by Syndetics. All Rights Reserved.

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