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Example research essay topic: U S Economy Alan Greenspan - 1,103 words

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The New Chairman of the Federal Reserve System-Mr. Ben S Bernanke. 1. INTRODUCTION: Ben Bernanke, a 49 -year-old former Princeton University professor who is a leading thinker on monetary policy and an inflation-target advocate after took over as Chairman and a member of the Board of Governors of the Federal Reserve in February, 2006 has a big shoes to fill in to streamline the world largest economy. Having many feathers to his cap, Bernanke toothed with enormous power and authority has a more responsible role now as the head of the worlds largest economy.

According to President Bush he is the right person to build on the record what Alan Greenspan, the erstwhile federal chairman has established during his tenure. 2. OTHERS OPINION ON BEN S. BERNANKES APPOINTMENT: Labusinessjournal. com has conducted a poll between February 1 and 19, 2006 and the main question in this poll was the peoples opinion of Ben S.

Bernanke taking over the top Federal Reserve post. The results were summarized below: OPINION % Confident. He has great qualifications 34 % A little worried. The U.

S Economy's facing many Challenges. 29 % Worried. Im unsure he can do the job 7 % Neutral. I am not sure hell do much better or worse. 30 % From the poll, one can understand that majority of the people is of more confident that Bernanke will perform well in the job. BEN S BERNANKE STRATEGYS: Shortly after assuming the office, Bernanke informed the need for increasing the lending rate to stave off inflation. He is of the opinion that the high energy price is the real crucial predicament that affects the US economy.

Despite this, the overall outlook economy is very encouraging, according to Ben. S. Bernanke. Bernanke promised to follow the footsteps of Allen, his predecessor and to continue his policies and economic strategies with a top priority. As such, one can assure that no sea change in policies is expected from Bernanke at least for a while. He made it open that his priority is to target the inflation and to contain it.

To achieve this, he wishes to maintain long-term price stability and to reduce the vagueness of public regarding monetary policy and anchoring long-term inflation expectations. Ben Bernanke, the successor of Alan Greenspan for chair of the Federal Reserve, is a strong supporter of Information technology and one can witness in near future that Federal Reserve is adapting to the up-to-date IT technology. He is of the view the central bank should counter to asset prices only if they do have impact on output gap and thus inflation. According to Ben Bernanke, the slow down in U. S.

economy during 2006 is mainly due to devastating hurricanes and military intervention in Iraq. He pointed out that GDP (Gross Domestic Product) of U. S came down to 2 % in the fourth quarter from that of 4 % as it remained stable during the first three quarters of 2005. However, there was a steady growth in non-farm payroll employment in the last two months of 2005 and there were job gains to the extent of 200, 000 per month between January and March 2006. There was also steady increase in the business investment and consumer spending.

Due to these factors, latest Blue Chip survey estimates that the GDP will increase between 4 and 5 % at an annual rate in the first quarter of 2006. According to Ben Bernanke despite of these quarterly variations, the pace of the U. S. economic growth has been robust for the last three years averaging at 4 % from the middle of 2003.

Thus this growth is able to be maintained because of the increase in the productivity in the U. S. A. This economic growth helps to boost the economic slack which the U. S. A witnessed earlier during the decade.

During 2005, according to Ben Bernanke, the unemployment has fallen by 0. 5 % and part time employment for the economic reasons has dwindled to its lowest ebb since 2001 and capacity utilization in industrial sectors has augmented by 1. 5 % Further the utilization rates of capital and labor has reached their maximum sustainable levels. Ben Bernanke has suggested that the expansion shall be allowed to continue in a healthy fashion and to shun the risk of higher inflation, policy makers should see that the collective demand for the goods and services does not determinedly exceeds the economy's underlying productive capacity. Ben Bernanke foresees that there will be a moderate economic growth during the year 2006. The housing sector as per Bernanke may witness a cooling period rather than sharp slow down. He urges that the Federal Reserve should focus more attention toward housing market. Further according to Bernanke the prospects for upholding economic growth at a concrete pace in the period ahead appear to be more prospective despite there being an oscillation in growth rate between quarter to quarter.

There is a strong indication as regards to the job creation, productive growth and capital spending and export also seems to be prospective due to the strong economic conditions of the U. S trading partners. Bernanke is of the view that unless energy price settles, there seems to some concern that it may affect the growth and stimulate the inflation to increase. CONCLUSION: Analyst is of the view that Bernanke's clear speaking style could spook the market. Some other critics is of the opinion that he lacks experience on wall street. Bernanke may be accused of as being loose-lipped and some doubts that certain time, markets demand to be spoken to in a specific tone and prefer that some things remain unsaid.

No sooner the Bernanke's appointment came in the news, dollar slipped initially as market had apprehension that he may utilize dovish tendencies and less inclined to increase rates. The main difference of approach between Bernanke and Greenspan is that while the former is too open and clear about monetary policy whereas the latter cautiously shaped the market. Only time has to tell us how Bernanke is going to perform as the head of the largest economy of the world with inflation and oil price as the foremost challenges ahead of him. BIBILIOGRAPHY: Bernanke and Deficits. (2005, November 28). The Washington Times, p. A 22.

Bernanke Testifies. (2006, February 18). The Washington Times, p. A 12. Fed Pick Bernanke Would Avoid Politics; Won't Advise on Tax Proposals, Budget Rules. (2005, November 16). The Washington Times, p. C 08.

New Fed Chairman Talks Clearer: Economy on Track. (2006, February 17). Manila Bulletin, p. NA.


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Research essay sample on U S Economy Alan Greenspan

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