The workings of the Federal Reserve are often compared to the mysterious operations of a closed society. The Reserve Board's governors help set the pace -- and the tone -- for the U.S. economy. Its chairman, Alan Greenspan, is viewed as a fiscal oracle by many in the financial world, as he announces interest rate changes that ripple across global markets.
A new book may offer insights into the cloistered world of the Fed. Former Federal Reserve Governor Laurence Meyer's A Term at the Fed: An Insider's View balances macroeconomics with insider anecdotes to give an impression of Meyer's term, from 1996 to 2002.
NPR's Melissa Block talks with Meyer about the culture at the Fed, which Meyer calls "the world's most powerful institution."
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