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From August 5, , until June 21, , he was a member of the Board of Governors of the Federal Reserve System , proposed the Bernanke Doctrine , and first discussed " the Great Moderation " — the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy, particularly increases in the economic stability of developing nations, diminishing the influence of macroeconomic monetary and fiscal policy. Bernanke then served as chairman of President George W. Bernanke wrote about his time as chairman of the Federal Reserve in his book, The Courage to Act , in which he revealed that the world's economy came close to collapse in and Bernanke asserts that it was only the novel efforts of the Fed cooperating with other agencies and agencies of foreign governments that prevented an economic catastrophe greater than the Great Depression. His mother Edna was an elementary school teacher. Self Case Student Educational Loan Fund Inc
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