By Allan H. Meltzer
To comprehend why the Federal Reserve acted because it did at key issues in its historical past, Meltzer attracts on assembly mins, correspondence, and different inner records (many made public basically in the course of the Nineteen Seventies) to track the reasoning at the back of its coverage judgements. He explains, for example, why the Federal Reserve remained passive all through many of the monetary decline that ended in the nice melancholy, and the way the Board's activities helped to supply the deep recession of 1937 and 1938. He additionally highlights the influence at the establishment of people similar to Benjamin robust, governor of the Federal Reserve financial institution of latest York within the Twenties, who performed a key function within the adoption of a extra energetic financial coverage by way of the Federal Reserve. Meltzer additionally examines the impression the Federal Reserve has had on overseas affairs, from makes an attempt to construct a brand new overseas economy within the Twenties to the Bretton Woods contract of 1944 that tested the foreign financial Fund and the realm financial institution, and the failure of the London financial convention of 1933.
Written through one of many world's best economists, this magisterial biography of the Federal Reserve and the folk who contributed to shaping it's going to curiosity economists, relevant bankers, historians, political scientists, policymakers, and a person looking a deep knowing of the establishment that controls America's handbag strings.
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Extra info for A History of the Federal Reserve, Vol. 1: 1913-1951
How could either or both of these ends be achieved? The answers to these and other questions given by central bankers and economists reveal the way the theory of central banking developed in the nineteenth century and the state of the art in the early twentieth century when the Federal Reserve was founded. BACKGROUND EVENTS AND ARRANGEMENTS During most of the eighteenth century the main policy actions involved the choice of standards, the establishment of de facto or de jure rules, and the provision of currency.
Writers and commentators at the time did not use terms like “public goods” and “central bank independence,” but they recognized the problem of designing an organization with proper incentives. Fears that a privately owned bank would place the bank’s interest above the public interest had to be reconciled with concerns about empowering the government to control money. 2 1. Reasons other than effectiveness played a role in this transformation. President Woodrow Wilson offered a solution that appeared to reconcile competing public and private interests.
The severity of the decline raised doubts about the applicability of the operating principles in the Federal Reserve Act. Chapter 4 traces the development of a new framework and the beginning of a more activist role. Instead of depending on banks’ decisions to discount or repay borrowings, the new approach used open market operations to force banks to borrow or repay. Open market operations required the reserve banks to work together. Portfolio decisions remained with the directors of the individual reserve banks, but the New York reserve bank, aided by a System committee, guided and implemented System decisions to purchase and sell.