Download or read book Current Federal Reserve Policy Under the Lens of Economic History written by Owen F. Humpage and published by Cambridge University Press. This book was released on 2015-03-05 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: A retrospective on the Federal Reserve, these essays by leading historians and economists investigate how financial infrastructure shapes economic outcomes.
Download or read book Current Federal Reserve Policy Under the Lens of Economic History written by Owen Humpage and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Current Federal Reserve Policy Under the Lens of Economic History written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Policy on the 75th Anniversary of the Federal Reserve System written by M.T. Belongia and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: When the 12 District Banks of the Federal Reserve System opened their doors for business on November 16, 1914, few observers could have foreseen the Fed's present role as a major, if not dominant, player in U. S. and world economic policymaking. After all, two previous attempts to create a central bank in this country had ended in failure. Moreover, much of the economic theory and institutional structure that have given rise to monetary policy's influence in recent years were not yet in place. Indeed, it would take the Fed more than 20 years to learn (by accident!) the power of open market operations. Clearly, the modern Federal Reserve System has found itself with powers and responsibilities that were not envisioned by its founders. These proceedings from a conference held at the Federal Reserve Bank of St. Louis on October 19-20, 1989, examine U. S. monetary policy from a variety of perspectives: a historical review of how it has affected aggregate economic performance; a positive analysis of why the Federal Reserve has chosen particular policy strategies; a review of normative arguments about what the Fed should pursue as its policy objective; a critique of how the Fed's "output"-the flow of monetary services in the U. S. economy-is measured; and, finally, a debate over the Fed's ability to influence real economic activity by changing the nominal quantity of money in circulation.
Download or read book The Federal Reserve s Role in the Global Economy written by Michael D. Bordo and published by Cambridge University Press. This book was released on 2016-04 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading academics and senior policy makers provide an international perspective on the changing role of the US Federal Reserve System.
Download or read book The Fed at One Hundred written by David Howden and published by Springer. This book was released on 2014-07-21 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: One hundred years after its foundation, the Federal Reserve has been entrusted with an enormous expansion in its operating powers for the sake of reviving a sluggish economy during the financial crisis. The aim of the present volume is to present a thorough and fundamental analysis of the Fed in the recent past, as well as over the entire course of its history. In evaluating the origin, structure and performance of the Fed, the contributors to this volume critically apply the principles of Austrian monetary and business-cycle theory. It is argued that the Fed has done harm to the U.S. and increasingly, the global economy by committing two types of errors: theoretical errors stemming from an incorrect understanding of the optimal monetary system, and historical errors, found in episodes in which the Fed instigated an economic downturn or hindered a budding recovery. The book contains not only a critical analysis of the activities of the Fed over its history, but also a road map with directions for the future.
Download or read book The Federal Reserve written by Robert L. Hetzel and published by University of Chicago Press. This book was released on 2023-01-11 with total page 707 pages. Available in PDF, EPUB and Kindle. Book excerpt: An illuminating history of the Fed from its founding through the tumult of 2020. In The Federal Reserve: A New History, Robert L. Hetzel draws on more than forty years of experience as an economist in the central bank to trace the influences of the Fed on the American economy. Comparing periods in which the Fed stabilized the economy to those when it did the opposite, Hetzel tells the story of a century-long pursuit of monetary rules capable of providing for economic stability. Recast through this lens and enriched with archival materials, Hetzel’s sweeping history offers a new understanding of the bank’s watershed moments since 1913. This includes critical accounts of the Great Depression, the Great Inflation, and the Great Recession—including how these disastrous events could have been avoided. A critical volume for a critical moment in financial history, The Federal Reserve is an expert, sweeping account that promises to recast our understanding of the central bank in its second century.
Download or read book The Financial Crisis and Federal Reserve Policy written by L. Thomas and published by Springer. This book was released on 2011-03-28 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new book will provide an extensive analysis of the role of the Federal Reserve in contributing to the crisis through its low interest-rate policy during 2002-2006, and in dealing with the crisis under Bernanke with his aggressive and innovative policies implemented in the wake of the Lehman collapse in September 2008.
Download or read book The Monetary Policy of the Federal Reserve written by Robert L. Hetzel and published by Cambridge University Press. This book was released on 2008-03-17 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: Details the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the fitful process of replacing a gold standard with a paper money standard, the conduct of monetary policy becomes a series of experiments useful for understanding the fundamental issues concerning money and prices. How did the recurrent monetary instability of the 20th century relate to the economic instability and to the associated political and social turbulence? After the detour in policy represented by FOMC chairmen Arthur Burns and G. William Miller, Paul Volcker and Alan Greenspan established the monetary standard originally foreshadowed by William McChesney Martin, who became chairman in 1951. The Monetary Policy of the Federal Reserve explains in a straightforward way the emergence and nature of the modern, inflation-targeting central bank.
Download or read book A History of the Federal Reserve Volume 2 Book 2 1970 1986 written by Allan H. Meltzer and published by University of Chicago Press. This book was released on 2010-02-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Allan H. Meltzer’s critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted. Its first volume, published to widespread critical acclaim in 2003, spanned the period from the institution’s founding in 1913 to the restoration of its independence in 1951. This two-part second volume of the history chronicles the evolution and development of this institution from the Treasury–Federal Reserve accord in 1951 to the mid-1980s, when the great inflation ended. It reveals the inner workings of the Fed during a period of rapid and extensive change. An epilogue discusses the role of the Fed in resolving our current economic crisis and the needed reforms of the financial system. In rich detail, drawing on the Federal Reserve’s own documents, Meltzer traces the relation between its decisions and economic and monetary theory, its experience as an institution independent of politics, and its role in tempering inflation. He explains, for example, how the Federal Reserve’s independence was often compromised by the active policy-making roles of Congress, the Treasury Department, different presidents, and even White House staff, who often pressured the bank to take a short-term view of its responsibilities. With an eye on the present, Meltzer also offers solutions for improving the Federal Reserve, arguing that as a regulator of financial firms and lender of last resort, it should focus more attention on incentives for reform, medium-term consequences, and rule-like behavior for mitigating financial crises. Less attention should be paid, he contends, to command and control of the markets and the noise of quarterly data. At a time when the United States finds itself in an unprecedented financial crisis, Meltzer’s fascinating history will be the source of record for scholars and policy makers navigating an uncertain economic future.
Download or read book A History of the Federal Reserve Volume 1 written by Allan H. Meltzer and published by University of Chicago Press. This book was released on 2003 with total page 856 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume of Allan H. Meltzer's history of the Federal Reserve System covers the period from the Federal Reserve's founding in 1913 through the Treasury-Federal Reserve Accord of 1951. To understand why the Federal Reserve acted as it did at key points in its history, Meltzer draws on meeting minutes, correspondence, and other internal documents (many made public only during the 1970s) to trace the reasoning behind its policy decisions. He explains why the Federal Reserve remained passive throughout most of the economic decline that led to the Great Depression, and how the Board's actions helped to produce the deep recession of 1937 and 1938. He also highlights the impact that individuals had on the institution, such as Benjamin Strong, governor of the Federal Reserve Bank of New York in the 1920s, who played a large role in the adoption of a more active monetary policy by the Federal Reserve. From attempts to build a new international financial system at the London Monetary and Economic Conference of 1933 to the Bretton Woods Agreement of 1944 that established the International Monetary Fund and the World Bank, Meltzer also examines the influence the Federal Reserve has had on international affairs. The second, and last volume of this history covers the years 1951 to 1986 in two parts. These include the time of the Federal Reserve's second major mistake, the Great Inflation, and the subsequent disinflation. The volume summarizes the record of monetary policy during the inflation and disinflation.
Download or read book The Power and Independence of the Federal Reserve written by Peter Conti-Brown and published by Princeton University Press. This book was released on 2017-10-10 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the history, leadership, and structure of the Federal Reserve Bank The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does—and does not—define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals—within and outside of government—shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed—including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation—requires a reevaluation of the very way the nation's central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a uniquely clear and timely picture of one of the most important institutions in the United States and the world.
Download or read book The Origins History and Future of the Federal Reserve written by Michael D. Bordo and published by Cambridge University Press. This book was released on 2013-03-25 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains essays presented at a conference held in November 2010 to mark the centenary of the famous 1910 Jekyll Island meeting of leading American financiers and the US Treasury. The 1910 meeting resulted in the Aldrich Plan, a precursor to the Federal Reserve Act that was enacted by Congress in 1913. The 2010 conference, sponsored by the Federal Reserve Bank of Atlanta and Rutgers University, featured assessments of the Fed's near 100-year track record by prominent economic historians and macroeconomists. The final chapter of the book records a panel discussion of Fed policy making by the current and former senior Federal Reserve officials.
Download or read book A History of the Federal Reserve written by Allan H. Meltzer and published by University of Chicago Press. This book was released on 2010-02-15 with total page 695 pages. Available in PDF, EPUB and Kindle. Book excerpt: Allan H. Meltzer’s critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted. Its first volume, published to widespread critical acclaim in 2003, spanned the period from the institution’s founding in 1913 to the restoration of its independence in 1951. This two-part second volume of the history chronicles the evolution and development of this institution from the Treasury–Federal Reserve accord in 1951 to the mid-1980s, when the great inflation ended. It reveals the inner workings of the Fed during a period of rapid and extensive change. An epilogue discusses the role of the Fed in resolving our current economic crisis and the needed reforms of the financial system. In rich detail, drawing on the Federal Reserve’s own documents, Meltzer traces the relation between its decisions and economic and monetary theory, its experience as an institution independent of politics, and its role in tempering inflation. He explains, for example, how the Federal Reserve’s independence was often compromised by the active policy-making roles of Congress, the Treasury Department, different presidents, and even White House staff, who often pressured the bank to take a short-term view of its responsibilities. With an eye on the present, Meltzer also offers solutions for improving the Federal Reserve, arguing that as a regulator of financial firms and lender of last resort, it should focus more attention on incentives for reform, medium-term consequences, and rule-like behavior for mitigating financial crises. Less attention should be paid, he contends, to command and control of the markets and the noise of quarterly data. At a time when the United States finds itself in an unprecedented financial crisis, Meltzer’s fascinating history will be the source of record for scholars and policy makers navigating an uncertain economic future.
Download or read book Federal Reserve Behavior 1923 1931 written by Marshall E. McMahon and published by Routledge. This book was released on 2017-08-07 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Reserve System has been widely criticised for its response (or lack of response) to the economic and financial problems of 1928-1933. This period was one of frantic speculation followed by the collapse of the stock market, the banking system and the economy at large. How did the Fed let this happen, and was it to blame? This book, first published in 1993, carries out an in-depth statistical analysis of the relevant data supporting the various theories surrounding the Fed’s behaviour at the time, and is a key work in understanding the thinking of the period.
Download or read book A Term at the Fed written by Laurence H. Meyer and published by Harper Collins. This book was released on 2009-10-13 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a governor of the Federal Reserve Board from 1996 to 2002, Laurence H. Meyer helped make the economic policies that steered the United States through some of the wildest and most tumultuous times in its recent history. Now, in A Term at the Fed, Governor Meyer provides an insider's view of the Fed, the decisions that affected both the U.S. and world economies, and the challenges inherent in using monetary policy to guide the economy. When Governor Meyer was appointed by President Clinton to serve on the Federal Reserve Board of Governors in 1996, the United States was entering one of the most prosperous periods in its history. It was the time of "irrational exuberance" and the fabled New Economy. Soon, however, the economy was tested by the Asian financial crisis, the Russian default and devaluation, the collapse of Long-Term Capital Management, the bursting of America's stock bubble, and the terrorist attacks of 9/11. In what amounts to a definitive playbook of monetary policy, Meyer now relives the Fed's closed-door debates -- debates that questioned how monetary policy should adapt to the possibility of a New Economy, how the Fed should respond to soaring equity prices, and whether the Fed should broker the controversial private sector bailout of LTCM, among other issues. Meyer deftly weaves these issues with firsthand stories about the personalities involved, from Fed Chairman Alan Greenspan to the various staffers, governors, politicians, and reporters that populate the world of the Fed. Since the end of his term, Meyer has continued to watch the Fed and the world economy. He believes that we are witnessing a repetition of some of the events of the remarkable 1990s -- including a further acceleration in productivity and perhaps another bull market. History does not repeat itself, yet Meyer shows us how the lessons learned yesterday may help the Fed shape policy today.
Download or read book Credit Policies of the Federal Reserve System written by Charles Oscar Hardy and published by . This book was released on 2012-04-01 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt:
