By Allan H. Meltzer
To comprehend why the Federal Reserve acted because it did at key issues in its background, Meltzer attracts on assembly mins, correspondence, and different inner records (many made public basically in the course of the 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 good melancholy, and the way the Board's activities helped to supply the deep recession of 1937 and 1938. He additionally highlights the effect at the establishment of people reminiscent of Benjamin robust, governor of the Federal Reserve financial institution of recent York within the Twenties, who performed a key function within the adoption of a extra lively financial coverage through the Federal Reserve. Meltzer additionally examines the impact the Federal Reserve has had on foreign affairs, from makes an attempt to construct a brand new foreign economic system within the Nineteen 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 fiscal 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 is going to curiosity economists, relevant bankers, historians, political scientists, policymakers, and someone looking a deep realizing of the establishment that controls America's handbag strings.
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Additional resources for A History of the Federal Reserve, Vol. 1: 1913-1951
It eliminated both the seasonal and the extreme changes in interest rates characteristic of financial panics. Although the economy continued to experience relatively large cyclical fluctuations and many banks failed, old-style financial panics did not return in the three recessions from 1920 through 1927. 8 percent. Growth was far from uniform. 1 shows the many cyclical swings. Quarterly values of annual GNP growth range from 20 percent to –20 percent, associated with war and the Great Depression, but many years show changes of 10 percent or more.
6. The Bank of England received its charter in 1694 to assist in the financing of war with France. See Dowd 1991 for a brief history of the bank and Clapham 1944 for a detailed history.
We showed that these procedures were faulty—that the Federal Reserve’s analysis did not go beyond the money market to the broader objectives required by an efficient and effective monetary policy. We proposed an alternative framework. The late Harry G. Johnson proposed to the University of Chicago Press that it republish the study. The original studies were hastily written to meet congressional deadlines. I started to rewrite several sections but decided instead to extend the analysis. One set of questions in particular warranted attention: Why had the Federal Reserve acted as it did?