The Strategy and Consistency of Federal Reserve Monetary Policy, 1924-1933

AvDavid C. Wheelock,Michael D. Bordo

Häftad, Engelska, 2004

Del i serien Studies in Macroeconomic History

491 kr

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Beskrivning

Today, most scholars agree that mismanaged monetary policy contributed to the length and severity of the Great Depression in the USA. There is little agreement, however, about the causes of the Federal Reserve's mistakes. This book examines the policy strategy developed by the Federal Reserve during the 1920s and considers whether its continued use could explain the Federal Reserve's failure to respond vigorously to the depression. It also studies the effects on policy of the institutional changes occurring prior to the depression. While these changes enhanced the authority of officials who opposed open-market purchases and also caused some upward bias in discount rates, Wheelock concludes that monetary policy during the depression was in fact largely a continuation of the previous policy. The apparent contrast in the institution's responsiveness to economic conditions between the 1920s and early 1930s resulted from the consistent use of a procyclical policy strategy that caused it to respond more vigorously to minor recessions than to severe depressions.

Produktinformation

Utgivningsdatum:2004-06-07
Mått:155 x 230 x 10 mm
Vikt:222 g
Format:Häftad
Språk:Engelska
Serie:Studies in Macroeconomic History
Antal sidor:144
Förlag:Cambridge University Press
ISBN:9780521531399

Utforska kategorier

Ekonomisk historia inom Ekonomi och Ledarskap

Recensioner i media

"This is a well-structured study that presents new evidence on the strategy and consistency of Federal Reserve monetary policy during the Great Depression." The Journal of American History

Innehållsförteckning

List of figures; List of tables; Preface; 1. Introduction; 2. The objectives of monetary policy, 1924–33; 3. Member bank borrowing and the Fed's policy strategy; 4. Policy disagreements within the Federal reserve system: the effects of institutional change; 5. Conclusion; References; Index.

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