A History of the Federal Reserve: 1951-1969 (A History of by Allan H. Meltzer

By Allan H. Meltzer

Publish 12 months note: First released could thirty first 2007

Allan H. Meltzer's significantly acclaimed historical past of the Federal Reserve is the main bold, so much extensive, and so much revealing research of the topic ever performed. Its first quantity, released to common serious acclaim in 2003, spanned the interval from the institution's founding in 1913 to the recovery of its independence in 1951. This two-part moment quantity of the historical past chronicles the evolution and improvement of this establishment from the Treasury–Federal Reserve accord in 1951 to the mid-1980s, whilst the nice inflation ended. It finds the interior workings of the Fed in the course of a interval of quick and huge switch. An epilogue discusses the function of the Fed in resolving our present fiscal situation and the wanted reforms of the monetary system.

In wealthy aspect, drawing at the Federal Reserve's personal files, Meltzer strains the relation among its judgements and financial and financial thought, its adventure as an establishment self sustaining of politics, and its function in tempering inflation. He explains, for instance, how the Federal Reserve's independence was once frequently compromised through the lively policy-making roles of Congress, the Treasury division, varied presidents, or even White condo employees, who frequently burdened the financial institution to take a temporary view of its obligations. With a watch at the current, Meltzer additionally deals suggestions for bettering the Federal Reserve, arguing that as a regulator of monetary enterprises and lender of final lodge, it's going to concentration extra recognition on incentives for reform, medium-term results, and rule-like habit for mitigating monetary crises. much less awareness may be paid, he contends, to command and keep an eye on of the markets and the noise of quarterly data.

At a time while the USA reveals itself in an remarkable monetary situation, Meltzer's attention-grabbing heritage often is the resource of checklist for students and coverage makers navigating an doubtful fiscal future.

Show description

Read Online or Download A History of the Federal Reserve: 1951-1969 (A History of the Federal Reserve, Volume 2, Book 1) PDF

Best economic policy books

Modeling Trade Policy: Applied General Equilibrium Assessments of North American Free Trade

Utilized basic Equilibrium (AGE) types have confirmed to be the instrument of selection for examining the North American unfastened alternate contract (NAFTA). This assortment includes crucial contributions to this burgeoning literature by means of a number of the top practitioners within the box. It additionally includes an intensive learn survey, together with comparisons of version dimensions, behavioral positive factors, information assets, coverage experiments, and major conclusions for coverage.

Telecommunications in Europe (Communication and Society)

Telecommunications represents one of many greatest excessive know-how apparatus and repair industries on the planet. at the present time there's transforming into aid in the telecommunications for festival regionally and in global alternate that is without delay at odds with its certain political culture of monopoly provision and minimally aggressive overseas exchange practices.

Globalization and progressive economic policy

In Globalization and revolutionary fiscal coverage, thirty-six favourite economists study the impression of the rising international economic climate on our nationwide sovereignty and criteria of residing. Does globalization reason inequality? Instability? Unemployment? Environmenal degradation? Or is it an engine of prosperity and wealth for the majority of the world's electorate?

Constituent Interests and U.S. Trade Policies

The individuals to this quantity, economists and political scientists from educational associations, the non-public zone, and the methods and ability Committee of the U. S. condo of Representatives, got here jointly to debate an enormous subject within the formation of U. S. foreign exchange coverage: the illustration of constituent pursuits.

Additional info for A History of the Federal Reserve: 1951-1969 (A History of the Federal Reserve, Volume 2, Book 1)

Sample text

They proposed guidelines for wage and price increases to suppress the rise in inflation. Reliance on guidelines or guideposts shifted attention away from Federal Reserve policy as a cause of inflation. Kennedy administration economists wanted policy coordination. They especially wanted a voice and influence on Federal Reserve actions. Martin cooperated, believing he gained a voice in administration fiscal policy. He knowingly reduced Federal Reserve independence because he believed that the Federal Reserve could not control inflation if the administration ran large deficits.

Exchange rate and balance of payments remained a Treasury responsibility. The Banking Act of 1933 reduced the role taken by the New York Federal Reserve Bank in the 1920s. The Federal Reserve chose domestic policy, especially high employment, over international policy. To avoid painful increases in the unemployment rate, it did not persist in efforts at disinflation when unem- in t roduc t ion 27 ployment rose. In 1971, President Nixon ended convertibility of the dollar into gold. Attempts to restore a fixed exchange rate system after 1971 failed.

19. ” A finding that it engaged in political actions would probably end independence. 22 chap ter 1 with Secretary Regan. The first Bush administration frequently criticized Federal Reserve policy publicly, and Chairman Greenspan publicly criticized as an attack on independence a letter written by a Treasury official to the FOMC members urging a reduction in interest rates. The Clinton administration did not discuss monetary policy publicly and avoided putting pressure on the System. In practice, the Federal Reserve waited for political support before making major policy changes.

Download PDF sample

Rated 4.01 of 5 – based on 10 votes