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