Book

Monetary policy and the onset of the Great Depression : the myth of Benjamin Strong as decisive leader

Toma, Mark, author

Overview

\"Monetary Policy and the Onset of the Great Depression\" challenges Milton Friedman and Anna Schwartz's now-consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York. In this new work, Toma develops a self-regulated model of the Federal Reserve, which stands in contrast to a conventional discretionary model. Given the easy redemption of dollars for gold and the competition among Reserve banks, the self-regulated model implies that the early Fed could control neither the money supply nor the price level. Exploiting an untapped data set, later chapters test the thesis of self-regulation by focusing on the monetary decisions of individual Reserve banks. The micro-based evidence indicates that \"Reserve banks really did compete\" and that Benjamin Strong as decisive leader during the 1920s is a myth. This finding, with its emphasis on monetary policy in the years leading up to the Great Depression, will be of interest to scholars, students, and sophisticated lay readers with an interest in macroeconomic and monetary economic policy issues, specifically to those with an interest in economic history.\"

• Publisher: Palgrave Macmillan
• Subject: Strong, Benjamin, 1872-1928. / Board of Governors of the Federal Reserve System (U.S.) History 20th century. / Board of Governors of the Federal Reserve System (U.S.) / USA. Board of Governors of the Federal Reserve System / 1900 - 1999 / Monetary policy United States History 20th century. / Depressions 1929 United States. / Federal Reserve banks History 20th century. / Depressions. / Economic history. / Federal Reserve banks. / Monetary policy. / Geldpolitik / Weltwirtschaftskrise / United States Economic conditions 1918-1945. / United States.
• ISBN: 9781137372543, 1137372540, 9781137371621, 1137371625

Item info:

1 item available

1 item total in all locations

Holdings :

Call Number	Copies	Material	Location
HG2563.T66 2013	1	BOOK	BUSINESS