By Allan H. Meltzer
808 pages | forty seven line drawings, seventy six tables | 6 x nine | © 2002
Allan H. Meltzer's enormous heritage of the Federal Reserve process tells the tale of 1 of America's so much influential yet least understood public associations. this primary quantity covers the interval from the Federal Reserve's founding in 1913 throughout the Treasury-Federal Reserve Accord of 1951, which marked the start of a bigger and drastically replaced institution.
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 in basic terms through the Seventies) to track the reasoning in the back of its coverage judgements. He explains, for example, why the Federal Reserve remained passive all through lots of the fiscal decline that resulted in the good melancholy, and the way the Board's activities helped to provide the deep recession of 1937 and 1938. He additionally highlights the influence at the establishment of people equivalent to Benjamin powerful, 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 impression the Federal Reserve has had on overseas affairs, from makes an attempt to construct a brand new foreign economic system within the Twenties to the Bretton Woods contract of 1944 that demonstrated the overseas financial Fund and the area financial institution, and the failure of the London financial convention of 1933.
Written by means of one of many world's prime economists, this magisterial biography of the Federal Reserve and the folk who assisted in shaping it is going to curiosity economists, relevant bankers, historians, political scientists, policymakers, and a person looking a deep knowing of the establishment that controls America's handbag strings.
"It was once 'an unparalleled orgy of extravagance, a mania for hypothesis, overextended company in approximately all strains and in each component of the country.' An Alan Greenspan rumination in regards to the irrational exuberance of the past due Nineteen Nineties? try out the 1920 annual record of the board of governors of the Federal Reserve. . . . to appreciate why the Fed acted because it did—at those severe moments and plenty of others—would require years of research, poring over letters, the mins of conferences and inner Fed records. one of these job might certainly deter such a lot students of financial background yet now not, thank goodness, Allan Meltzer."—Wall road Journal
"A seminal paintings that any one drawn to the interior workings of the U. S. vital financial institution should still learn. a piece that students will mine for years to come."—John M. Berry, Washington Post
"An enormously transparent tale approximately why, because the principles that truly educated coverage developed, issues occasionally went good and infrequently went badly. . . . you may merely desire that we don't have to attend too lengthy for the second one installment."—David Laidler, magazine of financial Literature
"A thorough narrative historical past of a excessive order. Meltzer's research is persuasive and acute. His paintings will stand for a iteration because the benchmark background of the world's strongest monetary establishment. it truly is a magnificent, even awe-inspiring achievement."—Sir Howard Davies, instances larger schooling complement
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Extra info for A History of the Federal Reserve: 1913-1951 (A History of the Federal Reserve, Volume 1)
In contrast, we have lots of monthly and even weekly data for prices and output, indices such as the WPI and industrial production. Even better, the two variables are highly correlated during the Depression, with a few notable exceptions. For pragmatic reasons, I have decided to take a linguistic short cut. Whenever I use the term “deflationary shock,” it should be understood as referring to deflation that is caused by falling nominal GDP. I will use this term synonymously with falling aggregate demand, to refer to episodes where both prices and output are declining.
Yet, despite impressive improvements in econometric techniques, no consensus has been reached on how to model the monetary transmission mechanism. Economists often look for leads and lags as a way of establishing causality, but as we will see, these attempts have foundered on the problem of identification. ” From a methodological perspective, the most notable aspect of this study is its use of financial and commodity market responses to disturbances in the gold market (and to a lesser extent, the labor market) as a way of establishing causality.
Unfortunately, we lack a simple term for one of the most important concepts in macroeconomics, changes in nominal GDP. To be clear, I strongly believe that nominal GDP is a better indicator of demand shocks than the price level. Unfortunately, we lack good high frequency data for nominal GDP during the interwar period. In contrast, we have lots of monthly and even weekly data for prices and output, indices such as the WPI and industrial production. Even better, the two variables are highly correlated during the Depression, with a few notable exceptions.