Download e-book for kindle: A History of the Federal Reserve: 1913-1951 (A History of by Allan H. Meltzer

By Allan H. Meltzer

ISBN-10: 0226520005

ISBN-13: 9780226520001

Author note: ahead by way of Alan Greenspan
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Allan H. Meltzer's huge historical past of the Federal Reserve method 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 during the Treasury-Federal Reserve Accord of 1951, which marked the start of a bigger and tremendously replaced institution.

To comprehend why the Federal Reserve acted because it did at key issues in its historical past, Meltzer attracts on assembly mins, correspondence, and different inner files (many made public merely throughout the Nineteen Seventies) to track the reasoning in the back of its coverage judgements. He explains, for example, why the Federal Reserve remained passive all through many of the monetary decline that ended in the nice 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 reminiscent of Benjamin powerful, governor of the Federal Reserve financial institution of recent York within the Nineteen Twenties, who performed a key position within the adoption of a extra energetic financial coverage by way of the Federal Reserve. Meltzer additionally examines the impact the Federal Reserve has had on overseas affairs, from makes an attempt to construct a brand new overseas economic system within the Nineteen Twenties to the Bretton Woods contract of 1944 that confirmed the foreign financial Fund and the realm financial institution, and the failure of the London monetary convention of 1933.

Written by means of one of many world's best economists, this magisterial biography of the Federal Reserve and the folk who assisted in shaping it's going to curiosity economists, significant bankers, historians, political scientists, policymakers, and somebody looking a deep realizing of the establishment that controls America's handbag strings.

"It used to be 'an extraordinary orgy of extravagance, a mania for hypothesis, overextended enterprise in approximately all traces and in each component of the country.' An Alan Greenspan rumination in regards to the irrational exuberance of the overdue Nineteen Nineties? attempt the 1920 annual file of the board of governors of the Federal Reserve. . . . to appreciate why the Fed acted because it did—at those serious moments and lots of others—would require years of research, poring over letters, the mins of conferences and inner Fed records. this type of activity might obviously deter so much students of monetary historical past yet now not, thank goodness, Allan Meltzer."—Wall road Journal

"A seminal paintings that any one drawn to the internal workings of the U. S. principal financial institution may still learn. a piece that students will mine for years to come."—John M. Berry, Washington Post

"An highly transparent tale approximately why, because the rules that really expert coverage advanced, issues occasionally went good and infrequently went badly. . . . it is easy to simply desire that we don't have to attend too lengthy for the second one installment."—David Laidler, magazine of financial Literature

"A thorough narrative heritage of a excessive order. Meltzer's research is persuasive and acute. His paintings will stand for a iteration because the benchmark heritage of the world's strongest financial establishment. it truly is a magnificent, even awe-inspiring achievement."—Sir Howard Davies, occasions greater schooling Supplement

Awards
Alice Hanson Jones Biennial Prize (2004)

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Extra resources for A History of the Federal Reserve: 1913-1951 (A History of the Federal Reserve, Volume 1)

Sample text

22 Between 1821 and 1824, the bank’s holding of gold never fell below £10 million. The years from 1820–24 are one of the more interesting episodes in early monetary history. The Bank of England’s holdings of bullion tripled in the brief span of seventeen months and reached £12 million, the highest level attained to that time. Prices continued to fall until 1822, then rose, on average, 8 percent a year for the next three years. Part of the rise was the result of an agreement between the bank and the Treasury calling for the bank to advance £13 million to the Treasury in exchange for a forty-fouryear annuity, known as the Dead Weight debt.

President Franklin Roosevelt took office at the climax of the financial collapse. The new administration transformed many institutions, including the Federal Reserve. At the time, the dominant explanation regarded the depression as an inevitable consequence of speculation financed by speculators’ easy access to credit. Legislation separated commercial and investment banking and gave the Federal Reserve authority to set stock market margin requirements. In these and other ways, Congress absolved the Federal Reserve of responsibility for the debacle.

From 1797 to 1821, the pound was an inconvertible currency. LESSONS FROM RESTRICTION AND RESUMPTION The events of the next twenty-five years and the analysis they engendered make the period known as Restriction and Resumption a remarkable epoch in the histories of money, monetary theory, and of particular interest here, the theory and practice of central banking. A key figure in the early discussion is Henry Thornton, whose contributions to monetary and banking theory reveal an understanding of monetary process and policy that is far better than can be found in much of the professional writing a century or more after his death.

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A History of the Federal Reserve: 1913-1951 (A History of the Federal Reserve, Volume 1) by Allan H. Meltzer


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