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

By Allan H. Meltzer

Publish 12 months note: First released could thirty first 2007

Allan H. Meltzer's severely acclaimed heritage of the Federal Reserve is the main bold, such a lot extensive, and such a lot revealing research of the topic ever performed. Its first quantity, released to frequent 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 good inflation ended. It unearths the interior workings of the Fed in the course of a interval of fast and broad swap. An epilogue discusses the position of the Fed in resolving our present monetary predicament and the wanted reforms of the monetary system.

In wealthy element, drawing at the Federal Reserve's personal records, Meltzer lines the relation among its judgements and financial and financial conception, its adventure as an establishment self sufficient of politics, and its position in tempering inflation. He explains, for instance, how the Federal Reserve's independence used to be usually compromised via the energetic policy-making roles of Congress, the Treasury division, diverse presidents, or even White condominium employees, who frequently harassed the financial institution to take a temporary view of its duties. With an eye fixed at the current, Meltzer additionally bargains strategies for making improvements to the Federal Reserve, arguing that as a regulator of economic companies and lender of final lodge, it may concentration extra realization on incentives for reform, medium-term results, and rule-like habit for mitigating monetary crises. much less realization might 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 U.S. reveals itself in an unparalleled monetary quandary, Meltzer's interesting background may be 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

Similar economic policy books

The Washington Consensus Reconsidered: Towards a New Global Governance

This quantity brings jointly a few of the major foreign figures in improvement reports, corresponding to Jose Antonio Ocampo, Paul Krugman, Dani Rodrik, Joseph Stiglitz, Daniel Cohen, Olivier Blanchard, Deepak Nayyer and John Williamson to think again and suggest substitute improvement guidelines to the Washington Consensus.

Multinationals and Foreign Investment in Economic Development

This quantity examines the economics of overseas direct funding (FDI) in constructing nations. a few chapters are theoretical in nature, others empirical, and nonetheless others are principally policy-oriented. themes lined contain even if FDI makes an self reliant contribution to development in those countries and even if ''spillovers'' are generated via this investments.

Economic Analysis & Canadian Policy

Fiscal research & Canadian coverage: 7th variation offers with strategies and theories in economics and its relation to Canadian financial rules. the main revision during this variation bargains with the improvement of the true region version for the macroeconomy. The booklet is split into elements. half I is a common evaluation of economics and contains issues resembling uncomplicated monetary judgements, financial rules and research, offer and insist, industry rate, and the position of the govt. within the economic system.

Money, Markets, and Democracy: Politically Skewed Financial Markets and How to Fix Them

This e-book deals a accomplished research of the ways in which politics and fiscal markets impression each other. during this courting, politics is the last word controlling strength. the categories and costs of monetary tools that get traded and the members and associations that get to alternate them, let alone the principles below which every body trades, are all issues decisively encouraged via an array of political variables - occasionally for the higher, yet all too frequently for the more serious.

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

Example text

It then began to rise again as the dollar fell relative to foreign currencies in the 1980s, especially in 1985 and 1986. Growing foreign accumulation of Treasury debt eased pressure on the Federal Reserve to finance budget deficits and inflate. Interest rates, exchange rates, and inflation rates reflected the changing shares. T H E H IST OR IC A L C H A P T E R S Chapter 2 covers the years 1951–60, mainly the years of the Eisenhower administration. , as chairman of the Board of Governors in 1951. Presidents Eisenhower, Kennedy, and Johnson reappointed him at the end of each four-year term.

For the period as a whole, consumer prices doubled and redoubled, more than a 4 percent average annual rate of increase. Inflation was not at all uniform. It remained low until 1966, then rose with the financing of the Vietnam War and the Great Society. Inflation fell after 1984 and remained moderate in the late 1980s and beyond. 1 shows these data. The Federal Reserve later chose to monitor the deflator for personal consumer expenditures excluding energy and food prices. In the short term this index differs from the consumer price index (CPI) mainly because weights on particular components differ in the two measures.

The president and other officials repeatedly pledged their commitment to the $35 gold price. Whenever a problem arose during the Kennedy and Johnson administrations, they took administrative action—usually controls—to reduce the payments imbalances. Until 1968, the Treasury paid gold in exchange for dollars. The Federal Reserve had a secondary role. 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.

Download PDF sample

Rated 4.94 of 5 – based on 38 votes