The Federal Reserve System

A History

Donald R. Wells (Autor)

Buch | Softcover

224 Seiten

2004
McFarland & Co Inc (Verlag)
978-0-7864-1880-0 (ISBN)

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The Federal Reserve banking system was created in 1913 in an effort to bring coherence to nationwide banking practices and prevent crises like the financial panic of 1907. Since it began operating in 1914, the Federal Reserve has played a crucial role in determining American financial policy and practice. It is largely an entity unto itself, operating independently, rarely subject to the political machinations of Congress or the presidency. Yet few Americans know how it works, and even fewer know anything of its history.

This history of the Federal Reserve begins by giving an overview of American banking practices before the Federal Reserve's formation. The events leading to the Reserve's creation, and its early trials and tribulations, are then documented. Subsequent chapters track the Federal Reserve's history: its role during times of financial and military crisis, its relationship to each presidential administration, and the Fed's evolution as its leadership has changed over the years. The history wraps up with the Alan Greenspan era, explaining major changes in the institution's operating procedures since the 1980s. An appendix lists all members of the Federal Reserve Board of Governors, from its formation until 2003.

Donald R. Wells, professor emeritus of economics from the University of Memphis, has written extensively in the areas of free banking, the Canadian Banking System, and the reaction of the U.S. and Canadian banking systems to periods of depression. He lives in Plano Texas.

Table of Contents

Preface

1. U.S. Banking before the Federal Reserve

2. The Aldrich-Vreeland Act Prevents a Panic in 1914

3. Original Uncertainty Regarding Exercise of Fed Authority

4. The Federal Reserve’s Role in World War I

5. The Discovery of a New Tool for the Federal Reserve

6. The Fed in the 1920s

7. The Fed in the 1929–1933 Contraction

8. Policy Changes in the Roosevelt Administration

9. The Fed’s Role in World War II

10. The Fed Between World War II and the Korean War

11. The Korean War and the Accord with the Treasury

12. “Bills Only” as an Act of Independence

13. Operation Twist and President Kennedy’s Tax Cut

14. Chairman Martin’s Battle with President Johnson Over Inﬂation

15. Nixon Replaces Martin with Burns and Inﬂicts Price Controls on the Economy

16. Supply Shocks in the 1970s Make Unemployment and Inﬂation Worse

17. Carter Replaces Burns with Miller and Inﬂation Worsens

18. The Volcker Era Begins and the Fed Gets Control Over All Banks

19. Volcker’s Fed Slows Inﬂation at a Cost

20. Volcker Is Reappointed but There Are Changes on the Board

21. The Greenspan Era Begins

22. The Fed’s Response to the Thrift Crisis

23. Economists Dominate the Board Under Greenspan

24. Changes in the Fed’s Operating Procedure after the 1980s

Conclusion

Appendix A: Membership of the Board of Governors of the Federal Reserve System, 1913–2003

Appendix B: Persons Serving as Chairman of the Board of Governors

Bibliography

Index

Erscheint lt. Verlag	30.8.2004
Zusatzinfo	bibliography, appendices, index
Verlagsort	Jefferson, NC
Sprache	englisch
Maße	152 x 229 mm
Gewicht	313 g
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
	Wirtschaft ► Betriebswirtschaft / Management ► Marketing / Vertrieb
	Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
ISBN-10	0-7864-1880-X / 078641880X
ISBN-13	978-0-7864-1880-0 / 9780786418800
Zustand	Neuware