Fourth Branch: The Federal Reserve's Unlikely Rise to Power and Influence / Edition 1

Fourth Branch: The Federal Reserve's Unlikely Rise to Power and Influence / Edition 1

by Bernard Shull
     
 

ISBN-10: 1567206247

ISBN-13: 2901567206240

Pub. Date: 07/30/2005

Publisher: Greenwood Publishing Group, Incorporated

Shrouded in mystery, managed behind closed doors, and the subject of both awe and derision, the Federal Reserve is commonly referred to as the fourth branch of our federal government, with wide-ranging influence over monetary policy and, by extension, banking, price levels, employment rates, and economic growth, income, and wealth. Bernard Shull traces the fascinating…  See more details below

Overview

Shrouded in mystery, managed behind closed doors, and the subject of both awe and derision, the Federal Reserve is commonly referred to as the fourth branch of our federal government, with wide-ranging influence over monetary policy and, by extension, banking, price levels, employment rates, and economic growth, income, and wealth. Bernard Shull traces the fascinating and improbable history of this institution from its establishment by an Act of Congress in 1913 to the present day. His careful analysis reveals a paradoxical phenomenon: focusing on three periods of economic stress (the inflation and deflation following World War I, the stock market crash of 1929 and subsequent Depression, and the "stagflation" and volatility of the 1970s and 1980s), Shull argues that despite convincing evidence that the Fed contributed to these crises, it has consistently emerged more powerful and influential than before.

Product Details

ISBN-13:
2901567206240
Publisher:
Greenwood Publishing Group, Incorporated
Publication date:
07/30/2005
Edition description:
New Edition
Pages:
272

Table of Contents

1Introduction1
2The Federal Reserve's legacy17
Appendix : the idea of a "central bank"60
3A shock to the system : 1919-192263
Appendix : coordinated open market operations90
4Collapse and revival : 1929-193595
5Stagflation and the monetary experiment of 1979-1982125
6The Federal Reserve's ascent157
7Final remarks173

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