Competition and Monopoly in the Federal Reserve System, 1914-1951: A Microeconomic Approach to Monetary History / Edition 1

Competition and Monopoly in the Federal Reserve System, 1914-1951: A Microeconomic Approach to Monetary History / Edition 1

by Mark Toma
     
 

ISBN-10: 0521562589

ISBN-13: 9780521562584

Pub. Date: 06/01/1997

Publisher: Cambridge University Press

Many economists view competition among central banks as leading to an over-issue of money. This book challenges the conventional wisdom by showing that competition among Federal Reserve banks in the 1920s did not result in an over-issue problem. The US Congress imposed a more monopolistic structure on the Fed in the mid-1930s so that it could accomodate an increase

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Overview

Many economists view competition among central banks as leading to an over-issue of money. This book challenges the conventional wisdom by showing that competition among Federal Reserve banks in the 1920s did not result in an over-issue problem. The US Congress imposed a more monopolistic structure on the Fed in the mid-1930s so that it could accomodate an increase in the revenue needs of the Treasury. This book is unique in emphasizing the evolution of the Fed's structure from a highly competitive one to a highly monopolistic one.

Product Details

ISBN-13:
9780521562584
Publisher:
Cambridge University Press
Publication date:
06/01/1997
Series:
Studies in Macroeconomic History Series
Edition description:
New Edition
Pages:
146
Product dimensions:
5.98(w) x 8.98(h) x 0.59(d)

Table of Contents

List of figures; List of tables; Preface; 1. Introduction; 2. Microeconomics of the reserve industry; 3. Peculiar economics of the founding of the Fed; 4. Interest on reserves and reserve smoothing in a correspondent banking system; 5. Competitive open market operations; 6. High tide of the Federal Reserve System?; 7. The Fed, executive branch, and public finance, 1934–9; 8. World War II financing; 9. Historical lessons; Notes; References; Index.

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