This book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.
Table of ContentsList 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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