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

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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.
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Editorial Reviews

From the Publisher
"...Toma has written a thought-provoking book that contributes to our understanding of Fedaral Reserve policy..." David C. Wheelock, Jrnl of Eco. Hist.
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Product Details

  • ISBN-13: 9780521562584
  • Publisher: Cambridge University Press
  • Publication date: 6/1/1997
  • Series: Studies in Macroeconomic History Series
  • Edition description: New Edition
  • Edition number: 1
  • 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 1
2 Microeconomics of the reserve industry 10
3 Peculiar economics of the founding of the Fed 22
4 Interest on reserves and reserve smoothing in a correspondent banking system 40
5 Competitive open market operations 61
6 High tide of the Federal Reserve System? 74
7 The Fed, executive branch and public finance, 1934-1939 88
8 World War II financing 98
9 Historical lessons 113
Notes 123
References 127
Index 131
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