Competition and Monopoly in the Federal Reserve System, 1914-1951: A Microeconomic Approach to Monetary Historyby Mark Toma
Pub. Date: 08/28/2005
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 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.
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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