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

Paperback (Print)
Buy New
Buy New from
Used and New from Other Sellers
Used and New from Other Sellers
from $18.01
Usually ships in 1-2 business days
(Save 72%)
Other sellers (Paperback)
  • All (8) from $18.01   
  • New (4) from $54.19   
  • Used (4) from $18.01   


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.
Read More Show Less

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.
Read More Show Less

Product Details

  • ISBN-13: 9780521022033
  • Publisher: Cambridge University Press
  • Publication date: 11/28/2005
  • Series: Studies in Macroeconomic History Series
  • Pages: 148
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.35 (d)

Table of Contents

List of figures
List of tables
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
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star


4 Star


3 Star


2 Star


1 Star


Your Rating:

Your Name: Create a Pen Name or

Barnes & Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation


  • - By submitting a review, you grant to Barnes & and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Terms of Use.
  • - Barnes & reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)