The Federal Reserve System: A History

The Federal Reserve System: A History

by Donald R. Wells
     
 

ISBN-10: 078641880X

ISBN-13: 9780786418800

Pub. Date: 08/02/2004

Publisher: McFarland & Company, Incorporated Publishers

The Federal Reserve banking system was created in 1913 in an effort to bring coherence to nationwide banking practices and prevent crises like the financial panic of 1907. Since it began operating in 1914, the Federal Reserve has played a crucial role in determining American financial policy and practice. It is largely an entity unto itself, operating independently

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Overview

The Federal Reserve banking system was created in 1913 in an effort to bring coherence to nationwide banking practices and prevent crises like the financial panic of 1907. Since it began operating in 1914, the Federal Reserve has played a crucial role in determining American financial policy and practice. It is largely an entity unto itself, operating independently, rarely subject to the political machinations of Congress or the presidency. Yet few Americans know how it works, and even fewer know anything of its history.

This history of the Federal Reserve begins by giving an overview of American banking practices before the Federal Reserve's formation. The events leading to the Reserve's creation, and its early trials and tribulations, are then documented. Subsequent chapters track the Federal Reserve's history: its role during times of financial and military crisis, its relationship to each presidential administration, and the Fed's evolution as its leadership has changed over the years. The history wraps up with the Alan Greenspan era, explaining major changes in the institution's operating procedures since the 1980s. An appendix lists all members of the Federal Reserve Board of Governors, from its formation until 2003.

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Product Details

ISBN-13:
9780786418800
Publisher:
McFarland & Company, Incorporated Publishers
Publication date:
08/02/2004
Edition description:
New Edition
Pages:
224
Product dimensions:
9.00(w) x 6.00(h) x 0.52(d)

Table of Contents

1U.S. banking before the Federal Reserve7
2The Aldrich-Vreeland act prevents a panic in 191421
3Original uncertainty regarding exercise of Fed authority25
4The Federal Reserve's role in World War I29
5The discovery of a new tool for the Federal Reserve35
6The Fed in the 1920s41
7The Fed in the 1929-1933 contraction47
8Policy changes in the Roosevelt administration61
9The Fed's role in World War II77
10The Fed between World War II and the Korean War85
11The Korean War and the accord with the treasury91
12"Bills only" as an act of independence97
13Operation Twist and President Kennedy's tax cut107
14Chairman Martin's battle with President Johnson over inflation111
15Nixon replaces Martin with burns and inflicts price controls on the economy119
16Supply shocks in the 1970s make unemployment and inflation worse125
17Carter replaces Burns with Miller and inflation worsens131
18The Volcker era begins and the Fed gets control over all banks137
19Volcker's Fed slows inflation at a cost145
20Volcker is reappointed but there are changes on the board153
21The Greenspan era begins161
22The Fed's response to the thrift crisis167
23Economics dominate the board under Greenspan173
24Changes in the Fed's operating procedure after the 1980s185
App. AMembership of the board of governors of the Federal Reserve system, 1913-2003199
App. BPersons serving as chairman of the board of governors202

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