By Allan H. Meltzer

ISBN-10: 0226520013

ISBN-13: 9780226520018

Publish 12 months note: First released might thirty first 2007

Allan H. Meltzer's seriously acclaimed historical past of the Federal Reserve is the main bold, such a lot in depth, and such a lot revealing research of the topic ever performed. Its first quantity, released to common severe acclaim in 2003, spanned the interval from the institution's founding in 1913 to the recovery of its independence in 1951. This two-part moment quantity of the background chronicles the evolution and improvement of this establishment from the Treasury–Federal Reserve accord in 1951 to the mid-1980s, while the nice inflation ended. It unearths the interior workings of the Fed in the course of a interval of fast and large switch. An epilogue discusses the function of the Fed in resolving our present financial main issue and the wanted reforms of the monetary system.

In wealthy element, drawing at the Federal Reserve's personal files, Meltzer lines the relation among its judgements and fiscal and financial concept, its adventure as an establishment self reliant of politics, and its position in tempering inflation. He explains, for instance, how the Federal Reserve's independence used to be frequently compromised by way of the lively policy-making roles of Congress, the Treasury division, varied presidents, or even White condominium employees, who frequently confused the financial institution to take a momentary view of its tasks. With an eye fixed at the current, Meltzer additionally bargains ideas for bettering the Federal Reserve, arguing that as a regulator of monetary organizations and lender of final lodge, it's going to concentration extra recognition on incentives for reform, medium-term results, and rule-like habit for mitigating monetary crises. much less recognition could be paid, he contends, to command and regulate of the markets and the noise of quarterly data.

At a time while the U.S. reveals itself in an exceptional monetary predicament, Meltzer's attention-grabbing background would be the resource of list for students and coverage makers navigating an doubtful monetary future.

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Extra info for A History of the Federal Reserve: 1951-1969 (A History of the Federal Reserve, Volume 2, Book 1)

Sample text

It has not required banks to use subordinated debentures to shift risk from depositors or deposit insurance to investors (Calomiris, 2002). Agreeing on measures of financial risk proved difficult. Efforts to agree on international standards, the Basel accords, have proved unsatisfactory. A main reason is that the regulators failed to rely on incentives and diversification to enforce discipline. , 22–23). The accords encouraged banks to limit reserves by putting risky assets off their balance sheets.

The policy had many critics in Congress and elsewhere who claimed that it contributed to higher long-term rates. After bills-only, the System made few purchases or loans on long-term debt until 2008. Martin concluded that budget deficits caused inflation. He had little interest in economic theory, and he did not encourage or want economic 36 chap ter 1 theory used to guide monetary policy. His main concern was the money market. 21 Members of the FOMC used different measures to gauge the thrust of policy actions and did not attempt to reconcile them.

7 above) declined slowly. I date the end of the inflation in 1986, when the public seemed to accept that high inflation would not return soon. Chairman Volcker and the FOMC did not follow any explicit economic theory. Volcker relied on his assessment of events and his guesses about 40 chap ter 1 the future. He gave most attention to member bank borrowing, and he denied that he used an interest rate target. The FOMC was more alert to inflation than in the 1960s and 1970s. Chapter 10 concludes the volume.

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A History of the Federal Reserve: 1951-1969 (A History of the Federal Reserve, Volume 2, Book 1) by Allan H. Meltzer

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