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The origins, history, and future of the Federal Reserve : a return to Jekyll Island

Title

The origins, history, and future of the Federal Reserve : a return to Jekyll Island / edited by Michael D. Bordo, Rutgers University, New Jersey, William Roberds, Federal Reserve Bank of Atlanta.

Publication

New York : Cambridge University Press, 2013.

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Status	Format	Access	Call Number	Item Location
Available - Can be used on site. Please visit New York Public Library - Stavros Niarchos Foundation Library to submit a request in person.	Text	No restrictions	*R-SIBL HG2563 .O75 2013	Stavros Niarchos Foundation Library - Yoseloff Business Center - Research Reference

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Description

xix, 431 pages : illustrations; 24 cm.

Summary

"This book contains essays presented at a conference held in November 2010 to mark the centenary of the famous 1910 Jekyll Island meeting of leading American financiers and the U.S. Treasury. The 1910 meeting resulted in the Aldrich Plan, a precursor to the Federal Reserve Act that was enacted by Congress in 1913. The 2010 conference, sponsored by the Federal Reserve Bank of Atlanta and Rutgers University, featured assessments of the Fed's near 100-year track record by prominent economic historians and macroeconomists. The final chapter of the book records a panel discussion of Fed policy making by the current and former senior Federal Reserve officials. ch1: "To Establish a More Effective Supervision of Banking:" How the Birth of the Fed Altered Bank Supervision Abstract Although bank supervision under the National Banking System exercised a light hand and panics were frequent, depositor losses were minimal. Double liability induced shareholders to carefully monitor bank managers and voluntarily liquidate banks early if they appeared to be in trouble. Inducing more disclosure, marking assets to market, and ensuring prompt closure of insolvent national banks, the Comptroller of the Currency reinforced market discipline. The arrival of the Federal Reserve weakened this regime. Monetary policy decisions conflicted with the goal of financial stability and created moral hazard. The appearance of the Fed as an additional supervisor led to more "competition in laxity" among regulators and "regulatory arbitrage" by banks. When the Great Depression hit, policy-induced deflation and asset price volatility were misdiagnosed as failures of competition and market valuation. In response, the New Deal shifted to a regime of discretion-based supervision with forbearance"--

Series Statement

Studies in macroeconomic history

Uniform Title

Studies in macroeconomic history.

Subjects

Bibliography (note)

Includes bibliographical references and index.

Contents

"To establish a more effective supervision of banking" : how the birth of the Fed altered bank supervision / Eugene N. White ; Comment / Warren Weber -- The promise and performance of the Federal Reserve as lender of last restort 1914-1933 / Michael D. Bordo and David C. Wheelock ; Comment / Ellis W. Tallman -- Where it all began : lending of last resort at the Bank of England : monitoring during the Overend-Gurney panic of 1866 / Marc Flandreau and Stefano Ugolini ; Comment / Barry Eichengreen -- Volatile times and persistent conceptual errors : U.S. monetary policy, 1914-1951 / Charles W. Calomiris ; Comment / Allan H. Meltzer -- Government policy, credit markets, and economic activity / Lawrence J. Christiano and Daisuke Ikeda -- Policy debates at the Federal Open Market Committee, 1993-2002 / Marvin Goodfriend -- Two models of land overvaluation and their implications / Narayana R. Kocherlakota -- Panel discussion, November 6, 2010 / Ben S. Bernanke, E. Gerald Corrigan, and Alan Greenspan.

Call Number

HG2563

ISBN

9781107013728
1107013720

LCCN

2012025995

OCLC

798133510
798133510

Title

The origins, history, and future of the Federal Reserve : a return to Jekyll Island / edited by Michael D. Bordo, Rutgers University, New Jersey, William Roberds, Federal Reserve Bank of Atlanta.

Publisher