Current Federal Reserve Policy Under the Lens of Economic History [electronic resource] : Essays to Commemorate the Federal Reserve System's Centennial
- Humpage, Owen
- New York : Cambridge University Press, 2015.
- Physical Description:
- 1 online resource (412 pages)
- Studies in macroeconomic history
- Cover; Half-title; Series information; Title page; Copyright information; Dedication; Table of contents; List of contributors; Discussants at the Conference; Preface; Introduction; 1 The Uses and Misuses of Economic History; References; 2 Federal Reserve Policy Today in Historical Perspective; Transparency; The Deliberative Process; Statement of Policy Actions; Responsibility for Inflation; Anchoring Inflation Expectations against Inflation Scares; December 1979 to February 1980; January 1981 to October 1981; May 1983 to June 1984; March 1987 to October 1987; October 1993 to November 1994, The Fed Must Credibly Incorporate the 2 Percent Inflation Goal into Its Policy StatementsThe Fed Should Distinguish Monetary Policy (Narrowly Defined) from Credit Policy in Its Balance Sheet Operations for the Purpose...; References; 3 How and Why the Fed Must Change in Its Second Century; Evolution at the Federal Reserve; Why Independence Declined; The Fed's Principal Errors; The Federal Reserve's Response to Current Criticisms; Conclusion; References; 4 The Lender of Last Resort; The Fed's First Twenty Years; Lender of Last Resort during the Great Depression, Reasons for a Lack of Action during the Great DepressionCreating a New Regime: Depression Era Reforms to the Banking System and Lender of Last Resort; Federal Reserve Credit Programs; The Gold Standard; Other Significant Legislation; Financial Instability Returns; Response by the Federal Reserve to Financial Crises, 1970-2000; Penn Central; Franklin National; Continental Illinois National Bank; The 1987 Stock Market Crash; Monday, October 19, 1987; Tuesday, October 20, 1987; Federal Reserve Response; Long-Term Capital Management; Response to the Financial Crisis of 2007-2009, Brief Review of Actions Taken during the Recent CrisisRelation to Federal Reserve Responses to Preceding Crises; Observations and Lessons from the Historical Episodes; How Should a Central Bank Provide Liquidity?; Conclusion; References; 5 Close but Not a Central Bank; Central Bank-Like Tools and Some History; Clearing House Loan Certificates; Other Tools; CHLCs and Big New York Banks; Evidence of Central Bank Behavior in a Counterfactual World; Aggregate Measures; Who Issued Loan Certificates -- the Larger Panics: 1873, 1893, and 1907; The Panic of 1873; The Panic of 1893; The Panic of 1907, and Comparing 1893 and 1907Who Issued Loan Certificates -- the Lesser Panics: 1884 and 1890; Clearing House Loan Certificates and Liquidity Needs; Discussion; Conclusion; References; 6 Central Bank Independence; Economists on Independence; What Instructions?; The Reserve Bank of New Zealand; Lessons from New Zealand; International Complications; Historical Experience; The Nineteenth Century; Post-World War II; The Exchange-Rate Target; The United States; The Bank of England and the Recent Crisis; Conclusion; References; 7 Politics on the Road to the U.S. Monetary Union; The Colonial Period
- A retrospective on the Federal Reserve, these essays by leading historians and economists investigate how financial infrastructure shapes economic outcomes.
- 9781316290095 and 1316290093
- Description based upon print version of record. and The Revolutionary War and Articles of Confederation
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