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Monetary policy and the onset of the Great Depression : = the myth of Benjamin Strong as decisive leader /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Monetary policy and the onset of the Great Depression :/ Mark Toma.
Reminder of title:	the myth of Benjamin Strong as decisive leader /
Author:	Toma, Mark,
Description:	1 online resource.
Subject:	1900 - 1999 -
Subject:	Depressions - 1929 - United States. -
Subject:	United States - Defenses -
Online resource:	http://www.palgraveconnect.com/doifinder/10.1057/9781137371621
ISBN:	1137371625 (electronic bk.)

Monetary policy and the onset of the Great Depression : = the myth of Benjamin Strong as decisive leader /
Toma, Mark,

Monetary policy and the onset of the Great Depression :the myth of Benjamin Strong as decisive leader /Mark Toma. - 1 online resource.

1. Monetary Policy as Scapegoat -- 2. Founding of the Federal Reserve System -- 3. Beyond the Founders' Vision: Benjamin Strong as Decisive Leader or Figurehead? -- 4. Modeling Discretion versus Self-Regulation -- 5. The Riefler-Burgess Doctrine -- 6. Coming to Terms with the Scissors Effect -- 7. Austrian and Monetarist Theories of the Onset of the Great Depression -- 8. Coming to Terms with Benjamin Strong -- 9. Did Reserve Banks 'Really' Compete? -- 10. What Happened?.

"Monetary Policy and the Onset of the Great Depression" challenges Milton Friedman and Anna Schwartz's now-consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York. In this new work, Toma develops a self-regulated model of the Federal Reserve, which stands in contrast to a conventional discretionary model. Given the easy redemption of dollars for gold and the competition among Reserve banks, the self-regulated model implies that the early Fed could control neither the money supply nor the price level. Exploiting an untapped data set, later chapters test the thesis of self-regulation by focusing on the monetary decisions of individual Reserve banks. The micro-based evidence indicates that "Reserve banks really did compete" and that Benjamin Strong as decisive leader during the 1920s is a myth. This finding, with its emphasis on monetary policy in the years leading up to the Great Depression, will be of interest to scholars, students, and sophisticated lay readers with an interest in macroeconomic and monetary economic policy issues, specifically to those with an interest in economic history.

ISBN: 1137371625 (electronic bk.)

Source: 704988Palgrave Macmillanhttp://www.palgraveconnect.comSubjects--Personal Names:

1006886
Strong, Benjamin,
1872-1928.Subjects--Corporate Names:

585695
Board of Governors of the Federal Reserve System (U.S.)
Subjects--Chronological Terms:

1900 - 1999
Subjects--Topical Terms:

650445
Depressions
--United States.--1929Subjects--Geographical Terms:

528513
United States
--DefensesIndex Terms--Genre/Form:

554714
Electronic books.

LC Class. No.: HG538

Dewey Class. No.: 332.112097309042

Monetary policy and the onset of the Great Depression : = the myth of Benjamin Strong as decisive leader /
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505 0 $a 1. Monetary Policy as Scapegoat -- 2. Founding of the Federal Reserve System -- 3. Beyond the Founders' Vision: Benjamin Strong as Decisive Leader or Figurehead? -- 4. Modeling Discretion versus Self-Regulation -- 5. The Riefler-Burgess Doctrine -- 6. Coming to Terms with the Scissors Effect -- 7. Austrian and Monetarist Theories of the Onset of the Great Depression -- 8. Coming to Terms with Benjamin Strong -- 9. Did Reserve Banks 'Really' Compete? -- 10. What Happened?.
520 $a "Monetary Policy and the Onset of the Great Depression" challenges Milton Friedman and Anna Schwartz's now-consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York. In this new work, Toma develops a self-regulated model of the Federal Reserve, which stands in contrast to a conventional discretionary model. Given the easy redemption of dollars for gold and the competition among Reserve banks, the self-regulated model implies that the early Fed could control neither the money supply nor the price level. Exploiting an untapped data set, later chapters test the thesis of self-regulation by focusing on the monetary decisions of individual Reserve banks. The micro-based evidence indicates that "Reserve banks really did compete" and that Benjamin Strong as decisive leader during the 1920s is a myth. This finding, with its emphasis on monetary policy in the years leading up to the Great Depression, will be of interest to scholars, students, and sophisticated lay readers with an interest in macroeconomic and monetary economic policy issues, specifically to those with an interest in economic history.
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