The strategy and consistency of Federal Reserve monetary policy, 1924-1933:
Today, most scholars agree that mismanaged monetary policy contributed to the length and severity of the Great Depression in the USA. There is little agreement, however, about the causes of the Federal Reserve's mistakes. This book examines the policy strategy developed by the Federal Reserve d...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge
Cambridge University Press
1991
|
| Schriftenreihe: | Studies in macroeconomic history
|
| Schlagworte: | |
| Online-Zugang: | BSB01 UBG01 Volltext |
| Zusammenfassung: | Today, most scholars agree that mismanaged monetary policy contributed to the length and severity of the Great Depression in the USA. There is little agreement, however, about the causes of the Federal Reserve's mistakes. This book examines the policy strategy developed by the Federal Reserve during the 1920s and considers whether its continued use could explain the Federal Reserve's failure to respond vigorously to the depression. It also studies the effects on policy of the institutional changes occurring prior to the depression. While these changes enhanced the authority of officials who opposed open-market purchases and also caused some upward bias in discount rates, Wheelock concludes that monetary policy during the depression was in fact largely a continuation of the previous policy. The apparent contrast in the institution's responsiveness to economic conditions between the 1920s and early 1930s resulted from the consistent use of a procyclical policy strategy that caused it to respond more vigorously to minor recessions than to severe depressions |
| Beschreibung: | Title from publisher's bibliographic system (viewed on 05 Oct 2015) |
| Beschreibung: | 1 online resource (xiv, 126 pages) |
| ISBN: | 9780511528743 |
| DOI: | 10.1017/CBO9780511528743 |
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| 246 | 1 | 3 | |a The Strategy & Consistency of Federal Reserve Monetary Policy, 1924–1933 |
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| 520 | |a Today, most scholars agree that mismanaged monetary policy contributed to the length and severity of the Great Depression in the USA. There is little agreement, however, about the causes of the Federal Reserve's mistakes. This book examines the policy strategy developed by the Federal Reserve during the 1920s and considers whether its continued use could explain the Federal Reserve's failure to respond vigorously to the depression. It also studies the effects on policy of the institutional changes occurring prior to the depression. While these changes enhanced the authority of officials who opposed open-market purchases and also caused some upward bias in discount rates, Wheelock concludes that monetary policy during the depression was in fact largely a continuation of the previous policy. The apparent contrast in the institution's responsiveness to economic conditions between the 1920s and early 1930s resulted from the consistent use of a procyclical policy strategy that caused it to respond more vigorously to minor recessions than to severe depressions | ||
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Datensatz im Suchindex
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| any_adam_object | |
| author | Wheelock, David C. |
| author_facet | Wheelock, David C. |
| author_role | aut |
| author_sort | Wheelock, David C. |
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| bvnumber | BV043922360 |
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| collection | ZDB-20-CBO |
| contents | List of figures -- List of tables -- Preface -- Introduction -- The objectives of monetary policy, 1924-1933 -- Member bank borrowing and the Fed's policy strategy -- Policy disagreements within the Federal reserve system: the effects of instituional change -- Conclusion -- References -- Index |
| ctrlnum | (ZDB-20-CBO)CR9780511528743 (OCoLC)967407383 (DE-599)BVBBV043922360 |
| dewey-full | 332.4/973/09042 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.4/973/09042 |
| dewey-search | 332.4/973/09042 |
| dewey-sort | 3332.4 3973 49042 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1017/CBO9780511528743 |
| era | Geschichte 1900-2000 Geschichte 1924-1933 gnd |
| era_facet | Geschichte 1900-2000 Geschichte 1924-1933 |
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| isbn | 9780511528743 |
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| spelling | Wheelock, David C. Verfasser aut The strategy and consistency of Federal Reserve monetary policy, 1924-1933 David C. Wheelock The Strategy & Consistency of Federal Reserve Monetary Policy, 1924–1933 Cambridge Cambridge University Press 1991 1 online resource (xiv, 126 pages) txt rdacontent c rdamedia cr rdacarrier Studies in macroeconomic history Title from publisher's bibliographic system (viewed on 05 Oct 2015) List of figures -- List of tables -- Preface -- Introduction -- The objectives of monetary policy, 1924-1933 -- Member bank borrowing and the Fed's policy strategy -- Policy disagreements within the Federal reserve system: the effects of instituional change -- Conclusion -- References -- Index Today, most scholars agree that mismanaged monetary policy contributed to the length and severity of the Great Depression in the USA. There is little agreement, however, about the causes of the Federal Reserve's mistakes. This book examines the policy strategy developed by the Federal Reserve during the 1920s and considers whether its continued use could explain the Federal Reserve's failure to respond vigorously to the depression. It also studies the effects on policy of the institutional changes occurring prior to the depression. While these changes enhanced the authority of officials who opposed open-market purchases and also caused some upward bias in discount rates, Wheelock concludes that monetary policy during the depression was in fact largely a continuation of the previous policy. The apparent contrast in the institution's responsiveness to economic conditions between the 1920s and early 1930s resulted from the consistent use of a procyclical policy strategy that caused it to respond more vigorously to minor recessions than to severe depressions Board of Governors of the Federal Reserve System (U.S.) Geschichte 1900-2000 Geschichte 1924-1933 gnd rswk-swf Geschichte Federal Reserve banks Monetary policy / United States / History / 20th century Notenbankpolitik (DE-588)4130528-0 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Notenbankpolitik (DE-588)4130528-0 s Geschichte 1924-1933 z 1\p DE-604 Erscheint auch als Druckausgabe 978-0-521-39155-9 Erscheint auch als Druckausgabe 978-0-521-53139-9 https://doi.org/10.1017/CBO9780511528743 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Wheelock, David C. The strategy and consistency of Federal Reserve monetary policy, 1924-1933 List of figures -- List of tables -- Preface -- Introduction -- The objectives of monetary policy, 1924-1933 -- Member bank borrowing and the Fed's policy strategy -- Policy disagreements within the Federal reserve system: the effects of instituional change -- Conclusion -- References -- Index Board of Governors of the Federal Reserve System (U.S.) Geschichte Federal Reserve banks Monetary policy / United States / History / 20th century Notenbankpolitik (DE-588)4130528-0 gnd |
| subject_GND | (DE-588)4130528-0 (DE-588)4078704-7 |
| title | The strategy and consistency of Federal Reserve monetary policy, 1924-1933 |
| title_alt | The Strategy & Consistency of Federal Reserve Monetary Policy, 1924–1933 |
| title_auth | The strategy and consistency of Federal Reserve monetary policy, 1924-1933 |
| title_exact_search | The strategy and consistency of Federal Reserve monetary policy, 1924-1933 |
| title_full | The strategy and consistency of Federal Reserve monetary policy, 1924-1933 David C. Wheelock |
| title_fullStr | The strategy and consistency of Federal Reserve monetary policy, 1924-1933 David C. Wheelock |
| title_full_unstemmed | The strategy and consistency of Federal Reserve monetary policy, 1924-1933 David C. Wheelock |
| title_short | The strategy and consistency of Federal Reserve monetary policy, 1924-1933 |
| title_sort | the strategy and consistency of federal reserve monetary policy 1924 1933 |
| topic | Board of Governors of the Federal Reserve System (U.S.) Geschichte Federal Reserve banks Monetary policy / United States / History / 20th century Notenbankpolitik (DE-588)4130528-0 gnd |
| topic_facet | Board of Governors of the Federal Reserve System (U.S.) Geschichte Federal Reserve banks Monetary policy / United States / History / 20th century Notenbankpolitik USA |
| url | https://doi.org/10.1017/CBO9780511528743 |
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