Competition and monopoly in the Federal Reserve System, 1914-1951: a microeconomics approach to monetary history
Competition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central ban...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge
Cambridge University Press
1997
|
| Schriftenreihe: | Studies in macroeconomic history
|
| Schlagworte: | |
| Online-Zugang: | DE-12 DE-473 Volltext |
| Zusammenfassung: | Competition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central bank exclusive rights to conduct monetary policy. In this book Mark Toma explores the workings of the early Federal Reserve System as a basis for challenging the conventional wisdom. He is able to show that competition among reserve banks in the 1920s did not result in an issue of Fed money. Rather the main effect of competitive structure was to cause reserve banks to make substantial interest payments to the private banking system in place of transfers to the US government. The book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure |
| Beschreibung: | Title from publisher's bibliographic system (viewed on 05 Oct 2015) |
| Beschreibung: | 1 online resource (xiv, 132 pages) |
| ISBN: | 9780511559761 |
| DOI: | 10.1017/CBO9780511559761 |
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Datensatz im Suchindex
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| author | Toma, Mark |
| author_facet | Toma, Mark |
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| author_sort | Toma, Mark |
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| building | Verbundindex |
| bvnumber | BV043922383 |
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| contents | 1. Introduction -- 2. Microeconomics of the reserve industry -- 3. Peculiar economics of the founding of the Fed -- 4. Interest on reserves and reserve smoothing in a correspondent banking system -- 5. Competitive open market operations -- 6. High tide of the Federal Reserve System? -- 7. The Fed, executive branch and public finance, 1934-1939 -- 8. World War II financing -- 9. Historical lessons |
| ctrlnum | (ZDB-20-CBO)CR9780511559761 (OCoLC)967407478 (DE-599)BVBBV043922383 |
| dewey-full | 332.110973 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.110973 |
| dewey-search | 332.110973 |
| dewey-sort | 3332.110973 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1017/CBO9780511559761 |
| era | Geschichte 1900-2000 Geschichte 1914-1951 gnd |
| era_facet | Geschichte 1900-2000 Geschichte 1914-1951 |
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| id | DE-604.BV043922383 |
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| indexdate | 2024-08-29T00:09:08Z |
| institution | BVB |
| isbn | 9780511559761 |
| language | English |
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| spelling | Toma, Mark Verfasser aut Competition and monopoly in the Federal Reserve System, 1914-1951 a microeconomics approach to monetary history Mark Toma Competition & Monopoly in the Federal Reserve System, 1914–1951 Cambridge Cambridge University Press 1997 1 online resource (xiv, 132 pages) txt rdacontent c rdamedia cr rdacarrier Studies in macroeconomic history Title from publisher's bibliographic system (viewed on 05 Oct 2015) 1. Introduction -- 2. Microeconomics of the reserve industry -- 3. Peculiar economics of the founding of the Fed -- 4. Interest on reserves and reserve smoothing in a correspondent banking system -- 5. Competitive open market operations -- 6. High tide of the Federal Reserve System? -- 7. The Fed, executive branch and public finance, 1934-1939 -- 8. World War II financing -- 9. Historical lessons Competition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central bank exclusive rights to conduct monetary policy. In this book Mark Toma explores the workings of the early Federal Reserve System as a basis for challenging the conventional wisdom. He is able to show that competition among reserve banks in the 1920s did not result in an issue of Fed money. Rather the main effect of competitive structure was to cause reserve banks to make substantial interest payments to the private banking system in place of transfers to the US government. The book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure Federal Reserve System Board of Governors (DE-588)43408-5 gnd rswk-swf Geschichte 1900-2000 Geschichte 1914-1951 gnd rswk-swf Geschichte Federal Reserve banks / History Monetary policy / United States / History / 20th century Geldpolitik (DE-588)4019902-2 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Geldpolitik (DE-588)4019902-2 s Geschichte 1914-1951 z 1\p DE-604 Federal Reserve System Board of Governors (DE-588)43408-5 b 2\p DE-604 Erscheint auch als Druckausgabe 978-0-521-02203-3 Erscheint auch als Druckausgabe 978-0-521-56258-4 https://doi.org/10.1017/CBO9780511559761 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Toma, Mark Competition and monopoly in the Federal Reserve System, 1914-1951 a microeconomics approach to monetary history 1. Introduction -- 2. Microeconomics of the reserve industry -- 3. Peculiar economics of the founding of the Fed -- 4. Interest on reserves and reserve smoothing in a correspondent banking system -- 5. Competitive open market operations -- 6. High tide of the Federal Reserve System? -- 7. The Fed, executive branch and public finance, 1934-1939 -- 8. World War II financing -- 9. Historical lessons Federal Reserve System Board of Governors (DE-588)43408-5 gnd Geschichte Federal Reserve banks / History Monetary policy / United States / History / 20th century Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)43408-5 (DE-588)4019902-2 (DE-588)4078704-7 |
| title | Competition and monopoly in the Federal Reserve System, 1914-1951 a microeconomics approach to monetary history |
| title_alt | Competition & Monopoly in the Federal Reserve System, 1914–1951 |
| title_auth | Competition and monopoly in the Federal Reserve System, 1914-1951 a microeconomics approach to monetary history |
| title_exact_search | Competition and monopoly in the Federal Reserve System, 1914-1951 a microeconomics approach to monetary history |
| title_full | Competition and monopoly in the Federal Reserve System, 1914-1951 a microeconomics approach to monetary history Mark Toma |
| title_fullStr | Competition and monopoly in the Federal Reserve System, 1914-1951 a microeconomics approach to monetary history Mark Toma |
| title_full_unstemmed | Competition and monopoly in the Federal Reserve System, 1914-1951 a microeconomics approach to monetary history Mark Toma |
| title_short | Competition and monopoly in the Federal Reserve System, 1914-1951 |
| title_sort | competition and monopoly in the federal reserve system 1914 1951 a microeconomics approach to monetary history |
| title_sub | a microeconomics approach to monetary history |
| topic | Federal Reserve System Board of Governors (DE-588)43408-5 gnd Geschichte Federal Reserve banks / History Monetary policy / United States / History / 20th century Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Federal Reserve System Board of Governors Geschichte Federal Reserve banks / History Monetary policy / United States / History / 20th century Geldpolitik USA |
| url | https://doi.org/10.1017/CBO9780511559761 |
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