Monetary Policy in the United States An Intellectual and Institutional History
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Description: In this extensive history of U.S. monetary policy, Richard H. Timberlake chronicles the intellectual, political, and economic developments that prompted the use of central banking institutions to regulate the monetary systems. After describing the constitutional principles that the Founding Fathers laid down to prevent state and federal governments from printing money. Timberlake shows how the First and Second Banks of the United States gradually assumed the central banking powers that were originally denied them. Drawing on congressional debates, government documents, and other primary sources, he analyses the origins and constitutionality of the greenbacks and examines the evolution of clearinghouse associations as private lenders of last resort. He completes this history with a study of the legislation that fundamentally changed the power and scope of the Federal Reserve System--the Banking Act of 1935 and the Monetary Control Act of 1980. Writing in nontechnical language, Timberlake demystifies two centuries of monetary policy. He concludes that central banking has been largely a series of politically inspired government-serving actions that have burdened the private economy.
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All the information you need in one place! Each Study Brief is a summary of one specific subject; facts, figures, and explanations to help you learn faster.
List price: $49.00
Copyright year: 1993
Publisher: University of Chicago Press
Publication date: 11/3/1993
Size: 6.25" wide x 9.00" long x 1.00" tall
|List of Tables|
|The Genesis of Monetary Control and the First Bank of the United States|
|Treasury Policy, 1811-1820|
|Central-Banking Growth of the Second Bank of the United States|
|Decline of the Second Bank and Rise of the Treasury|
|The Specie Circular and the Distribution of the Surplus|
|The Independent Treasury System before the Civil War|
|Civil War Inflation and Postwar Monetary Policies|
|The Panic of 1873 and Resumption|
|Controversy over Currency Denominations|
|The Political Origin and Judicial Sanction of the Greenbacks|
|The Golden Cloud with the Silver Lining|
|The Fall of Silver|
|Monetary Policy in the Golden Era|
|The Central-Banking Role of Clearinghouse Associations|
|Advent of the Federal Reserve System|
|Summary of Central-Banking Development up to 1914|
|The Real-Bills Era of the Federal Reserve System|
|The Appearance of the Political Federal Reserve System|
|The Reserve Requirement Experiment of the Mid-Thirties|
|The Disequilibrium Era: 1940-1951|
|The Post-Accord Era of the Fed: 1951-1967|
|Destabilizing Factors in Federal Reserve Policy, 1967-1980|
|Monetarism and the Pseudo-Monetarism of Federal Reserve Policy, 1979-1983|
|The Monetary Control Act of 1980|
|The Federal Reserve Approach to Price Level Stability (I)|
|The Federal Reserve Approach to Price Level Stability (II)|
|What the Fed Cannot Do; What the Fed Can Do; What the Fed Should Do|