The Federal Reserve System : a history / Donald R. Wells.

Format:

Book

Author/Creator:

Wells, Donald R., 1932-

Language:

English

Subjects (All):

Federal Reserve banks.

Board of Governors of the Federal Reserve System (U.S.).

Physical Description:

viii, 215 pages ; 23 cm

Place of Publication:

Jefferson, N.C. : McFarland & Co., [2004]

Summary:

The Federal Reserve banking system was created, in 1913, to bring coherence to banking practices and prevent crises like the financial panic of 1907. The Federal Reserve has since played a crucial role in American financial policy and practice. It is largely an entity unto itself, operating independently, rarely subject to the machinations of Congress or the presidency. This history begins with an overview of American banking practices before 1914. The events leading to the Reserve's creation and its early tribulations are then documented. Subsequent chapters track the Federal Reserve's role during times of financial and military crisis, its relationship to each presidential administration, and its changes in leadership over the years. The Alan Greenspan era is covered in detail, as are major changes in the Fed's operating procedures since the 1980s. An appendix lists all members of the Federal Reserve Board of Governors, from its formation until 2003.

Contents:

U.S. banking before the Federal Reserve

The Aldrich-Vreeland Act prevents a panic in 1914

Original uncertainty regarding exercise of fed authority

The Federal Reserve's role in World War I

The discovery of a new tool for the Federal Reserve

The fed in the 1920s

The fed in the 1929-1933 contraction

Policy changes in the Roosevelt administration

The fed's role in World War II

The fed between World War II and the Korean War

The Korean War and the accord with the Treasury

"Bills only" as an act of independence

Operation twist and President Kennedy's tax cut

Chairman Martin's battle with President Johnson over inflation

Nixon replaces Martin with Burns and inflicts price controls on the economy

Supply shocks in the 1970s make unemployment and inflation worse

Carter replaces Burns with Miller and inflation worsens

The Volcker era begins and the fed gets control over all banks

Volcker's fed slows inflation at a cost

Volcker is reappointed but there are changes on the board

The Greenspan era begins

The fed's response to the thrift crisis

Economists dominate the board under Greespan

Changes in the fed's operating procedure after the 1980s.

Notes:

Includes bibliographical references (pages 203-209) and index.

ISBN:

078641880X

OCLC:

55738221