Imagining the Fed : The Struggle for the Heart of the Federal Reserve, 1913-1970.

Format:

Book

Author/Creator:

Thompson, Nicolas.

Contributor:

State University of New York Press.

Language:

English

Subjects (All):

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

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

United States--Economic policy--20th century.

United States.

Physical Description:

1 online resource (240 pages)

Edition:

1st ed.

Place of Publication:

Albany : State University of New York Press, 2021.

Summary:

Traces the six-decade struggle for power within the Federal Reserve System from the perspective of the central bankers who shaped the Fed.

Contents:

Intro

Contents

List of Illustrations

Acknowledgments

Introduction: Imagining a Fed in the Making

The Argument: Mapping the Fed's Struggle for Power

Fed Governance Studies and the System's Vanishing Struggle for Power

The Struggle to Build a Durable Fed Regime

Ideology, Interests, and the Battle over the Gold Standard

Agency, Political Time, and Fed Reform Catalysts

Partisan Regime Origin and Collapse: Wellsprings of Populism and Progressivism

War and Peace: Founts of Hamiltonian State Building and Jeffersonian Repudiation

Ideas and Agents: The Struggle to Shape Fed Institutions in Secular Time

Impacts of Fed Development: Global Power, Political Time, and Legacies of Loss

1 Escape from Jekyll Island: The Federal Reserve's Birth in Political Time

The Aldrich Plan as a Republican Hail Mary

Stuck in the Past: America's Premodern Financial Regime

Paul Warburg's Progressive Central Bank Idea

Nelson Aldrich: The Face of a Dying Republican Regime

The Federal Reserve Act's Construction by an Ascendant Democratic Coalition

Brokering a Partisan Reform Compromise

Democrats and Progressives Unite to Advance the Glass‑Owen Bill

Partisan Enactment of the Federal Reserve Act

The Federal Reserve Act: An Invitation to Struggle

Organizing for Combat: The Federal Reserve Act's Critics as Fed Agents

Independent or Instrument? McAdoo's Populist Bid for Fed Dominance

Warburg's Ill‑Fated Quest to Redraw the Federal Reserve's Map

Benjamin Strong's Quest for Reserve Bank Autonomy

Progressive and Hamiltonian Fed Reform Collaboration

Conclusion: The Federal Reserve Act as a Partisan Creation

2 Making and Breaking a Hamiltonian Fed

War as Developmental Catalyst: The Fed's Rebirth in World War I

Fumbling the Return to Peace: Democratic Decline and Global Crisis.

Republican Ascendance, Global Imbalance, and Strong's Great Idea

Political Attacks and the Federal Board's Populist Makeover

The Federal Reserve's Search for New Policy Ideas

The Advent and Struggle over Open Market Operations

International Liberalization and Strong's Great Idea to Restore Sterling

International Collaboration and the Chicago Discount Rate Controversy

Board Rising: Republican Weakening and Growing Board Veto Authority

The Board's Bid for Power and New York's Stock Market Bubble

Strong's Great Idea Repudiated: Policy Gridlock after the Crash

Conclusion: A Hamiltonian Central Bank in the Breaking

3 An Engine of Inflation? The Populist Fed Interlude

Republican Collapse: Invitation for Progressive Reform

Eclipsed by the New Deal: The Fed's Marginalization and Rebirth

Leaving Gold, Devaluing the Dollar, and the Creation of a Populist Fed Competitor

Financing a Ramshackle Financial State

The Fight to Reconstruct the Fed: A New Deal Afterthought

Legislative Combat and Institutional Compromise

Fed Reconstitution and Disempowerment

Fed Policymaking as the Treasury's Junior Partner amid a Golden Avalanche

World War II: The New York Fed Empire Strikes Back

Peace Deferred? The Democratic Dilemma of Postwar Reconstruction

American Support for Embedded Liberalism and New York Fed Dissent

Passing the New Deal Torch and the Dilemma of Postwar Reconstruction

An Engine of Inflation: Eccles Turns on His Populist Fed Creation

Conclusion: Reassessing Eccles's Fed Legacy

4 Economists at the Gates: The Rise and Fall of an Egalitarian Fed

Creative Demolition: William McChesney Martin's Egalitarian Fed

The Struggle for the Heart of the Federal Reserve

The Limits of Independence under Eisenhower

The Activation and Decay of Fixed Exchange Rates under Eisenhower.

Democratic Resurgence and the Battle to Save Bretton Woods

The Old Guard Mission to Save Bretton Woods

Walter Heller's Transformative Fed Ambition

Monetary Policy Deadlock under Kennedy

War, Democratic Decay, and the Fed's Technocratic Makeover

Johnson's Wars, the Failure of the New Economics, andthe Decline of Bretton Woods

When Doves became Hawks:The Board's Keynesian Invasion and Conversion

Martin's Egalitarian Fed Crumbles: Arthur Burns's Takeover

Consolidating Fed Technocracy

Conclusion: The Old Guard's Retreat and the Birth of the Modern Fed

Conclusion: E Pluribus Unum: The Political Development of the Fed

The Federal Reserve's Braided Development

A Stylized Portrait of the Modern Fed

Implications of the Fed's Rise for American Political Development

Situating American Politics in a Global Setting

Intersections of Political Time and Agency

The Fed's Role in the Waning of Political Time

Notes

Bibliography

Index.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9781438482606

1438482604

OCLC:

1244535583