Academics as Economic Advisers: Gold, the 'Brains Trust,' and FDR / Sebastian Edwards.

Format:

Book

Author/Creator:

Edwards, Sebastian.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w21380.

NBER working paper series no. w21380

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Academics as Economic Advisers

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2015.

Summary:

In this paper I revisit the period leading to the abandonment of the gold standard by the U.S. in 1933. I analyze what the important players - and in particular FDR and the members of the advisory group known as the "Brains Trust" - thought about the gold standard. My conclusion is that during the primary and presidential campaigns, neither Roosevelt nor his inner circle had a strong view on gold or the dollar. They did believe in the need to experiment with different policies in order to get the country out of the slump. Tinkering with the value of the currency was a possible area for experimentation; but it was an option with a relatively low priority, lower than implementing a public works program, and passing a bill that included crops allotment. Until inauguration day FDR's views on the gold standard were ambivalent and noncommittal; he was neither a diehard fan of the system, nor was he a severe critic.

Notes:

Print version record

July 2015.