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The Resource The origins, history, and future of the Federal Reserve : a return to Jekyll Island, edited by Michael D. Bordo, William Roberds

The origins, history, and future of the Federal Reserve : a return to Jekyll Island, edited by Michael D. Bordo, William Roberds

Label
The origins, history, and future of the Federal Reserve : a return to Jekyll Island
Title
The origins, history, and future of the Federal Reserve
Title remainder
a return to Jekyll Island
Statement of responsibility
edited by Michael D. Bordo, William Roberds
Creator
Contributor
Editor
Subject
Language
eng
Summary
"This book contains essays presented at a conference held in November 2010 to mark the centenary of the famous 1910 Jekyll Island meeting of leading American financiers and the U.S. Treasury. The 1910 meeting resulted in the Aldrich Plan, a precursor to the Federal Reserve Act that was enacted by Congress in 1913. The 2010 conference, sponsored by the Federal Reserve Bank of Atlanta and Rutgers University, featured assessments of the Fed's near 100-year track record by prominent economic historians and macroeconomists. Although bank supervision under the National Banking System exercised a light hand and panics were frequent, depositor losses were minimal. Double liability induced shareholders to carefully monitor bank managers and voluntarily liquidate banks early if they appeared to be in trouble. Inducing more disclosure, marking assets to market, and ensuring prompt closure of insolvent national banks, the Comptroller of the Currency reinforced market discipline. The arrival of the Federal Reserve weakened this regime. Monetary policy decisions conflicted with the goal of financial stability and created moral hazard. The appearance of the Fed as an additional supervisor led to more "competition in laxity" among regulators and "regulatory arbitrage" by banks. When the Great Depression hit, policy-induced deflation and asset price volatility were misdiagnosed as failures of competition and market valuation. In response, the New Deal shifted to a regime of discretion-based supervision with forbearance"--
Member of
Assigning source
provided by publisher
Cataloging source
DLC
http://library.link/vocab/creatorName
Bordo, Michael D
Illustrations
illustrations
Index
index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/relatedWorkOrContributorName
Roberds, William
Series statement
Studies in macroeconomic history
http://library.link/vocab/subjectName
  • Board of Governors of the Federal Reserve System (U.S.)
  • Federal Reserve banks
  • Banks and banking, Central
  • Monetary policy
Label
The origins, history, and future of the Federal Reserve : a return to Jekyll Island, edited by Michael D. Bordo, William Roberds
Instantiates
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier MARC source
rdacarrier.
Content category
text
Content type MARC source
rdacontent.
Contents
Introduction / Michael D. Bordo and William Roberds. -- 1. 'To establish a more effective supervision of banking' : how the birth of the Fed altered bank supervision / Eugene N. White. -- Comment / Warren Weber. -- 2. The promise and performance of the Federal Reserve as lender of last resort / Michael D. Bordo and David C. Wheelock. -- Comment / Ellis W. Tallman. -- 3. Where it all began : lending of last resort and Bank of England monitoring during the Overend-Gurney panic of 1866 / Marc Flandreau and Stefano Ugolini. -- Comment / Barry Eichengreen. -- 4. Volatile times and persistent conceptual errors : US monetary policy 1914-51 / Charles W. Calomiris. -- Comment / Allan Meltzer. -- 5. Government policy, credit markets, and economic activity / Lawrence J. Christiano and Daisuke Ikeda. -- 6. Policy debates at the Federa Open Market Committee : 1993-2002 / Marvin Goodfriend. -- 7. Two models of land overvaluation and their implications / Narayana R. Kocherlakota. -- 8. Panel discussion : November 6, 2010 / Ben S. Bernanke, E. Gerald Corrigan and Alan Greenspan
Control code
FIEb17287248
Dimensions
24 cm.
Extent
xix, 431 pages
Isbn
9781107013728
Media category
unmediated
Media MARC source
rdamedia.
Other physical details
illustrations
System control number
(OCoLC)798133510
Label
The origins, history, and future of the Federal Reserve : a return to Jekyll Island, edited by Michael D. Bordo, William Roberds
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier MARC source
rdacarrier.
Content category
text
Content type MARC source
rdacontent.
Contents
Introduction / Michael D. Bordo and William Roberds. -- 1. 'To establish a more effective supervision of banking' : how the birth of the Fed altered bank supervision / Eugene N. White. -- Comment / Warren Weber. -- 2. The promise and performance of the Federal Reserve as lender of last resort / Michael D. Bordo and David C. Wheelock. -- Comment / Ellis W. Tallman. -- 3. Where it all began : lending of last resort and Bank of England monitoring during the Overend-Gurney panic of 1866 / Marc Flandreau and Stefano Ugolini. -- Comment / Barry Eichengreen. -- 4. Volatile times and persistent conceptual errors : US monetary policy 1914-51 / Charles W. Calomiris. -- Comment / Allan Meltzer. -- 5. Government policy, credit markets, and economic activity / Lawrence J. Christiano and Daisuke Ikeda. -- 6. Policy debates at the Federa Open Market Committee : 1993-2002 / Marvin Goodfriend. -- 7. Two models of land overvaluation and their implications / Narayana R. Kocherlakota. -- 8. Panel discussion : November 6, 2010 / Ben S. Bernanke, E. Gerald Corrigan and Alan Greenspan
Control code
FIEb17287248
Dimensions
24 cm.
Extent
xix, 431 pages
Isbn
9781107013728
Media category
unmediated
Media MARC source
rdamedia.
Other physical details
illustrations
System control number
(OCoLC)798133510

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