This comprehensive series delves into the intricate history of the United States' central bank, tracing its evolution from inception to the present day. It explores pivotal moments, policy shifts, and the economic philosophies that have shaped the institution. Readers will gain insight into the key figures, controversies, and the profound impact on the national and global economy. It is essential reading for anyone interested in monetary policy and financial history.
Spanning the period from the institution's founding in 1913 to the restoration of its independence in 1951, this title chronicles the evolution and development of the Federal Reserve from the Federal Reserve Accord in 1951 to the first phase of the Great Inflation in the 1960s, revealing the inner workings of the Fed during a period of change.
Spanning the period from the institution's founding in 1913 to the restoration of its independence in 1951, this title chronicles the evolution and development of the Federal Reserve from the Federal Reserve Accord in 1951 to the first phase of the Great Inflation in the 1960s, revealing the inner workings of the Fed during a period of change.
Allan H. Meltzer's extensive history of the Federal Reserve System explores one of America's most significant yet least understood institutions. This first volume spans from the Federal Reserve's inception in 1913 to the Treasury-Federal Reserve Accord of 1951, marking a transformative era for the institution. To elucidate the Federal Reserve's actions during pivotal moments, Meltzer utilizes meeting minutes, correspondence, and previously unpublished internal documents, revealing the rationale behind its policy decisions. He discusses the Federal Reserve's inaction during the economic decline leading to the Great Depression and how its decisions contributed to the severe recession of 1937-1938. Additionally, he highlights the influence of key thinkers like Winfield Riefler and Randolph Burgess, whose ideas shaped policy and led to significant missteps. The narrative also addresses the Federal Reserve's role in international affairs, including efforts to establish a new financial system in the 1920s, the 1944 Bretton Woods Agreement, and the failure of the 1933 London Economic Conference. This comprehensive biography will captivate economists, central bankers, historians, political scientists, and anyone seeking a profound understanding of the institution that manages America's financial resources.