New PDF release: Competition and Monopoly in the Federal Reserve System,

By Mark Toma

ISBN-10: 0511559763

ISBN-13: 9780511559761

ISBN-10: 0521022037

ISBN-13: 9780521022033

ISBN-10: 0521562589

ISBN-13: 9780521562584

Many economists view festival between imperative banks as resulting in an over-issue of cash. This ebook demanding situations the traditional knowledge via displaying that pageant between Federal Reserve banks within the Nineteen Twenties didn't lead to an over-issue challenge. the U.S. Congress imposed a extra monopolistic constitution at the Fed within the mid-1930s in order that it may well accomodate a rise within the profit wishes of the Treasury. This ebook is exclusive in emphasizing the evolution of the Fed's constitution from a hugely aggressive one to a hugely monopolistic one.

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Additional info for Competition and Monopoly in the Federal Reserve System, 1914-1951: A Microeconomic Approach to Monetary History (Studies in Macroeconomic History)

Sample text

The wartime emergency had the effect of reducing the gold reserve ratio which generated Laffer curve Ly The government could now finance the emergency seigniorage requirement, say Tx. The result would be position B. Then, after the emergency, the gold standard would be re-imposed and the Laffer curve would 24 Competition and monopoly in the Federal Reserve System return to its original position. With the restoration of international trade, seigniorage requirements would be lower than Tv They would exceed 0, however, since the war is assumed to have a permanent effect on government expenditures.

On both counts, the model performs reasonably well. 5 The service charge policy was eclectic. At first there was no uniform, systemwide check-clearing policy as reserve banks crafted their own plans and implemented them at various times throughout 1914 and early 1915. The general tendency, however, was for reserve banks to charge service fees in an attempt to recoup costs (see Spahr, 1926, chapter VI). A final set of predictions pertains to the magnitude and composition of reserve bank earning assets.

While there is general agreement among both contemporary and modern day economists that these crises were a major motivation for the founding of the Fed, the particular method by which the Fed originally was designed to solve the financial crises problem is controversial. One way of viewing the controversy is whether the Fed was to function as a modern central bank or as little more than a national clearinghouse. The policy debate leading up to the Fed's creation focused on the central 26 Competition and monopoly in the Federal Reserve System banking responsibilities that had been undertaken by Treasury Secretary Shaw in the early 1900s.

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Competition and Monopoly in the Federal Reserve System, 1914-1951: A Microeconomic Approach to Monetary History (Studies in Macroeconomic History) by Mark Toma


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