Competition and Monopoly in the Federal Reserve System, 1914-1951 A Microeconomic Approach to Monetary History |
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| Author:
| Toma, Mark |
| Contribution by:
| Bordo, Michael D.
Capie, Forrest
Redish, Angela |
| Series title: | Studies in Macroeconomic History Ser. |
| ISBN: | 978-0-521-02203-3 |
| Publication Date: | Nov 2005 |
| Publisher: | Cambridge University Press
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| Book Format: | Paperback |
| List Price: | AUD $77.95 |
Book Description:
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Many economists view competition among central banks as leading to an over issue of money. This book challenges the conventional wisdom by showing that competition among Federal Reserve banks in the 1920s did not result in an over issue problem. The US Congress imposed a more monopolistic structure on the Fed in the mid-1930s so that it could accomodate an increase in the revenue needs of the Treasury. This book is unique in emphasizing the evolution of the Fed's structure from a...
More DescriptionMany economists view competition among central banks as leading to an over issue of money. This book challenges the conventional wisdom by showing that competition among Federal Reserve banks in the 1920s did not result in an over issue problem. The US Congress imposed a more monopolistic structure on the Fed in the mid-1930s so that it could accomodate an increase in the revenue needs of the Treasury. This book is unique in emphasizing the evolution of the Fed's structure from a highly competitive one to a highly monopolistic one.