skip to content
Federal Reserve structure, economic ideas, and monetary and financial policy Preview this item
ClosePreview this item
Checking...

Federal Reserve structure, economic ideas, and monetary and financial policy

Author: Michael D Bordo; Edward Simpson Prescott; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2019.
Series: Working paper series (National Bureau of Economic Research), no. 26098.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks starting in the 1960s is emphasized. The introduction of monetarism in the 1960s, rational expectations in the 1970s, credibility in the 1980s, transparency, and other monetary policy ideas by Reserve Banks into the Federal  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Michael D Bordo; Edward Simpson Prescott; National Bureau of Economic Research,
OCLC Number: 1110627747
Notes: "July 2019"
Description: 1 online resource (67 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 26098.
Responsibility: Michael D. Bordo, Edward S. Prescott.

Abstract:

The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks starting in the 1960s is emphasized. The introduction of monetarism in the 1960s, rational expectations in the 1970s, credibility in the 1980s, transparency, and other monetary policy ideas by Reserve Banks into the Federal Reserve System is documented. Contributions by Reserve Banks to policy on bank structure, bank regulation, and lender of last resort are also discussed. We argue that the Reserve Banks were willing to support and develop new ideas due to internal reforms to the FOMC that Chairman William McChesney Martin implemented in the 1950s. Furthermore, the Reserve Banks were able to succeed at this because of their private-public governance structure, a structure set up in 1913 for a highly decentralized Federal Reserve System, but which survived the centralization of the System in the Banking Act of 1935. We argue that this role of the Reserve Banks is an important benefit of the Federal Reserve's decentralized structure by allowing for more competition in ideas and reducing groupthink.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/1110627747> # Federal Reserve structure, economic ideas, and monetary and financial policy
    a schema:CreativeWork, schema:MediaObject, schema:Book ;
    library:oclcnum "1110627747" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/9426922346#Topic/monetary_policy_united_states_history> ; # Monetary policy--United States--History
    schema:about <http://experiment.worldcat.org/entity/work/data/9426922346#Event/1900_2099> ; # 1900-2099
    schema:about <http://experiment.worldcat.org/entity/work/data/9426922346#Topic/federal_reserve_banks> ; # Federal Reserve banks
    schema:about <http://experiment.worldcat.org/entity/work/data/9426922346#Topic/federal_reserve_banks_history> ; # Federal Reserve banks--History
    schema:about <http://experiment.worldcat.org/entity/work/data/9426922346#Topic/monetary_policy> ; # Monetary policy
    schema:about <http://experiment.worldcat.org/entity/work/data/9426922346#Place/united_states> ; # United States.
    schema:about <http://experiment.worldcat.org/entity/work/data/9426922346#Topic/fiscal_policy_united_states_history> ; # Fiscal policy--United States--History
    schema:about <http://experiment.worldcat.org/entity/work/data/9426922346#Topic/economic_history> ; # Economic history
    schema:about <http://experiment.worldcat.org/entity/work/data/9426922346#Topic/fiscal_policy> ; # Fiscal policy
    schema:author <http://experiment.worldcat.org/entity/work/data/9426922346#Person/prescott_edward_simpson> ; # Edward Simpson Prescott
    schema:author <http://experiment.worldcat.org/entity/work/data/9426922346#Person/bordo_michael_d> ; # Michael D. Bordo
    schema:bookFormat schema:EBook ;
    schema:datePublished "2019" ;
    schema:description "The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks starting in the 1960s is emphasized. The introduction of monetarism in the 1960s, rational expectations in the 1970s, credibility in the 1980s, transparency, and other monetary policy ideas by Reserve Banks into the Federal Reserve System is documented. Contributions by Reserve Banks to policy on bank structure, bank regulation, and lender of last resort are also discussed. We argue that the Reserve Banks were willing to support and develop new ideas due to internal reforms to the FOMC that Chairman William McChesney Martin implemented in the 1950s. Furthermore, the Reserve Banks were able to succeed at this because of their private-public governance structure, a structure set up in 1913 for a highly decentralized Federal Reserve System, but which survived the centralization of the System in the Banking Act of 1935. We argue that this role of the Reserve Banks is an important benefit of the Federal Reserve's decentralized structure by allowing for more competition in ideas and reducing groupthink."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/9426922346> ;
    schema:genre "History"@en ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/9426922346#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/9426922346#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:name "Federal Reserve structure, economic ideas, and monetary and financial policy"@en ;
    schema:productID "1110627747" ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/9426922346#Organization/national_bureau_of_economic_research> ; # National Bureau of Economic Research,
    schema:url <http://www.nber.org/papers/w26098> ;
    schema:url <http://papers.nber.org/papers/26098> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/1110627747> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/9426922346#Organization/national_bureau_of_economic_research> # National Bureau of Economic Research,
    a schema:Organization ;
    schema:name "National Bureau of Economic Research," ;
    .

<http://experiment.worldcat.org/entity/work/data/9426922346#Person/bordo_michael_d> # Michael D. Bordo
    a schema:Person ;
    schema:familyName "Bordo" ;
    schema:givenName "Michael D." ;
    schema:name "Michael D. Bordo" ;
    .

<http://experiment.worldcat.org/entity/work/data/9426922346#Person/prescott_edward_simpson> # Edward Simpson Prescott
    a schema:Person ;
    schema:familyName "Prescott" ;
    schema:givenName "Edward Simpson" ;
    schema:name "Edward Simpson Prescott" ;
    .

<http://experiment.worldcat.org/entity/work/data/9426922346#Place/united_states> # United States.
    a schema:Place ;
    schema:name "United States." ;
    schema:name "United States" ;
    .

<http://experiment.worldcat.org/entity/work/data/9426922346#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1110627747> ; # Federal Reserve structure, economic ideas, and monetary and financial policy
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/9426922346#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/1110627747> ; # Federal Reserve structure, economic ideas, and monetary and financial policy
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/9426922346#Topic/federal_reserve_banks> # Federal Reserve banks
    a schema:Intangible ;
    schema:name "Federal Reserve banks"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/9426922346#Topic/federal_reserve_banks_history> # Federal Reserve banks--History
    a schema:Intangible ;
    schema:name "Federal Reserve banks--History"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/9426922346#Topic/fiscal_policy_united_states_history> # Fiscal policy--United States--History
    a schema:Intangible ;
    schema:name "Fiscal policy--United States--History"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/9426922346#Topic/monetary_policy_united_states_history> # Monetary policy--United States--History
    a schema:Intangible ;
    schema:name "Monetary policy--United States--History"@en ;
    .

<http://www.worldcat.org/title/-/oclc/1110627747>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
    schema:about <http://www.worldcat.org/oclc/1110627747> ; # Federal Reserve structure, economic ideas, and monetary and financial policy
    schema:dateModified "2019-09-03" ;
    void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.