Competition and Monopoly in the Federal Reserve System, 1914-1951: A Microeconomic Approach to Monetary History

by Mark Toma

Overview

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 highly competitive one to a highly monopolistic one.

Product Details

ISBN-13:	9780521022033
Publisher:	Cambridge University Press
Publication date:	11/03/2005
Series:	Studies in Macroeconomic History
Pages:	148
Product dimensions:	6.02(w) x 8.98(h) x 0.16(d)

Table of Contents

List of figures; List of tables; Preface; 1. Introduction; 2. Microeconomics of the reserve industry; 3. Peculiar economics of the founding of the Fed; 4. Interest on reserves and reserve smoothing in a correspondent banking system; 5. Competitive open market operations; 6. High tide of the Federal Reserve System?; 7. The Fed, executive branch, and public finance, 1934–9; 8. World War II financing; 9. Historical lessons; Notes; References; Index.

Editorial Reviews

"...Toma has written a thought-provoking book that contributes to our understanding of Fedaral Reserve policy..." David C. Wheelock, Jrnl of Eco. Hist.

From the Publisher