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

Competition and Monopoly in the Federal Reserve System, 1914-1951

A Microeconomic Approach to Monetary History

By: Mark Toma

Hardcover

Published: 13th July 1997
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In this book Mark Toma explores the workings of the early Federal Reserve System as a means of challenging the traditional (monetary) approach to central banking. His approach is framed in the spirit of the public choice tradition, but is novel insofar as its focus is the microeconomics of the central banking industry. He develops a series of micro-based models of the banking sector which are used to explain historical developments in central banking. Professor Toma shows that competition among reserve banks in the 1920s did not result in an over-issue of Fed money predicted by the monetary models. He argues that Congress imposed a more monopolistic structure on the Fed in the mid-1930s in order to accommodate the increased revenue demands of the Treasury at the time. The book is unique in emphasizing the evolution of the Federal Reserve from a competitive to a monopolistic structure.

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

Preface
Introduction
Microeconomics of the reserve industry
Peculiar economics of the founding of the Fed
Interest on reserves and reserve smoothing in a correspondent banking system
Competitive open market operations
High tide of the Federal Reserve system?
The Fed, executive branch, and public finance, 1934-1939
World War II financing
Historical lessons
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521562584
ISBN-10: 0521562589
Series: Studies in Macroeconomic History
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 148
Published: 13th July 1997
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.0
Weight (kg): 0.37