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Monetary Policy in the United States : An Intellectual and Institutional History - Richard H. Timberlake

Monetary Policy in the United States

An Intellectual and Institutional History

Paperback

Published: 1st January 1993
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In this extensive history of U.S. monetary policy, Richard H. Timberlake chronicles the intellectual, political, and economic developments that prompted the use of central banking institutions to regulate the monetary systems.
After describing the constitutional principles that the Founding Fathers laid down to prevent state and federal governments from printing money. Timberlake shows how the First and Second Banks of the United States gradually assumed the central banking powers that were originally denied them. Drawing on congressional debates, government documents, and other primary sources, he analyses the origins and constitutionality of the greenbacks and examines the evolution of clearinghouse associations as private lenders of last resort. He completes this history with a study of the legislation that fundamentally changed the power and scope of the Federal Reserve System--the Banking Act of 1935 and the Monetary Control Act of 1980.
Writing in nontechnical language, Timberlake demystifies two centuries of monetary policy. He concludes that central banking has been largely a series of politically inspired government-serving actions that have burdened the private economy.

List of Tables
Preface
Acknowledgments
The Genesis of Monetary Control and the First Bank of the United Statesp. 1
Treasury Policy, 1811-1820p. 13
Central-Banking Growth of the Second Bank of the United Statesp. 28
Decline of the Second Bank and Rise of the Treasuryp. 43
The Specie Circular and the Distribution of the Surplusp. 51
The Independent Treasury System before the Civil Warp. 65
Civil War Inflation and Postwar Monetary Policiesp. 84
The Panic of 1873 and Resumptionp. 104
Controversy over Currency Denominationsp. 118
The Political Origin and Judicial Sanction of the Greenbacksp. 129
The Golden Cloud with the Silver Liningp. 146
The Fall of Silverp. 166
Monetary Policy in the Golden Erap. 183
The Central-Banking Role of Clearinghouse Associationsp. 198
Advent of the Federal Reserve Systemp. 214
Summary of Central-Banking Development up to 1914p. 235
The Real-Bills Era of the Federal Reserve Systemp. 254
The Appearance of the Political Federal Reserve Systemp. 274
The Reserve Requirement Experiment of the Mid-Thirtiesp. 288
The Disequilibrium Era: 1940-1951p. 300
The Post-Accord Era of the Fed: 1951-1967p. 316
Destabilizing Factors in Federal Reserve Policy, 1967-1980p. 332
Monetarism and the Pseudo-Monetarism of Federal Reserve Policy, 1979-1983p. 348
The Monetary Control Act of 1980p. 362
The Federal Reserve Approach to Price Level Stability (I)p. 375
The Federal Reserve Approach to Price Level Stability (II)p. 390
What the Fed Cannot Do; What the Fed Can Do; What the Fed Should Dop. 402
Notesp. 421
Bibliographyp. 475
Name Indexp. 485
Subject Indexp. 490
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780226803845
ISBN-10: 0226803848
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 528
Published: 1st January 1993
Publisher: The University of Chicago Press
Country of Publication: US
Dimensions (cm): 23.0 x 15.4  x 2.54
Weight (kg): 0.7
Edition Number: 2