By Owen F. Humpage
In December 2012, as a kickoff to the Federal Reserve System's centennial, the Federal Reserve financial institution of Cleveland requested major financial historians and macroeconomic economists to deal with present and ordinary monetary issues that confront principal banks from a old point of view. The ensuing papers, released during this quantity, conceal a variety of matters, together with the that means of central-bank independence, the function of communications and principles in fostering credibility, the evolution of the lender-of-last-resort functionality, the mechanism wherein banks transmit financial shocks, and customers for a eu financial union. A retrospective at the Federal Reserve, this e-book comprises essays via the various world's so much popular monetary historians and gives a radical evaluation of the evolution of the financial common during the last centuries. providing ancient context as a supplement to monetary concept and empiricism, those papers examine how monetary infrastructure shapes monetary results via comparisons of Canada and the USA.
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Additional resources for Current Federal Reserve Policy Under the Lens of Economic History: Essays to Commemorate the Federal Reserve System’s Centennial
Journal of Economic History 72:289–307. Gans, Herbert. (2011). ” History News Network (March 16). html. Gayer, Arthur, Walt Whitman Rostow, and Anna J. Schwartz. (1953). Growth and Fluctuation of the British Economy 1790–1850: An Historical, Statistical and Theoretical Study of Britain’s Economic Development. Oxford: Oxford University Press. Fogel, Robert, and Stanley Engerman. (1974). Time on the Cross. 2 vols. New York: Little, Brown. In history, the popularity of postmodernism has clearly peaked and is now on the wane.
Html. Gayer, Arthur, Walt Whitman Rostow, and Anna J. Schwartz. (1953). Growth and Fluctuation of the British Economy 1790–1850: An Historical, Statistical and Theoretical Study of Britain’s Economic Development. Oxford: Oxford University Press. Fogel, Robert, and Stanley Engerman. (1974). Time on the Cross. 2 vols. New York: Little, Brown. In history, the popularity of postmodernism has clearly peaked and is now on the wane. It would be unfortunate if the discipline of economics did not learn from this earlier historical experience.
The unhinging of inflation expectations was a “nightmare scenario” for monetary policy. January 1981 to October 1981 Even as the Fed established its highly restrictive 19 percent federal funds rate in the first half of 1981, long-term Treasury rates moved 3 percentage points higher during the year, reflecting rising inflation expectations. Inflation expectations had become an important constraint on policy, as 28 Marvin Goodfriend Volcker recognized. Governor Schultz put it bluntly at the March 1981 FOMC meeting, saying, “if we were to attempt to ease, it’s pretty clear that everybody would think we had let the inflationary cat out of the bag.