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A Century of Monetary Policy at the FedGrowing Pains: Being Born after Panic and Experiencing Childhood in the Great Depression—December 1913–August 1935

A Century of Monetary Policy at the Fed: Growing Pains: Being Born after Panic and Experiencing... [The Federal Reserve Act created a quasi-public entity that would establish an “elastic currency,” serve as the lender of last resort, mute the seasonal movements in interest rates, supervise member banks, manage the payments system, and encourage check clearing at par without charge.1 The law intended the new agency to foster much greater financial stability. This second chapter traces out the patterns of monetary policy during the first 22 years of the Fed’s existence.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Century of Monetary Policy at the FedGrowing Pains: Being Born after Panic and Experiencing Childhood in the Great Depression—December 1913–August 1935

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Publisher
Palgrave Macmillan US
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016
ISBN
978-1-349-88757-6
Pages
19 –31
DOI
10.1007/978-1-137-57859-4_2
Publisher site
See Chapter on Publisher Site

Abstract

[The Federal Reserve Act created a quasi-public entity that would establish an “elastic currency,” serve as the lender of last resort, mute the seasonal movements in interest rates, supervise member banks, manage the payments system, and encourage check clearing at par without charge.1 The law intended the new agency to foster much greater financial stability. This second chapter traces out the patterns of monetary policy during the first 22 years of the Fed’s existence.]

Published: Jan 29, 2016

Keywords: Interest Rate; Monetary Policy; Central Bank; Federal Reserve; Great Depression

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