Monetary Policy and the Onset of the Great Depression: The Myth of Benjamin Stro

Description: Monetary Policy and the Onset of the Great Depression by M. Toma Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartzs now consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartzs now consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York. Author Biography Mark Toma is Associate Professor Emeritus of Economics at the University of Kentucky, USA. His research area is monetary history with a special emphasis on the public choice underpinnings of the Federal Reserve System. Table of Contents 1. Monetary Policy as Scapegoat 2. Founding of the Federal Reserve System 3. Beyond the Founders Vision: Benjamin Strong as Decisive Leader or Figurehead? 4. Modeling Discretion versus Self-Regulation 5. The Riefler-Burgess Doctrine 6. Coming to Terms with the Scissors Effect 7. Austrian and Monetarist Theories of the Onset of the Great Depression 8. Coming to Terms with Benjamin Strong 9. Did Reserve Banks Really Compete? 10. What Happened? Review "Tomas new book makes an important and original argument - that the decentralized early Federal Reserve System can be better understood as a quasi-competitive money-issuing system than as a unitary central bank - that forcefully challenges the received monetary history of the 1910s and 1920s. Readers who begin as sceptics, when they grapple with the details of the argument, will find themselves compelled to acknowledge the valuable insights and stubborn facts it brings to light." - Lawrence H. White, Professor of Economics, George Mason University, USA"Toma defends a thesis that is bound to raise other monetary economists hackles. . . . While many will find such claims hard to swallow, they will also profit, as I have, by pondering Tomas challenge to conventional wisdom." - George Selgin, Professor of Economics, The University of Georgia, USA Long Description Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartzs now-consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York. In this new work, Toma develops a self-regulated model of the Federal Reserve, which stands in contrast to a conventional discretionary model. Given the easy redemption of dollars for gold and the competition among Reserve banks, the self-regulated model implies that the early Fed could control neither the money supply nor the price level. Exploiting an untapped data set, later chapters test the thesis of self-regulation by focusing on the monetary decisions of individual Reserve banks. The micro-based evidence indicates that "Reserve banks really did compete" - and that Benjamin Strong as decisive leader during the 1920s is a myth. This finding, with its emphasis on monetary policy in the years leading up to the Great Depression, will be of interest to scholars, students, and sophisticated lay readers with an interest in macroeconomic and monetary economic policy issues, specifically to those with an interest in economic history. Review Quote "Tomas new book makes an important and original argument - that the decentralized early Federal Reserve System can be better understood as a quasi-competitive money-issuing system than as a unitary central bank - that forcefully challenges the received monetary history of the 1910s and 1920s. Readers who begin as sceptics, when they grapple with the details of the argument, will find themselves compelled to acknowledge the valuable insights and stubborn facts it brings to light." - Lawrence H. White, Professor of Economics, George Mason University, USA "Toma defends a thesis that is bound to raise other monetary economists hackles. . . . While many will find such claims hard to swallow, they will also profit, as I have, by pondering Tomas challenge to conventional wisdom." - George Selgin, Professor of Economics, The University of Georgia, USA Details ISBN1137372540 Year 2013 ISBN-10 1137372540 ISBN-13 9781137372543 Media Book Publication Date 2013-12-18 Short Title MONETARY POLICY & THE ONSET OF Language English Edition Description 2013 Imprint Palgrave Macmillan Subtitle The Myth of Benjamin Strong as Decisive Leader Place of Publication Basingstoke Country of Publication United Kingdom Format Hardcover AU Release Date 2013-12-18 NZ Release Date 2013-12-18 UK Release Date 2013-12-18 Illustrations XIX, 214 p. Author M. Toma Pages 214 Publisher Palgrave Macmillan Alternative 9781349476152 DEWEY 332.4973 Audience Undergraduate We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:99148618;

Price: 122.57 AUD

Location: Melbourne

End Time: 2025-01-06T20:50:46.000Z

Shipping Cost: 60.32 AUD