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

ISBN-13: 9780521022033 / Angielski / Miękka / 2005 / 148 str.

Mark Toma; Michael D. Bordo; Forrest Capie

Opis

Many economists view competition among central banks as leading to an over-issue of money. This book challenges the conventional wisdom by showing that competition among Federal Reserve banks in the 1920s did not result in an over-issue problem. The US Congress imposed a more monopolistic structure on the Fed in the mid-1930s so that it could accomodate an increase in the revenue needs of the Treasury. This book is unique in emphasizing the evolution of the Fed's structure from a highly competitive one to a highly monopolistic one.