Federal Reserve Behavior, 1923-1931

ISBN-13: 9781138089242 / Angielski / Miękka / 2019 / 214 str.

Marshall E. McMahon

Opis

The Federal Reserve System has been widely criticised for its response to the economic and financial problems of 1928-1933. This book, first published in 1993, carries out an in-depth statistical analysis of the relevant data supporting the various theories surrounding the Fed’s behaviour, and is a key work in understanding the thinking of the period.

Spis treści

1. Introduction  2. Federal Reserve Behavior  2.1. Friedman and Schwartz’s Theory of Inconsistent Behavior  2.2. Wicker’s ‘International’ Theory  2.3. The ‘Domestic’ Theory of Brunner and Meltzer  2.4. Similarities and Differences in the Alternative Explanations  2.5. Criticism  2.6. More on Federal Reserve Theory  2.7. Summary  3. Federal Reserve Behavior: Quantification and Testing  3.1. The Assumption of a Disutility Function  3.2. The Two Models: An Overview  3.3. Model 1: The Short-Term Money Market As the Goal  3.4. Model 2: The Ultimate Target Variables As the Goals  3.5. The Time Period and the Data Used in Testing  3.6. Results of the Tests of Model 1  3.7. Results of the Tests of Model 2  3.8. Further Results and a Comment on Alternative Formulations  4. Summary

O autorze

Marshall E. McMahon