Current Federal Reserve Policy Under the Lens of Economic by Owen F. Humpage

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 best financial historians and macroeconomic economists to deal with present and routine financial issues that confront crucial banks from a ancient standpoint. The ensuing papers, released during this quantity, hide quite a lot of matters, together with the which means of central-bank independence, the function of communications and ideas in fostering credibility, the evolution of the lender-of-last-resort functionality, the mechanism by which banks transmit fiscal shocks, and clients for a ecu financial union. A retrospective at the Federal Reserve, this e-book comprises essays via the various world's such a lot in demand monetary historians and gives a radical assessment of the evolution of the financial ordinary over the last centuries. delivering old context as a supplement to fiscal concept and empiricism, those papers examine how monetary infrastructure shapes monetary results via comparisons of Canada and the us.

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Extra resources for Current Federal Reserve Policy Under the Lens of Economic History: Essays to Commemorate the Federal Reserve System’s Centennial

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Choudhri and Schembri then focus on differences between the countries’ financial-stability policies. During the boom period of the 1920s, both the United States and Canada lacked effective financial-stability policies to control credit expansion. Both eventually had to use monetary-policy actions – a particularly blunt instrument. Canada and the United States Introduction 7 learned from the experience and, during the Great Depression, introduced substantial changes to laws governing their financial systems.

21 Cited in Rapport (2012). The context for the remark was an analogy between Germany’s decision in 1914 to press its momentary advantage over Russia and France, with disastrous geopolitical consequences, and the possibility that Israel might press its momentary military advantage to launch a strike against Iran’s nuclear program. 22 As argued by Zelikow (1999). 20 The Uses and Misuses of Economic History 15 not the savings and loan crisis or the 1907 financial panic but the Great Depression, the great macroeconomic disaster of the twentieth century.

Canada and the United States Introduction 7 learned from the experience and, during the Great Depression, introduced substantial changes to laws governing their financial systems. Prior to the recent crisis, however, the United States – unlike Canada – seems to have forgotten that lesson. Choudhri and Schembri attribute differences in Canada’s and the United States’ recent economic performances to differences in their mortgage-market and bank-regulatory policies.  housing and mortgage markets, which Canada did not share.

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