Central banks in Great Britain and the United States arose early in
the financial revolution. The Bank of England was created in 1694
while the first Banks of the United States appeared in 1791-1811
and 1816-36, and were followed by the Idependent Treasury,
1846-1914. These institutions, together with the Suffolk Bank and
the New York Clearing House, exercised important central banking
function before the creation of the Federal Reserve System in 1913.
Significant monetary changes in the lives of these British and
American institutions are examined within a framework that deals
with the knowledge and behavior of central bankers and their
interactions with economists and politicians. Central Bankers
behavior has shown considerable continuity in the influence of
incentives and their interest in the stability of the financial
markets. For example, the Federal Reserve s behavior during the
Great Depression, the low inflation of the 1990s, and its
resurgence the next decade follow from its structure and from
government pressures rather than accidents of personnel.
General
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