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Books > Business & Economics > Economics > Macroeconomics > Monetary economics
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Monetary Policy on the 75th Anniversary of the Federal Reserve System - Proceedings of the Fourteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis (Hardcover, 1991 ed.)
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Monetary Policy on the 75th Anniversary of the Federal Reserve System - Proceedings of the Fourteenth Annual Economic Policy Conference of the Federal Reserve Bank of St. Louis (Hardcover, 1991 ed.)
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When the 12 District Banks of the Federal Reserve System opened
their doors for business on November 16, 1914, few observers could
have foreseen the Fed's present role as a major, if not dominant,
player in U. S. and world economic policymaking. After all, two
previous attempts to create a central bank in this country had
ended in failure. Moreover, much of the economic theory and
institutional structure that have given rise to monetary policy's
influence in recent years were not yet in place. Indeed, it would
take the Fed more than 20 years to learn (by accident ) the power
of open market operations. Clearly, the modern Federal Reserve
System has found itself with powers and responsibilities that were
not envisioned by its founders. These proceedings from a conference
held at the Federal Reserve Bank of St. Louis on October 19-20,
1989, examine U. S. monetary policy from a variety of perspectives:
a historical review of how it has affected aggregate economic
performance; a positive analysis of why the Federal Reserve has
chosen particular policy strategies; a review of normative
arguments about what the Fed should pursue as its policy objective;
a critique of how the Fed's "output"-the flow of monetary services
in the U. S. economy-is measured; and, finally, a debate over the
Fed's ability to influence real economic activity by changing the
nominal quantity of money in circulation.
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