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Books > History > History of specific subjects > Economic history
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Monetary Policy and the Onset of the Great Depression - The Myth of Benjamin Strong as Decisive Leader (Hardcover, New)
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Monetary Policy and the Onset of the Great Depression - The Myth of Benjamin Strong as Decisive Leader (Hardcover, New)
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Monetary Policy and the Onset of the Great Depression challenges
Milton Friedman and Anna Schwartz's now-consensus view that the
high tide of the Federal Reserve System in the 1920s was due to the
leadership skills of Benjamin Strong, head of the Federal Reserve
Bank of New York. In this new work, Toma develops a self-regulated
model of the Federal Reserve, which stands in contrast to a
conventional discretionary model. Given the easy redemption of
dollars for gold and the competition among Reserve banks, the
self-regulated model implies that the early Fed could control
neither the money supply nor the price level. Exploiting an
untapped data set, later chapters test the thesis of
self-regulation by focusing on the monetary decisions of individual
Reserve banks.
The micro-based evidence indicates that "Reserve banks really did
compete" - and that Benjamin Strong as decisive leader during the
1920s is a myth. This finding, with its emphasis on monetary policy
in the years leading up to the Great Depression, will be of
interest to scholars, students, and sophisticated lay readers with
an interest in macroeconomic and monetary economic policy issues,
specifically to those with an interest in economic history.
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