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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.
By now it has become obvious that Federal Reserve actions have an
immense impact on the functioning of our economy. As a result, a
great deal of research has been done on the Fed and on monetary
policy. Much of this work is normative; it tells us what the Fed
should do. Positive work on the Fed has usually tried to elucidate
particular Fed policies, and has not tried to present a theory of
why the Fed behaves the way it does. The dominant theory of Fed
behavior is that the Fed does what it believes to be best for the
public welfare. This theory - usually left implicit - is so simple,
and seemingly so obviously correct, that it has received widespread
credence without extended discussion or tests. When thinking about
govern ment in general many observers doubt that it nearly always
acts in the public interest. However, they ascribe this unfortunate
state of affairs mainly to political pressures. Since the Fed is
relatively removed from such pressures, the public interest theory
of government seems more applicable to it."
This book covers recent developments and possible pitfalls in the
diagnosis of genetic movement disorders and related conditions. It
is divided into three sections: technical and scientific aspects;
clinical aspects with guidance towards work-up; and ethical and
legal aspects of genetic testing in a clinical and research
setting. The first section includes chapters on genetic analysis
and counselling with critical discussion of potential problems when
interpreting the results. Clinical chapters summarize genetic forms
of movement disorders including parkinsonism, tics and dystonia
with algorithms for hands-on daily practice. Related conditions
such as RLS, ataxias and dementias are also covered. Finally,
chapters on ethical and legal aspects of genetic testing are
included. Movement Disorder Genetics is aimed at clinicians and
scientists working in the field of movement disorders and related
conditions.
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.
By now it has become obvious that Federal Reserve actions have an
immense impact on the functioning of our economy. As a result, a
great deal of research has been done on the Fed and on monetary
policy. Much of this work is normative; it tells us what the Fed
should do. Positive work on the Fed has usually tried to elucidate
particular Fed policies, and has not tried to present a theory of
why the Fed behaves the way it does. The dominant theory of Fed
behavior is that the Fed does what it believes to be best for the
public welfare. This theory - usually left implicit - is so simple,
and seemingly so obviously correct, that it has received widespread
credence without extended discussion or tests. When thinking about
govern ment in general many observers doubt that it nearly always
acts in the public interest. However, they ascribe this unfortunate
state of affairs mainly to political pressures. Since the Fed is
relatively removed from such pressures, the public interest theory
of government seems more applicable to it."
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