Competition and Monopoly in the Federal Reserve System, 1914-1951
A Microeconomic Approach to Monetary History
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Competition and Monopoly in the Federal Reserve System, 1914-1951 by Mark Toma
Book DescriptionCompetition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central bank exclusive rights to conduct monetary policy. In this book Mark Toma explores the workings of the early Federal Reserve System as a basis for challenging the conventional wisdom. He is able to show that competition among reserve banks in the 1920s did not result in an issue of Fed money. Rather the main effect of competitive structure was to cause reserve banks to make substantial interest payments to the private banking system in place of transfers to the US government. The book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.
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Book DetailsISBN: 9780521022033
(228mm x 152mm x 9mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 3-Nov-2005
Country of Publication: United Kingdom
Books By Author Mark Toma
Monetary Policy and the Onset of the Great Depression, Hardback (December 2013)
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.
Competition and Monopoly in the Federal Reserve System, 1914-1951, Hardback (May 1997)» View all books by Mark Toma
This book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.
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