COMPETITION AND MONOPOLY IN THE FEDERAL RESERVE SYSTEM, 1914-1951 by Mark Toma ( 9780521562584 )

Item Details

Title:

COMPETITION AND MONOPOLY IN THE FEDERAL RESERVE SYSTEM, 1914-1951
A MICROECONOMIC APPROACH TO MONETARY HISTORY

By:

Mark Toma

Format:

Hardback

List price:

£109.00

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£95.38

Discount:

12.5% off

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£13.62

ISBN 10:

0521562589

ISBN 13:

9780521562584

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Publisher:

CAMBRIDGE UNIVERSITY PRESS

Pub. date:

8 May, 1997

Series:

Studies in Macroeconomic History

Pages:

148

Description:

This book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.

Synopsis:

Competition 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.

Illustrations:

21 figures

Publication:

Imprint:

Cambridge University Press

Returns:

Returnable

Some other items by this author:

CENTRAL BANKERS, BUREAUCRATIC INCENTIVES AND MONETARY POLICY (HB)

CENTRAL BANKERS, BUREAUCRATIC INCENTIVES, AND MONETARY POLICY (PB)

COMPETITION AND MONOPOLY IN THE FEDERAL RESERVE SYSTEM, 1914-1951

COMPETITION AND MONOPOLY IN THE FEDERAL RESERVE SYSTEM, 1914-1951 (PB)