Description
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. Mark Toma is Associate Professor Emeritus of Economics at the University of Kentucky, USA. His research area is monetary history with a special emphasis on the public choice underpinnings of the Federal Reserve System. 1. Monetary Policy as Scapegoat 2. Founding of the Federal Reserve System 3. Beyond the Founders’ Vision: Benjamin Strong as Decisive Leader or Figurehead? 4. Modeling Discretion versus Self-Regulation 5. The Riefler-Burgess Doctrine 6. Coming to Terms with the Scissors Effect 7. Austrian and Monetarist Theories of the Onset of the Great Depression 8. Coming to Terms with Benjamin Strong 9. Did Reserve Banks ‘Really’ Compete? 10. What Happened?
