...” style of thought. Michele.alacevich@gmail.com francesco.asso@unipa.it Copyright 2023 by Duke University Press 2023 Albert O. Hirschman history of the Fed Marshall Plan European Payments Union dollar shortage Europe postwar economic order The first thirty years...

...George S. Tavlas Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922–1938 . By Humphrey Thomas M. Timberlake Richard H. . Washington, DC : Cato Institute , 2019 . xix ; 201 pp. $14.95 . Copyright © 2021 Duke University Press 2021 References...

... falls in the money stock as entirely appropriate given the fall in prices and output. Monetary contraction in response to the decline in nominal income was precisely what the real bills doctrine called for. Conclusion History might have been different had the Fed incorporated quantity the- oretic...

... of the Rate of Interest on Prices. Economic Journal 17 (June): 213 -20. Money Supply Theory and the Great Depression: What Did the Fed Know? Elmus Wicker A key chapter in the history of money supply theory is missing: the evo- lution of the role of the currency-deposit ratio as a determinant...

... “as decisive in determining whether deficit spending raised the price level” (1:96). The third point concerns the reason for the Fed's inept behavior during the Great Depression. Friedman and Schwartz assigned a key role to the death of Benjamin Strong. Until his death in 1928, Strong had been the governor...

... .” Proceedings of the American Philosophical Society 152 ( 1 ): 135 – 40 . Eastburn David P. 1975a . “ The Fed in a Political World .” Federal Reserve Bank of Philadelphia Business Review ( October ): 3 – 9 . ———. 1975b . “ Is There a Future for Economic Man? ” Federal Reserve Bank...

... at any previous time in their history and this after two years of economic contraction (Friedman 1954: 64). Second, Friedman had also begun to assess the Fed s policies beginning in 1929 (but not 1928 as he would do subsequently). While he did not argue that the Fed had ini- tiated the Great Depression...

... advisers to foreign gov- ernments, central banks, and other types of policy authorities and public agencies. True, Meltzer’s primary objective was not to write a history of policymaking within the Federal Reserve System. However, some recent literature has shown that Fed economists’ contributions...

... Foun- dation Conference, such as John H. Williams. 590 History of Political Economy 41:3 (2009) to get the banks out of debt:18 banks used the newly acquired liquidity to strengthen their balance sheets and reduce indebtedness toward the Fed- eral Reserve, but did not expand credit...

... ( July ): 170 – 292 . Brayton Flint Laubach David Reifschneider Thomas 2014 . “ The FRB/US Model: A Tool for Macroeconomic Policy Analysis .” Fed Notes , April 2014 , www.federalreserve.gov/econresdata/notes/feds-notes/2014/a-tool-for-macroeconomic-policy-analysis.html...

..., 1920–1970 .” In From Interwar Pluralism to Postwar Neoclassicism , edited by Morgan Mary S. Rutherford Malcolm . History of Political Economy 30 ( supplement ): 293 – 306 . Mehrling Perry . 2011 . The New Lombard Street: How the Fed became the Dealer of Last Resort . Princeton...

... of the Fed's policies in the early 1930s, Friedman ( 1972 : 940–41) stated: What, in the field of interpretation and policy, did Keynes have to offer those of us who learned their economics at a Chicago that was filled with these [Viner's] views? Can anyone who knows my work read Viner's comments and not see...

... . Bernanke Ben . 2016 . “ What Tools Does the Fed Have Left? Part 2: Targeting Long-Term Interest Rates .” Ben Bernanke Blog , Brookings Institution . www.brookings.edu/blog/benbernanke/2016/03/24/what-tools-does-the-fed-have-left-part-2-targeting-longer-term-interest-rates/ . Bernanke Ben...

... April 1987, quoted with his kind permission.J In his letter to me, Salant went on to say: I recall that Keynes also gave what could be called an informal lecture at the Fed attended by a much larger number-perhaps be- tween fifty and a hundred-of Washington economists, mainly...

... Reserve began in 1920 as director of research at the San Francisco bank. He left to join the New York Fed- eral Reserve Bank in 1930, becoming head of the foreign department in 1936 and president in 1941. He retired prematurely in 1956, after the bills-only controversy, and died in 1978. Seeds...

... Thought 9 ( 2 ): 161 – 85 . ———. 2002b . “ Economists and the Fed: Beginnings .” Journal of Economic Perspectives 16 ( 4 ): 207 – 18 . ———. 2005 . Fischer Black and the Revolutionary Idea of Finance . Hoboken, N.J. : John Wiley . ———. 2010 . “ A Tale of Two Cities .” History...

... Economics, edited by W. Dolfsma, D. W. Hands, and R. McMaster, 17 40. Abington: Routledge. Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922 1938. By Thomas M. Humphrey and Richard H. Timberlake. Washington, DC: Cato Institute, 2019. xix; 201 pp. $14.95. At the beginning...

... was vested in the “Quadriad,” consisting of the Troika and the chairman of the Federal Reserve Board. A greater degree of coordination was achieved in later years by shifting the emphasis of earlier meetings, bringing pressure on the Fed to comply with economic policy decisions already made...

...George S. Tavlas During the early 1930s University of Chicago economists developed a comprehensive set of policy proposals that presaged those proposed by Fed economists and academics in the aftermath of the 2007–8 financial crisis. Using the quantity-theory framework to analyze the business cycle...

... of the monetarists of the 1960’s. Second, there were several individuals out- side of Chicago who conducted research on money and monetary pol- icy much more closely associated with the monetarism of the 1960’s. 3. Friedman and Schwartz (1%3b, pp. 299-549) discussed the Fed’s actions during the 1930...