Kenneth D. Garbade
- Published in print:
- 2012
- Published Online:
- August 2013
- ISBN:
- 9780262016377
- eISBN:
- 9780262298674
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262016377.003.0002
- Subject:
- Economics and Finance, Econometrics
This chapter describes the payments system that existed in the US between 1900 and the beginning of World War I. The discussions cover the gold standard; Treasury money; bank money; the problem of an ...
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This chapter describes the payments system that existed in the US between 1900 and the beginning of World War I. The discussions cover the gold standard; Treasury money; bank money; the problem of an inelastic currency; the Aldric–Vreeland Act of May 20, 1908; and the Federal Reserve Act and Federal Reserve money.Less
This chapter describes the payments system that existed in the US between 1900 and the beginning of World War I. The discussions cover the gold standard; Treasury money; bank money; the problem of an inelastic currency; the Aldric–Vreeland Act of May 20, 1908; and the Federal Reserve Act and Federal Reserve money.
John Kenneth Galbraith and James K. Galbraith
- Published in print:
- 2017
- Published Online:
- May 2018
- ISBN:
- 9780691171661
- eISBN:
- 9781400889082
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691171661.003.0010
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter examines the impact of the Federal Reserve System on money and banking in the United States. The Federal Reserve System was created in 1913 by virtue of the Federal Reserve Act passed by ...
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This chapter examines the impact of the Federal Reserve System on money and banking in the United States. The Federal Reserve System was created in 1913 by virtue of the Federal Reserve Act passed by Congress and signed by President Woodrow Wilson. The Federal Reserve Act (1913) provided not for one but for as many as twelve central banks. It was conceived as an answer to the great panics, but in this respect the System was notably defective. Nor was the System better as an antidote for an alarming epidemic of bank failures. Furthermore, the most severe inflation ever in peacetime occurred under its watch. The chapter considers the successes and failures of the Federal Reserve System and looks at another body established to study the management of money in the United States: the National Monetary Commission.Less
This chapter examines the impact of the Federal Reserve System on money and banking in the United States. The Federal Reserve System was created in 1913 by virtue of the Federal Reserve Act passed by Congress and signed by President Woodrow Wilson. The Federal Reserve Act (1913) provided not for one but for as many as twelve central banks. It was conceived as an answer to the great panics, but in this respect the System was notably defective. Nor was the System better as an antidote for an alarming epidemic of bank failures. Furthermore, the most severe inflation ever in peacetime occurred under its watch. The chapter considers the successes and failures of the Federal Reserve System and looks at another body established to study the management of money in the United States: the National Monetary Commission.
