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The Fed’s Organization For Policy

Stephen H. Axilrod

in The Federal Reserve: What Everyone Needs to Know

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199934485
eISBN:
9780199345786
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199934485.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter provides an overview of the Fed's policy structure. It addresses the following questions: Where does responsibility for monetary policy decisions reside in the Fed? What does the Federal ... More


History of Lender of Last Resort in the United States

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0008
Subject:
Economics and Finance, Economic History

The government successfully responded to the 2008 financial crisis through the Federal Reserve's use of its lender-of-last-resort (LLR) authority. The presence of a strong LLR is paramount to ... More


Why Fed Power Matters

Lawrence R. Jacobs and Desmond King

in Fed Power: How Finance Wins

Published in print:
2021
Published Online:
March 2021
ISBN:
9780197573129
eISBN:
9780197573167
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197573129.003.0001
Subject:
Political Science, American Politics

Chapter 1 introduces the unrivaled political and economic power of America’s Central Bank, the Federal Reserve System. The Federal Reserve Bank is a mutant institution of government. It has enjoyed ... More


Reinvestment for Whom?: The Limits of Bank-Led Reinvestment

Rebecca K. Marchiel

in After Redlining: The Urban Reinvestment Movement in the Era of Financial Deregulation

Published in print:
2020
Published Online:
May 2021
ISBN:
9780226723648
eISBN:
9780226723785
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226723785.003.0006
Subject:
History, American History: 20th Century

This chapter follows activists during the late 1970s and early 1980s, when the Home Mortgage Disclosure Act and the Community Reinvestment Act entered the federal regulatory state. Activists scored ... More


Banking on the Community: Mexican Immigrants’ Experiences ina Historically African American Bank inSouth Central Los Angeles, 1970–2007

Abigail Rosas

in Black and Brown in Los Angeles: Beyond Conflict and Coalition

Published in print:
2013
Published Online:
January 2017
ISBN:
9780520275591
eISBN:
9780520956872
Item type:
chapter
Publisher:
University of California Press
DOI:
10.1525/california/9780520275591.003.0003
Subject:
History, American History: 20th Century

This chapter examines the experiences of Mexican immigrants in Broadway Federal Bank, established in the post-World War II period to specially serve the needs of African Americans in South Los ... More


World War and Globalization

Simon James Bytheway and Mark Metzler

in Central Banks and Gold: How Tokyo, London, and New York Shaped the Modern World

Published in print:
2016
Published Online:
May 2017
ISBN:
9781501704949
eISBN:
9781501705953
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501704949.003.0003
Subject:
History, Economic History

This chapter examines how central bank cooperation became a multilateral enterprise during the opening weeks of the First World War. It was the Bank of England that took the initiative to establish a ... More


The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps

Kathleen C. Engel and Patricia A. McCoy

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195388824
eISBN:
9780190258535
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195388824.001.0001
Subject:
Business and Management, Political Economy

The subprime crisis shook the American economy to its core. How did it happen? Where was the government? Did anyone see the crisis coming? Will the new financial reforms avoid a repeat performance? ... More


Federal Reserve Support of the Treasury Market during World War I

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0009
Subject:
Economics and Finance, Econometrics

This chapter discusses Federal Reserve support of the Treasury market during World War I, which was founded on two statutory credit facilities: the original power of the Reserve Banks to discount, or ... More


Hamilton’s Bank and Jefferson’s Nightmare

Mehrsa Baradaran

in Hamilton and the Law: Reading Today's Most Contentious Legal Issues through the Hit Musical

Published in print:
2020
Published Online:
May 2021
ISBN:
9781501752216
eISBN:
9781501752230
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501752216.003.0031
Subject:
History, Cultural History

This chapter discusses how Alexander Hamilton pushed for a national, centralized, and government-coordinated banking system. He argued that only this system of banking would produce a world-class ... More


Understanding Interest Rates and the Economy

Alan N. Rechtschaffen

in Capital Markets, Derivatives, and the Law: Positivity and Preparation

Published in print:
2019
Published Online:
May 2019
ISBN:
9780190879631
eISBN:
9780190879662
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190879631.003.0007
Subject:
Law, Company and Commercial Law

This chapter begins with a discussion of the Federal Reserve and the Federal Reserve Banking System. The Federal Reserve System was created by Congress under the Federal Reserve Act “to provide for ... More


A Family of Substance: The Early Years

Robert P. Bremner

in Chairman of the Fed: William McChesney Martin Jr., and the Creation of the Modern American Financial System

Published in print:
2004
Published Online:
October 2013
ISBN:
9780300105087
eISBN:
9780300127799
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300105087.003.0002
Subject:
History, Economic History

William McChesney Martin Jr., who served as chairman of the Federal Reserve System from 1951 to 1970, is the son of Rebecca Woods and William McChesney Martin Sr. The elder Martin's father, Thomas L. ... More


An Ounce of Prevention: Financial Regulation, Moral Hazard, and the End of “Too Big to Fail”

David A. Moss

in New Directions in Financial Services Regulation

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262015615
eISBN:
9780262295789
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262015615.003.0008
Subject:
Economics and Finance, Economic Systems

This chapter first takes into account the history of financial crises in America, citing financial crises as a regular and often debilitating feature of American life. The lack of a crisis for about ... More


Pressures for Government Action

Price Fishback, Jonathan Rose, and Kenneth Snowden

in Well Worth Saving: How the New Deal Safeguarded Home Ownership

Published in print:
2013
Published Online:
May 2014
ISBN:
9780226082448
eISBN:
9780226082585
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226082585.003.0004
Subject:
Economics and Finance, Economic History

The HOLC was passed during the first hundred days of the Roosevelt administration, and like other New Deal programs was directed at a pressing problem with a clear constituency in mind. Given the ... More


The Phillips Curve in Historical Context

Jeff Fuhrer, Yolanda K. Kodrzycki, Jane Sneddon Little, and Giovanni P. Olivei

in Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262013635
eISBN:
9780262258784
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013635.003.0001
Subject:
Economics and Finance, Econometrics

This chapter begins with an intellectual history of the Phillips curve. It then provides a summary of the revised conference papers and comments presented during the Federal Reserve Bank of Boston’s ... More


Fed Power: How Finance Wins

Lawrence Jacobs and Desmond King

Published in print:
2021
Published Online:
March 2021
ISBN:
9780197573129
eISBN:
9780197573167
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197573129.001.0001
Subject:
Political Science, American Politics

The Federal Reserve, created more than a century ago, is the most powerful central bank in the world. The Fed’s power to alter the money supply, move interest rates, and to intervene to save Wall ... More


Wall Street Skirts Regulation

Kathleen C. Engel and Patricia A. McCoy

in The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195388824
eISBN:
9780190258535
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195388824.003.0011
Subject:
Business and Management, Political Economy

This chapter discusses how federal regulators contributed to the subprime crisis. Congress laid the groundwork back in 1999 and 2000, when it deregulated over-the-counter credit default swaps, which ... More


Treasury Cash Management: Certificates of Indebtedness

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0007
Subject:
Economics and Finance, Econometrics

Treasury officials adopted two strategies to ease fluctuations in government balances at the Federal Reserve Banks, which would have otherwise resulted from the immense flows of funds attributable to ... More


Wall Street Discovers Japan, Spring 1920

Simon James Bytheway and Mark Metzler

in Central Banks and Gold: How Tokyo, London, and New York Shaped the Modern World

Published in print:
2016
Published Online:
May 2017
ISBN:
9781501704949
eISBN:
9781501705953
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501704949.003.0006
Subject:
History, Economic History

This chapter recounts the spring of 1920, when three of Wall Street's top bankers—Thomas W. Lamont of J.P. Morgan & Company, Frank A. Vanderlip of National City Bank, and Benjamin Strong of the ... More


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