By Owen F. Humpage
In December 2012, as a kickoff to the Federal Reserve System's centennial, the Federal Reserve financial institution of Cleveland requested top financial historians and macroeconomic economists to handle present and habitual monetary matters that confront relevant banks from a ancient standpoint. The ensuing papers, released during this quantity, hide quite a lot of concerns, together with the that means of central-bank independence, the position of communications and principles in fostering credibility, the evolution of the lender-of-last-resort functionality, the mechanism during which banks transmit monetary shocks, and clients for a ecu financial union. A retrospective at the Federal Reserve, this booklet includes essays by way of many of the world's so much trendy monetary historians and gives an intensive assessment of the evolution of the financial common over the last centuries. supplying old context as a supplement to financial idea and empiricism, those papers examine how monetary infrastructure shapes fiscal results via comparisons of Canada and the U.S..
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Additional resources for Current Federal Reserve Policy Under the Lens of Economic History: Essays to Commemorate the Federal Reserve System’s Centennial
2001). “Can an Ape Reason Analogically? ” In Dedre Gentner, Keith Holyoak, and Boicho Nokinov (eds), The Analogical Mind: Perspectives from Cognitive Science, pp. 471–498. Cambridge, MA: MIT Press. Rapport, Aaron. (2012). “Making the Case for History: Using Historical Analogies in Policy Analysis,” Miller Center Blog, University of Virginia (February 22). org/blog/making-the-case. Reinhart, Carmen, and Kenneth Rogoff. (2009). This Time Is Different: Eight Centuries of Financial Folly. Princeton, NJ: Princeton University Press.
1964). Economic Backwardness in Historical Perspective. Cambridge, MA: Harvard University Press. , Jr. (1983). ” The Public Historian 5:5–19. Hamilton, Earl. (1934). American Treasury and the Price Revolution in Spain 1501–1650. Cambridge, MA: Harvard University Press. Iggers, Georg. (2000). ” Paper presented to the International Congress of Historical Sciences, Oslo, August 9. Jameson, J. Franklin. (1959). ” American Historical Review 59:61–71 [reprint of address delivered in 1912]. Laidler, David.
U]nder Volcker, the FOMC recognized that inflationary expectations were imbedded in long-term interest rates; that volatile expectations about future inflation made long rates highly sensitive to macroeconomic events including policy actions; that imperfect credibility about future monetary policy made long-term rates stubborn in the face of policy actions; and that the management of inflation Federal Reserve Policy Today in Historical Perspective 27 expectations was a crucial, but very difficult, part of the FOMC’s job.