Competition and Monopoly in the Federal Reserve System, 1914-1951: A Microeconomic Approach to Monetary History(Studies in Macroeconomic History)
Series: Studies in Macroeconomic History
Many economists view competition among central banks as leading to an over-issue of money. This book challenges the conventional wisdom by showing that competition among Federal Reserve banks in the 1920s did not result in an over-issue problem. The US Congress imposed a more monopolistic structure on the Fed in the mid-1930s so that it could accomodate an increase in the revenue needs of the Trea
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English
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Many economists view competition among central banks as leading to an over-issue of money. This book challenges the conventional wisdom by showing that competition among Federal Reserve banks in the 1920s did not result in an over-issue problem. The US Congress imposed a more monopolistic structure on the Fed in the mid-1930s so that it could accomodate an increase in the revenue needs of the Treasury. This book is unique in emphasizing the evolution of the Fed's structure from a highly competitive one to a highly monopolistic one.
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