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Senator Robert Owen of Oklahoma and the Federal Reserve's formative years

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  • Wilkerson, Chad R.

    (Federal Reserve Bank of Kansas City)

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    Abstract

    U.S. Senator Robert Owen of Oklahoma played a key role in the formation of the Federal Reserve in the early twentieth century. He championed the creation of a quasi-public central bank with a decentralized structure. Author Chad Wilkerson explores how Senator Owen contributed to the Fed's early development and sought a Fed structure that would avoid placing too much control either in a centralized agency in Washington, D.C., or in a small number of Wall Street bankers. Owen generally praised the Fed's early performance but became a critic in the early 1920s, and again in the 1930s, when its deflationary policies were especially harmful to the agricultural economy of his home region.

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    File URL: http://www.kansascityfed.org/publicat/econrev/pdf/13q3Wilkerson.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Kansas City in its journal Economic Review.

    Volume (Year): (2013)
    Issue (Month): Q III ()
    Pages: 95-117

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    Handle: RePEc:fip:fedker:00006

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    Related research

    Keywords: Owen; Robert; Federal Reserve - History;

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    1. Carlson, Mark, 2005. "Causes of bank suspensions in the panic of 1893," Explorations in Economic History, Elsevier, vol. 42(1), pages 56-80, January.
    2. repec:ucp:bkecon:9780226519999 is not listed on IDEAS
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