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Postwar Changes in the American Financial Markets

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  • Benjamin M. Friedman
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    Abstract

    The object of this essay is to gain an overview of developments in theAmerican financial markets since World War II, with particular attention to changes that have occurred either between the prewar and post-war years or within the past several decades. Inevitably such an effort must be selective. The primary emphasis here is on the interaction between the financial markets and the nonfinancial economy, in the sense of the demands that the nonfinancial economy has placed on the financial markets and the ways in which the financial markets have responded to these demands. In addition, much of this essay focuses on the evolving role of government in the financial markets and on the changes that it has brought about. Questions pertaining to the internal organization of financial markets and financial institutions, and to financial innovations per se, are also important, but they will receive less attention here.

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    File URL: http://www.nber.org/papers/w0458.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0458.

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    Date of creation: Feb 1980
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    Publication status: published as Friedman, Benjamin M. "Postwar Changes in the American Financial Markets." The American Economy in Transition, edited by Martin Feldstein, pp. 9-99. Chicago: University of Chicago Press, 1980.
    Handle: RePEc:nbr:nberwo:0458

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    1. Feige, Edgar L & McGee, Robert, 1979. "Has the Federal Reserve Shifted from a Policy of Interest Rate Targets to a Policy of Monetary Aggregate Targets?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(4), pages 381-404, November.
    2. Milton Friedman, 1959. "The Demand for Money: Some Theoretical and Empirical Results," Journal of Political Economy, University of Chicago Press, vol. 67, pages 327.
    3. Oldfield, George S, Jr, 1977. "Financial Aspects of the Private Pension System," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 9(1), pages 48-54, February.
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    5. Stephen M. Goldfeld, 1973. "The Demand for Money Revisited," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 4(3), pages 577-646.
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    8. Lombra, Raymond E & Kaufman, Herbert M, 1978. "Commercial Banks and the Federal Funds Market: Recent Developments and Implications," Economic Inquiry, Western Economic Association International, vol. 16(4), pages 549-62, October.
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    17. Poole, William, 1975. "The Making of Monetary Policy: Description and Analysis," Economic Inquiry, Western Economic Association International, vol. 13(2), pages 253-65, June.
    18. Fischer, Stanley, 1975. "The Demand for Index Bonds," Journal of Political Economy, University of Chicago Press, vol. 83(3), pages 509-34, June.
    19. Martin Neil Baily, 1978. "Stabilization Policy and Private Economic Behavior," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 9(1), pages 11-60.
    20. Pierce, James L., 1978. "The myth of congressional supervision of monetary policy," Journal of Monetary Economics, Elsevier, vol. 4(2), pages 363-370, April.
    21. Dwight M. Jaffee & Kenneth T. Rosen, 1979. "Mortgage Credit Availability and Residential Construction," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(2), pages 333-386.
    22. Tepper, Irwin & Affleck, A R P, 1974. "Pension Plan Liabilities and Corporate Financial Strategies," Journal of Finance, American Finance Association, vol. 29(5), pages 1549-64, December.
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    24. Perloff, Jeffrey M. & Wachter, Michael L., 1979. "A production function--nonaccelerating inflation approach to potential output : Is measured potential output too high?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 10(1), pages 113-163, January.
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    Cited by:
    1. Aarstol, Michael P., 2000. "Inflation and debt maturity," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(1), pages 139-153.
    2. Hume, Michael & Sentance, Andrew, 2009. "The global credit boom: challenges for macroeconomics and policy," Discussion Papers 27, Monetary Policy Committee Unit, Bank of England.

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