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Some essentials of monetary stability

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  • George L. Harrison

Abstract

Harrison was the Bank's chief executive during a period of national economic hardship and financial instability: the early years of his term coincided with the stock market collapse of 1929, the Great Depression, and the bank failures that culminated in the banking crisis of 1933. In this speech, Harrison advocates reforms to strengthen the U.S. banking system and calls for the removal of remaining barriers to international trade. He argues that domestic financial stability in the major trading nations, along with a reestablished system of fixed exchange rates and orderly international payments, is crucial to stabilizing the world economy.

Suggested Citation

  • George L. Harrison, 1989. "Some essentials of monetary stability," Quarterly Review, Federal Reserve Bank of New York, issue Special, pages 15-20.
  • Handle: RePEc:fip:fednqr:y:1989:i:special:p:15-20
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