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Debates and dissent inside the FOMC during WWII

Author

Listed:
  • Etienne Farvaque
  • Antoine Parent
  • Piotr Stanek

Abstract

We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed’s balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials.

Suggested Citation

  • Etienne Farvaque & Antoine Parent & Piotr Stanek, 2020. "Debates and dissent inside the FOMC during WWII," Business History, Taylor & Francis Journals, vol. 62(6), pages 915-939, August.
  • Handle: RePEc:taf:bushst:v:62:y:2020:i:6:p:915-939
    DOI: 10.1080/00076791.2018.1517752
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    File URL: http://hdl.handle.net/10.1080/00076791.2018.1517752
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    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • N42 - Economic History - - Government, War, Law, International Relations, and Regulation - - - U.S.; Canada: 1913-

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