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Monetary Policy in the United States

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  • Timberlake, Richard H.

Abstract

In this extensive history of U.S. monetary policy, Richard H. Timberlake chronicles the intellectual, political, and economic developments that prompted the use of central banking institutions to regulate the monetary systems. After describing the constitutional principles that the Founding Fathers laid down to prevent state and federal governments from printing money. Timberlake shows how the First and Second Banks of the United States gradually assumed the central banking powers that were originally denied them. Drawing on congressional debates, government documents, and other primary sources, he analyses the origins and constitutionality of the greenbacks and examines the evolution of clearinghouse associations as private lenders of last resort. He completes this history with a study of the legislation that fundamentally changed the power and scope of the Federal Reserve System—the Banking Act of 1935 and the Monetary Control Act of 1980. Writing in nontechnical language, Timberlake demystifies two centuries of monetary policy. He concludes that central banking has been largely a series of politically inspired government-serving actions that have burdened the private economy.

Suggested Citation

  • Timberlake, Richard H., 1993. "Monetary Policy in the United States," University of Chicago Press Economics Books, University of Chicago Press, number 9780226803845, November.
  • Handle: RePEc:ucp:bkecon:9780226803845
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    Cited by:

    1. Steve Horwitz, 2015. "Monetary Policy under Bernanke: A Variation on a Redistributionist Theme," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 30(Winter 20), pages 31-41.
    2. Xavier Freixas, 2009. "Monetary policy in a systemic crisis," Oxford Review of Economic Policy, Oxford University Press, vol. 25(4), pages 630-653, Winter.
    3. William Roberds, 1997. "What's really new about the new forms of retail payment?," Economic Review, Federal Reserve Bank of Atlanta, issue Q 1, pages 32-45.
    4. Corinne Aaron-Cureau & Hubert Kempf, 2006. "Bargaining over monetary policy in a monetary union and the case for appointing an independent central banker," Oxford Economic Papers, Oxford University Press, vol. 58(1), pages 1-27, January.
    5. Xavier Freixas & Bruno Maria Parigi, 2008. "Lender of Last Resort and Bank Closure Policy," CESifo Working Paper Series 2286, CESifo Group Munich.
    6. Charles M. Kahn & William Roberds, 1995. "On the efficiency of cash settlement," FRB Atlanta Working Paper 95-11, Federal Reserve Bank of Atlanta.
    7. Richard H. Timberlake Jr., 2014. "Clearing House Currency," Cato Journal, Cato Journal, Cato Institute, vol. 34(2), pages 303-314, Spring/Su.
    8. repec:pal:easeco:v:44:y:2018:i:3:d:10.1057_s41302-017-0092-3 is not listed on IDEAS
    9. Robert L. Hetzel, 1997. "The case for a monetary rule in a constitutional democracy," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 45-66.
    10. Robert L. Hetzel, 2009. "Should increased regulation of bank risk-taking come from regulators or from the market?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 161-200.

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