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Monetary Policy, Loan Liquidation, and Industrial Conflict: The Federal Reserve and the Open Market Operations of 1932

In: The Political Economy of Central Banking

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  • Gerald Epstein
  • Thomas Ferguson

Abstract

Early in 1932 the Federal Reserve System made a serious attempt to reverse the "Great Contraction" through expansionary open market operations, but abandoned it a few months later. In this paper we offer an interpretation of the episode that throws new light on the Fed's behavior during the Great Depresssion. Key are the attitude of private bankers, Britain's abandonment of the gold standard, and the brief open market campaign. To protect bank profits the Fed abandoned the progarm which set the stage for the complete finacial collapse od the United States in early 1933.

Suggested Citation

  • Gerald Epstein & Thomas Ferguson, 2019. "Monetary Policy, Loan Liquidation, and Industrial Conflict: The Federal Reserve and the Open Market Operations of 1932," Chapters, in: The Political Economy of Central Banking, chapter 6, pages 158-184, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18820_6
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    Keywords

    Economics and Finance;

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