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Central Banking in the United States

In: Who Governs?

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  • John H. Wood

    (Wake Forest University)

Abstract

American money and banking have been determined within changing legal frameworks—such as the Banks of the United States, the Independent Treasury, and the Federal Reserve—determined primarily by legislation, the effects of which have been controversial and often unsatisfactory as measured by instability and inflation. The most significant constants have been the desires for more regulation (mainly to offset the effects of previous regulations) and the use of the banking system, assisted by government agencies, to monetize government debt.

Suggested Citation

  • John H. Wood, 2020. "Central Banking in the United States," Palgrave Studies in American Economic History, in: Who Governs?, chapter 0, pages 145-191, Palgrave Macmillan.
    • Handle: RePEc:pal:psichp:978-3-030-33083-5_5
    DOI: 10.1007/978-3-030-33083-5_5
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