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Chairman of the Fed

In: Who Governs?

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  • John H. Wood

    (Wake Forest University)

Abstract

The Federal Reserve was created to promote stability and growth by means of an elastic currency, a task at which it failed miserably during the Great Depression, but which inspired the additional tasks of assisting employment and price stability. Martin’s term as chairman of the Federal Reserve Board and the Federal Open Market Committee (1951–70) was characterized by conflicts between his desire for stable prices, bolstered by his skepticism regarding the stimulative effects of inflation, and Keynesian and administration desires for the Fed’s financing of government deficits.

Suggested Citation

  • John H. Wood, 2020. "Chairman of the Fed," Palgrave Studies in American Economic History, in: Who Governs?, chapter 0, pages 193-247, Palgrave Macmillan.
    • Handle: RePEc:pal:psichp:978-3-030-33083-5_6
    DOI: 10.1007/978-3-030-33083-5_6
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