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Central Banks and Monetary Policy

In: Macroeconomics

Author

Listed:
  • Peter Dorman

    (The Evergreen State College)

Abstract

One of the best-loved English-language books for children is The Wonderful Wizard of Oz by L. Frank Baum. It tells the story of a girl, swept by cyclone out of her native Kansas, who has adventures with a Scarecrow, a Tin Man, a Cowardly Lion and witches good and bad, searching for and finding the Wizard himself. It might also be a parable about monetary policies in late nineteenth century America; Baum himself was a politically aroused newspaper editor who had sympathy for those who wanted to get rid of the gold standard and allow the money supply to expand and interest rates to fall. The “Oz”, according to this hypothesis, could be the ounce of gold, its standard measure of quantity, the yellow brick road a path to the hidden lair of gold, and the Wizard, who, once he is no longer behind curtains appears weak and fallible, the false authority of the gold standard itself. Or not.

Suggested Citation

  • Peter Dorman, 2014. "Central Banks and Monetary Policy," Springer Texts in Business and Economics, in: Macroeconomics, edition 127, chapter 13, pages 293-321, Springer.
    • Handle: RePEc:spr:sptchp:978-3-642-37441-8_13
    DOI: 10.1007/978-3-642-37441-8_13
    as

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