O.M.W. Sprague (the Man who "Wrote the Book" on Financial Crises) and the Founding of the Federal Reserve

Hugh Rockoff

No 19758, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: O.M.W. Sprague was America's leading expert on financial crises when America was debating establishing the Federal Reserve. His History of Crises under the National Banking Act is one of the most enduring legacies of the National Monetary Commission; a still frequently cited classic. Since the Commission recommended a central bank, and its recommendation after some modifications became the Federal Reserve System, it might be assumed that Sprague was a strong supporter of establishing a central bank. But he was not. Initially, Sprague favored more limited reforms, a position that he did not abandon until the Federal Reserve became a fait accompli. Here I discuss the sources of Sprague's opposition to a central bank and the relationship of that opposition to his understanding of the history and structure of the American banking system at the turn of the nineteenth century.

JEL-codes: B26 N1 (search for similar items in EconPapers)
Date: 2013-12
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mon
Note: DAE
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Published as Hugh Rockoff, 2015. "O.M.W. Sprague (the man who “wrote the book” on financial crises) and the founding of the Federal Reserve," Journal of Financial Stability, vol 17, pages 35-45.

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