Debates and dissident inside the FOMC during WW2

Etienne Farvaque, Antoine Parent and Piotr Stanek

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Abstract: We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed's balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials.

Keywords: Central Banking; Federal open market committee; Governance; Public debt; WW2 (search for similar items in EconPapers)
Date: 2018-12
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03567133
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Published in Business History, 2018, 62 (6), pp.915-939. ⟨10.1080/00076791.2018.1517752⟩

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Working Paper: Debates and dissident inside the FOMC during WW2 (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03567133

DOI: 10.1080/00076791.2018.1517752

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