Governor Eugene Meyer and the great contraction

James Butkiewicz

A chapter in Research in Economic History, 2008, pp 273-307 from Emerald Group Publishing Limited

Abstract: Eugene Meyer governed the Federal Reserve Board during most of the Great Contraction. Yet his role and import are almost unknown. He was not misguided by incorrect policy indicators or the real bills doctrine; the usual explanations for the failure of monetary policy. Meyer urged the adoption of expansionary policies and created the Reconstruction Finance Corporation to assist banks, especially nonmembers. However, the diffusion of power enabled the district bank Governors to stifle his efforts, although an expansionary policy was finally adopted in 1932. His unquestioning commitment to gold and lack of operational authority are the reasons policy failed.

Date: 2008
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Working Paper: Governor Eugene Meyer and the Great Contraction (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rehizz:s0363-3268(08)26006-4

DOI: 10.1016/S0363-3268(08)26006-4

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