Real Bills, The Gold Standard, and Central Bank Policy

Robert Craig West

Business History Review, 1976, vol. 50, issue 4, 503-513

Abstract: Students of the origins and accomplishments of government regulation of economic activity have open suspected that the laws on which regulation is based were addressed to problems and conditions of the past that no longer prevailed, or — what is worse — assumptions about the “real world” that are highly unrealistic. This is Professor West's main conclusion about the Federal Reserve Act of 1913, especially as regards its discount rate and international exchange policies.

Date: 1976
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