EDWIN WALTER KEMMERER AND THE ORIGINS OF THE FED

Rebeca Gomez Betancourt

Journal of the History of Economic Thought, 2010, vol. 32, issue 4, 445-470

Abstract: In this article we analyze Edwin Walter Kemmerer’s contribution to the creation of the Federal Reserve System. Firstly, we contrast Kemmerer’s role in the transition from the Aldrich banking reform plan to the Glass–Owen plan with those of A. Piatt Andrew (who was Aldrich’s main advisor), H. Parker Willis (i.e., Carter Glass’s advisor), and J.L. Laughlin (who was Willis’ mentor). Secondly, we deal with theoretical questions posed by Kemmerer, who, as we assert, developed his own banking reform plan. Even if his proposals were not immediately taken into account in the Federal Reserve Act of 1913, he contributes to the institutional structure of the Federal Reserve System.

Date: 2010
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