Debates and dissent inside the FOMC during WWII

Etienne Farvaque, Antoine Parent and Piotr Stanek

Business History, 2020, vol. 62, issue 6, 915-939

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.

Date: 2020
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DOI: 10.1080/00076791.2018.1517752

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