Monetary Policy, Loan Liquidation, and Industrial Conflict: The Federal Reserve and the Open Market Operations of 1932

Gerald Epstein and Thomas Ferguson

Chapter 6 in The Political Economy of Central Banking, 2019, pp 158-184 from Edward Elgar Publishing

Abstract: Early in 1932 the Federal Reserve System made a serious attempt to reverse the "Great Contraction" through expansionary open market operations, but abandoned it a few months later. In this paper we offer an interpretation of the episode that throws new light on the Fed's behavior during the Great Depresssion. Key are the attitude of private bankers, Britain's abandonment of the gold standard, and the brief open market campaign. To protect bank profits the Fed abandoned the progarm which set the stage for the complete finacial collapse od the United States in early 1933.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
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