The Federal Reserve and the Great Depression

.

Chapter 7 in A Comparative History of Central Bank Behavior, 2022, pp 159-191 from Edward Elgar Publishing

Abstract: The American banking system has been heavily regulated, mostly in unfortunate ways such as the official hostility to mergers, deposit insurance, and prohibitions against risk-reducing activities, all leading to high failure rates. The Federal Reserve was intended to improve monetary stability, but its unlimited ability to extend credit was made use of by the government during World War I. It did not anticipate the inevitable deflation, and has been blamed for the Great Depression, but its refusal to create credit when needed was merely a commitment to the gold standard with little feeling for its economic consequence.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.elgaronline.com/view/9781803926605.00012.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:21729_7

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().