The Seductiveness of the Decisive Leader View

Mark Toma

Chapter Chapter 10 in Monetary Policy and the Onset of the Great Depression, 2013, pp 191-194 from Palgrave Macmillan

Abstract: Abstract The decade of the 1920s has earned its reputation as representing the high tide of the Federal Reserve System. During the years 1922–28 the system performed admirably in fulfilling the mission outlined in the preamble of the Federal Reserve Act: “to furnish an elastic currency.” Currency elasticity was associated with a smoothing of nominal interest rates and a reduction in the frequency of financial panics.

Keywords: Monetary Policy; Federal Reserve; Nominal Interest Rate; Monetary Base; Federal Reserve System (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-37162-1_10

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DOI: 10.1057/9781137371621_10

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