The Political Economy of U.S. Monetary Policy
How the Federal Reserve Gained Control and Uses It
Bibliographic Data
| ID | 12155014 |
|---|---|
| Authors | Edwin Dickens (Saint Peter's University, corresponding author) |
| Year | 2013 |
| Volume | 42 |
| Issue | 3 |
| Pages | 24-43 |
| Publication date | 2013-10-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | International Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0891-1916 • E-ISSN: 1558-0970 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.2753/ijp0891-1916420302 |
| OpenAlex | W4248511900 |
| Language | EN |
| Citations received | 2 |
| References cited | 24 |
Mainstream economists explain the Federal Reserve's behavior as (usually failed) attempts to stabilize the economy on a non-inflationary growth path. In contrast, this paper explains it in terms of class and intra-class conflicts, with the class conflict taking the form of a populist movement prior to the New Deal then a movement toward social democracy, while the intra-class conflict at issue here is between the large regional banks and the large New York banks. The paper shows that when these two groups of banks are united, they constitute an unassailable force in the class conflict. However, when the large regional banks are at loggerheads with the large New York banks over the proper role of bank clearinghouses during the populist period and the proper role of the eurodollar market during the social democratic period, then there is an opening for progressive social reforms
Economics · Keynesian economics · Monetary hegemony · Monetary policy · Political economy · Political science · Politics · Economic Theory and Policy · Global Financial Crisis and Policies
Prisoners of the American dream
The triumph of conservatism
The evolution of central banks
The end of reform
The General Theory of Employment, Interest, and Money
Money and Credit in Radical Political Economy
The Rise and Fall of the New Deal Order, 1930-1980
A Political-Economic Critique of Minsky's Financial Instability Hypothesis
Keynes's Theory of Monetary Policy
Financial Crises, Innovations and Federal Reserve Control of the Stock of Money
Monetary Policy, Loan Liquidation, and Industrial Conflict
The Rationale of Central Banking
Monetary Policy in the United States
The New York Money Market and the Finance of Trade, 1900-1913
Do Trade Unions Cause Inflation? Two Studies
The Political Economy of Inflation
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,25 |
| Citation span | 2018 - 2022 (5) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |