Retrospectives
Economists and the Fed: Beginnings
Bibliographic Data
| ID | 4028897 |
|---|---|
| Authors | Perry Mehrling (0000-0003-3681-5909, Professor of Economics, Barnard College, Columbia University, New York, New York., corresponding author) |
| Year | 2002 |
| Volume | 16 |
| Issue | 4 |
| Pages | 207-218 |
| Publication date | 2002-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/089533002320951046 |
| OpenAlex | W2073808414 |
| Language | EN |
| Citations received | 17 |
| References cited | 12 |
As usually understood, the significant debate over the founding of the Fed was between advocates of the real bills doctrine and advocates of the quantity theory of money. This understanding however conflates two different distinctions: one between the banking principle and the currency principle, and one between self-regulation and active management. It also fails to take seriously both the context of practical experience with the national banking system and the developing practical experience inside the Fed. I propose a new interpretation focused mainly on the contributions of four economists: J. Laurence Laughlin, Irving Fisher, Paul Warburg and Benjamin Strong
Currency · Doctrine · Economics · Epistemology · Keynesian economics · Law and economics · Monetary economics · Monetary policy · Neoclassical economics · Political science · Positive economics · Quantity theory of money · Economic Theory and Institutions · Economic Theory and Policy · History · Law · Philosophy
Area Studies/Asian Studies
Being undisciplined. On Your Marx
A reappraisal of Joseph Brennan and the achievements of Irish banking and currency policy 1922–1943
Central bank independence, a not so new idea in the history of economic thought
Branching Out
Trade Acceptances, Financial Reform, and the Culture of Commercial Credit in the United States, 1915–1920
Political Science/Political Theory
Area Studies/Asian Studies
Anthropology
Philosophy and Critical Realism
Philosophy and Standpoint Theory
Sociology
Sociology and Economics
The Fed’s reaction to the stock market during the great depression
The Impact of Henry Parker-Willis and the Federal Reserve on the Institutional Design of the Irish Currency Act 1927
MIT and Money
Perhaps I'm a Don Quixote but I'm Trying to Be a Paul Revere
The economic mind in American civilization
History of Political Economy
The formative period
An Analysis of Bank Statistics for the United States
A Theory of Prices
Hawtrey, Harvard, and the Origins of the Chicago Tradition
Benjamin Strong, Central Banker
Monetary Policy in the United States
Economic Problems New and Old
A Monetary History of the United States, 1867-1960
The intellectual milieu at the Federal Reserve Board in the 1920s
The Monetary Thought of Allyn Abbott Young
| Unique citing works | 17 |
|---|---|
| Citations per year | 0,81 |
| Citation span | 2005 - 2023 (19) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 15 |