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  3. Competition and Monopoly in the Federal Reserve System, 1914–1951
  • Cited by 13
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    • Publisher:
      Cambridge University Press
      Publication date:
      07 December 2009
      08 May 1997
      ISBN:
      9780511559761
      9780521562584
      9780521022033
      DOI:
      https://doi.org/10.1017/CBO9780511559761
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.375kg, 148 Pages
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.237kg, 148 Pages
      • Subjects:
      Economics, Macroeconomics, History, Finance and Accountancy, Economic History
      Series:
      Studies in Macroeconomic History
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    • Selected: Digital
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    Subjects:
    Economics, Macroeconomics, History, Finance and Accountancy, Economic History
    Series:
    Studies in Macroeconomic History
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    Book description

    Competition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central bank exclusive rights to conduct monetary policy. In this book Mark Toma explores the workings of the early Federal Reserve System as a basis for challenging the conventional wisdom. He is able to show that competition among reserve banks in the 1920s did not result in an issue of Fed money. Rather the main effect of competitive structure was to cause reserve banks to make substantial interest payments to the private banking system in place of transfers to the US government. The book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.

    Reviews

    "...Toma has written a thought-provoking book that contributes to our understanding of Fedaral Reserve policy..." David C. Wheelock, Jrnl of Eco. Hist.

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