@article{888132,
      author = {Bordo, Michael D. and Roberds, William.},
      url = {http://library.usi.edu/record/888132},
      title = {The origins, history, and future of the Federal Reserve :  a return to Jekyll Island /},
      abstract = {"This book contains essays presented at a conference held  in November 2010 to mark the centenary of the famous 1910  Jekyll Island meeting of leading American financiers and  the U.S. Treasury. The 1910 meeting resulted in the Aldrich  Plan, a precursor to the Federal Reserve Act that was  enacted by Congress in 1913. The 2010 conference, sponsored  by the Federal Reserve Bank of Atlanta and Rutgers  University, featured assessments of the Fed's near 100-year  track record by prominent economic historians and  macroeconomists. The final chapter of the book records a  panel discussion of Fed policy making by the current and  former senior Federal Reserve officials. ch1: "To Establish  a More Effective Supervision of Banking:" How the Birth of  the Fed Altered Bank Supervision Abstract Although bank  supervision under the National Banking System exercised a  light hand and panics were frequent, depositor losses were  minimal. Double liability induced shareholders to carefully  monitor bank managers and voluntarily liquidate banks early  if they appeared to be in trouble. Inducing more  disclosure, marking assets to market, and ensuring prompt  closure of insolvent national banks, the Comptroller of the  Currency reinforced market discipline. The arrival of the  Federal Reserve weakened this regime. Monetary policy  decisions conflicted with the goal of financial stability  and created moral hazard. The appearance of the Fed as an  additional supervisor led to more "competition in laxity"  among regulators and "regulatory arbitrage" by banks. When  the Great Depression hit, policy-induced deflation and  asset price volatility were misdiagnosed as failures of  competition and market valuation. In response, the New Deal  shifted to a regime of discretion-based supervision with  forbearance"--},
      recid = {888132},
      pages = {1 online resource (454 pages) :},
}