000888132 000__ 03900nam\a2200505\i\4500 000888132 001__ 888132 000888132 003__ MiAaPQ 000888132 005__ 20211103003911.0 000888132 006__ m\\\\\o\\d\\\\\\\\ 000888132 007__ cr\cn\nnnunnun 000888132 008__ 120626s2013\\\\enka\\\\ob\\\\001\0\eng\d 000888132 020__ $$z9781107013728 000888132 020__ $$a9781107333185$$q(electronic bk.) 000888132 035__ $$a(MiAaPQ)EBC1139581 000888132 035__ $$a(Au-PeEL)EBL1139581 000888132 035__ $$a(CaPaEBR)ebr10795338 000888132 035__ $$a(OCoLC)862938515 000888132 040__ $$aMiAaPQ$$beng$$erda$$epn$$cMiAaPQ$$dMiAaPQ 000888132 043__ $$an-us--- 000888132 050_4 $$aHG2563$$b.O75 2013 000888132 0820_ $$a332.1/10973$$223 000888132 24504 $$aThe origins, history, and future of the Federal Reserve :$$ba return to Jekyll Island /$$cedited by Michael D. Bordo, Rutgers University, New Jersey, William Roberds, Federal Reserve Bank of Atlanta. 000888132 264_1 $$aCambridge :$$bCambridge University Press,$$c2013. 000888132 300__ $$a1 online resource (454 pages) :$$billustrations. 000888132 336__ $$atext$$2rdacontent 000888132 337__ $$acomputer$$2rdamedia 000888132 338__ $$aonline resource$$2rdacarrier 000888132 440_0 $$aStudies in macroeconomic history 000888132 504__ $$aIncludes bibliographical references and index. 000888132 506__ $$aAccess limited to authorized users. 000888132 520__ $$a"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"--$$cProvided by publisher. 000888132 588__ $$aDescription based on print version record. 000888132 61020 $$aBoard of Governors of the Federal Reserve System (U.S.) 000888132 650_0 $$aFederal Reserve banks$$xHistory. 000888132 650_0 $$aBanks and banking, Central$$zUnited States$$xHistory. 000888132 650_0 $$aMonetary policy$$zUnited States$$xHistory. 000888132 655_0 $$aElectronic books 000888132 7001_ $$aBordo, Michael D. 000888132 7001_ $$aRoberds, William. 000888132 77608 $$iPrint version:$$tOrigins, history, and future of the Federal Reserve : a return to Jekyll Island.$$dCambridge : Cambridge University Press, 2013$$z9781107013728$$w(DLC) 2012025995 000888132 852__ $$bebk 000888132 85640 $$3ProQuest Ebook Central Academic Complete $$uhttps://univsouthin.idm.oclc.org/login?url=https://ebookcentral.proquest.com/lib/usiricelib-ebooks/detail.action?docID=1139581$$zOnline Access 000888132 909CO $$ooai:library.usi.edu:888132$$pGLOBAL_SET 000888132 980__ $$aBIB 000888132 980__ $$aEBOOK 000888132 982__ $$aEbook 000888132 983__ $$aOnline