Economia
Has the Fed Been a Failure?
ABSTRACT
As the one-hundredth anniversary of the 1913 Federal Reserve Act
approaches, we assess whether the nation‘s experiment with the Federal Reserve
has been a success or a failure. Drawing on a wide range of recent empirical
research, we find the following: (1) The Fed‘s full history (1914 to present) has been
characterized by more rather than fewer symptoms of monetary and macroeconomic
instability than the decades leading to the Fed‘s establishment. (2) While the Fed‘s
performance has undoubtedly improved since World War II, even its postwar
performance has not clearly surpassed that of its undoubtedly flawed predecessor,
the National Banking system, before World War I. (3) Some proposed alternative
arrangements might plausibly do better than the Fed as presently constituted. We
conclude that the need for a systematic exploration of alternatives to the
established monetary system is as pressing today as it was a century ago.
Mais
Veja também: Free Banking Org
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Economia
Bancos centrais sob crítica
Has the Fed Been a Failure?
ABSTRACT
As the one-hundredth anniversary of the 1913 Federal Reserve Act
approaches, we assess whether the nation‘s experiment with the Federal Reserve
has been a success or a failure. Drawing on a wide range of recent empirical
research, we find the following: (1) The Fed‘s full history (1914 to present) has been
characterized by more rather than fewer symptoms of monetary and macroeconomic
instability than the decades leading to the Fed‘s establishment. (2) While the Fed‘s
performance has undoubtedly improved since World War II, even its postwar
performance has not clearly surpassed that of its undoubtedly flawed predecessor,
the National Banking system, before World War I. (3) Some proposed alternative
arrangements might plausibly do better than the Fed as presently constituted. We
conclude that the need for a systematic exploration of alternatives to the
established monetary system is as pressing today as it was a century ago.
Mais
Veja também: Free Banking Org
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- Função De Banco Central
Central Banking: What Is It Good For? by Antony Mueller "While the failure of fiscal policy is widely recognized, monetary policy still enjoys credibility, not only among policy makers but also with professional economists. Yet...
- Afrouxamento Monetário
Quantitative Easing – Folly or Method? By Antony P Mueller10/05/2012 While the failure of fiscal policy is widely recognized, monetary policy still enjoys credibility. Yet monetary policy is like shooting in a dark room. Monetary policy...
- Precisamos Um Banco Central?
Should We End the Fed? Vídeo palestra do Larry White What would it mean to "end the Fed"? Professor Larry White says that in order to know the effects of such a measure, we must first understand the role of "the Fed". The Federal Reserve is...
- Reforma Do Sistema Monetário
2012 International Monetary Fund WP/12/202 IMF Working Paper Research Department The Chicago Plan Revisited Prepared by Jaromir Benes and Michael Kumhof August 2012 Abstract At the height of the Great Depression a number of leading U.S. economists advanced...
- Moeda E O Estado Nacional - O Papel De Instituições Monetárias Em Provocar Crises
MONEY AND THE NATION STATE The Financial Revolution, Government and the World Monetary System Edited by Kevin Dowd, Richard H. Timberlake, Jr. Foreword by Merton H. Miller Are monetary and banking problems due to a few misguided policies or incompetent...