| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16763 |
| 来源ID | Working Paper 16763 |
| The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933 | |
| Michael D. Bordo; David C. Wheelock | |
| 发表日期 | 2011-02-03 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper examines the origins and early performance of the Federal Reserve as lender of last resort. The Fed was established to overcome the problems of the National Banking era, in particular an "inelastic" currency and the absence of an effective lender of last resort. As conceived by Paul Warburg and Nelson Aldrich at Jekyll Island in 1910, the Fed's discount window and bankers acceptance-purchase facilities were expected to solve the problems that had caused banking panics in the National Banking era. Banking panics returned with a vengeance in the 1930s, however, and we examine why the Fed failed to live up to the promise of its founders. Although many factors contributed to the Fed's shortcomings, we argue that the failure of the Federal Reserve Act to faithfully recreate the conditions that had enabled European central banks to perform effectively as lenders of last resort, or to reform the inherently unstable U.S. banking system, were crucial. The Fed's shotcomings led to numerous reforms in the mid-1930s, including expansion of the Fed's lending authority and changes in the System's structure, as well as changes that made the U.S. banking system less prone to banking panics. Finally, we consider lessons about the design of lender of last resort policies that might be drawn from the Fed's early history. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions ; History ; Financial History |
| URL | https://www.nber.org/papers/w16763 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574438 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,David C. Wheelock. The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16763.pdf（307KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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