| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20507 |
| 来源ID | Working Paper 20507 |
| The Federal Reserve's Abandonment of its 1923 Principles | |
| Julio J. Rotemberg | |
| 发表日期 | 2014-09-18 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper studies the persistence and some of the consequences of the eventual abandonment by the FOMC of the principles embedded in the Federal Reserve's Tenth Annual Report of 1923. The three principles I focus on are 1) the discouraging of speculative lending by commercial banks, 2) the desire to meet the credit needs of business and 3) the preference of a focus on credit over a focus on monetary aggregates. I show that the first two principles remained important in FOMC deliberations until the mid-1960's. After this, the FOMC also spent less time discussing the composition of bank loans. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w20507 |
| 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/578179 |
| 推荐引用方式 GB/T 7714 | Julio J. Rotemberg. The Federal Reserve's Abandonment of its 1923 Principles. 2014. |
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