| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21341 |
| 来源ID | Working Paper 21341 |
| Protecting Financial Stability in the Aftermath of World War I: The Federal Reserve Bank of Atlanta's Dissenting Policy | |
| Eugene N. White | |
| 发表日期 | 2015-07-13 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | During the 1920-1921 recession, the Federal Reserve Bank of Atlanta resisted the deflationary policy sanctioned by the Federal Reserve Board and pursued by other Reserve banks. By borrowing gold reserves from other Reserve banks, it facilitated a reallocation of liquidity to its district during the contraction. Viewing the collapse of the price of cotton, the dominant crop in the region, as a systemic shock to the Sixth District, the Atlanta Fed increased discounting and enabled capital infusions to aid its member banks. The Atlanta Fed believed that it had to limit bank failures to prevent a fire sale of cotton collateral that would precipitate a general panic. In this previously unknown episode, the Federal Reserve Board applied considerable pressure on the Atlanta Fed to adhere to its policy and follow a simple Bagehot-style rule. The Atlanta Fed was vindicated when the shock to cotton prices proved to be temporary, and the Board conceded that the Reserve Bank had intervened appropriately. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w21341 |
| 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/579013 |
| 推荐引用方式 GB/T 7714 | Eugene N. White. Protecting Financial Stability in the Aftermath of World War I: The Federal Reserve Bank of Atlanta's Dissenting Policy. 2015. |
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