The Federal Reserve System

Donald R. Wells, professor emeritus of economics from the University of Memphis, has written extensively in the areas of free banking, the Canadian Banking System, and the reaction of the U.S. and Canadian banking systems to periods of depression. He lives in Plano Texas.

Table of Contents


Preface

 1. U.S. Banking before the Federal Reserve

 2. The Aldrich-Vreeland Act Prevents a Panic in 1914

 3. Original Uncertainty Regarding Exercise of Fed Authority

 4. The Federal Reserve’s Role in World War I

 5. The Discovery of a New Tool for the Federal Reserve

 6. The Fed in the 1920s

 7. The Fed in the 1929–1933 Contraction

 8. Policy Changes in the Roosevelt Administration

 9. The Fed’s Role in World War II

10. The Fed Between World War II and the Korean War

11. The Korean War and the Accord with the Treasury

12. “Bills Only” as an Act of Independence

13. Operation Twist and President Kennedy’s Tax Cut

14. Chairman Martin’s Battle with President Johnson Over Inflation

15. Nixon Replaces Martin with Burns and Inflicts Price Controls on the Economy

16. Supply Shocks in the 1970s Make Unemployment and Inflation Worse

17. Carter Replaces Burns with Miller and Inflation Worsens

18. The Volcker Era Begins and the Fed Gets Control Over All Banks

19. Volcker’s Fed Slows Inflation at a Cost

20. Volcker Is Reappointed but There Are Changes on the Board

21. The Greenspan Era Begins

22. The Fed’s Response to the Thrift Crisis

23. Economists Dominate the Board Under Greenspan

24. Changes in the Fed’s Operating Procedure after the 1980s

Conclusion

Appendix A: Membership of the Board of Governors of the Federal Reserve System, 1913–2003

Appendix B: Persons Serving as Chairman of the Board of Governors

Bibliography

Index