Bank Influence and the Failure of US Monetary Policy during the 1953-54 Recession
This paper presents archival and econometric evidence that challenges the conventional belief that independent central banks are necessary to stabilise economies on non-inflationary growth paths. The evidence suggests that, when the US central bank—the Federal Reserve—became independent of democratic control in March 1951, it became dependent on the large banks. It is shown that excessive banker influence caused the Federal Reserve to miss its first opportunity to stabilise the economy, during the 1953-54 recession.
Year of publication: |
1998
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Authors: | Dickens, Edwin |
Published in: |
International Review of Applied Economics. - Taylor & Francis Journals, ISSN 0269-2171. - Vol. 12.1998, 2, p. 221-240
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Publisher: |
Taylor & Francis Journals |
Saved in:
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