This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the...

Geldpolitik und Deregulierung der Finanzmärkte in den USA Diese Studie untersucht, ob die kontinuierliche Innovation und Deregulierung der Finanzmärkte in den Vereinigten Staaten von Amerika Ende der siebziger und zu Beginn der achtziger Jahre eine potentielle Quelle beachtlicher...

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...