Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...

The Monetary Policy of the Federal Reserve details the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the...

Forrest Capie is Professor of Economic History at Cass Business School, City University, London, where he was Head of the Department of Banking and Finance. After receiving a Ph.D. at the London School of Economics, he taught at the universities of Warwick and Leeds. Professor Capie has also...