<DIV>In this extensive history of U.S. monetary policy, Richard H. Timberlake chronicles the intellectual, political, and economic developments that prompted the use of central banking institutions to regulate the monetary systems. <BR><BR>After describing the constitutional principles that the Founding...</div>

This paper provides a reassessment and a restatement of the essential properties of gold standards. Second, it emphasizes the role of the Real Bills Doctrine in Federal Reserve policy as the primary cause of the Great Contraction of 1929-1933. It takes issue with recent articles and books that...

IN A CRITIQUE OF MY PAPER ON “GOLD STANDARDS AND THE Real Bills Doctrine in U.S. Monetary Policy†that appeared in Econ Journal Watch (August 2005), Per Hortlund has raised several interesting issues about the Real Bills Doctrine (RBD). As Hortlund observes, my article had two major...