{"product_id":"competition-and-monopoly-in-the-federal-reserve-system-1914-1951-a-microeconomic-approach-to-monetary-history-hardback-9780521562584","title":"Competition and Monopoly in the Federal Reserve System, 1914–1951; A Microeconomic Approach to Monetary History (Hardback) 9780521562584","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eCompetition and Monopoly in the Federal Reserve System, 1914–1951\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eA Microeconomic Approach to Monetary History\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cem\u003eThis book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eMark Toma (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780521562584, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 8 May 1997\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e148 pages\u003cbr\u003e22.9 x 15.2 x 1 cm, 0.37 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e\"...Toma has written a thought-provoking book that contributes to our understanding of Fedaral Reserve policy...\"    David C. Wheelock, Jrnl of Eco. Hist.\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eCompetition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central bank exclusive rights to conduct monetary policy. In this book Mark Toma explores the workings of the early Federal Reserve System as a basis for challenging the conventional wisdom. He is able to show that competition among reserve banks in the 1920s did not result in an issue of Fed money. Rather the main effect of competitive structure was to cause reserve banks to make substantial interest payments to the private banking system in place of transfers to the US government. The book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eList of figures\u003cbr\u003e List of tables\u003cbr\u003e Preface\u003cbr\u003e 1. Introduction\u003cbr\u003e 2. Microeconomics of the reserve industry\u003cbr\u003e 3. Peculiar economics of the founding of the Fed\u003cbr\u003e 4. Interest on reserves and reserve smoothing in a correspondent banking system\u003cbr\u003e 5. Competitive open market operations\u003cbr\u003e 6. High tide of the Federal Reserve System?\u003cbr\u003e 7. The Fed, executive branch, and public finance, 1934–9\u003cbr\u003e 8. World War II financing\u003cbr\u003e 9. Historical lessons\u003cbr\u003e Notes\u003cbr\u003e References\u003cbr\u003e Index.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Macroeconomics [\u003ca title=\"See our other books on Macroeconomics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Macroeconomics%20%5BKCB%5D%22\"\u003eKCB\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46065993318680,"sku":"9780521562584","price":83.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/products\/9780521562584i.jpg?v=1691408614","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/competition-and-monopoly-in-the-federal-reserve-system-1914-1951-a-microeconomic-approach-to-monetary-history-hardback-9780521562584","provider":"Freshly Printed Books","version":"1.0","type":"link"}