Monetary Policy and the Onset of the Great Depression

The Myth of Benjamin Strong as Decisive Leader

Authors: Toma, M.

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About this book

Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartz's now consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York.

About the authors

Mark Toma is Associate Professor Emeritus of Economics at the University of Kentucky, USA. His research area is monetary history with a special emphasis on the public choice underpinnings of the Federal Reserve System.

Reviews

"Toma's new book makes an important and original argument - that the decentralized early Federal Reserve System can be better understood as a quasi-competitive money-issuing system than as a unitary central bank - that forcefully challenges the received monetary history of the 1910s and 1920s. Readers who begin as sceptics, when they grapple with the details of the argument, will find themselves compelled to acknowledge the valuable insights and stubborn facts it brings to light." - Lawrence H. White, Professor of Economics, George Mason University, USA

"Toma defends a thesis that is bound to raise other monetary economists' hackles. . . . While many will find such claims hard to swallow, they will also profit, as I have, by pondering Toma's challenge to conventional wisdom." - George Selgin, Professor of Economics, The University of Georgia, USA


Table of contents (11 chapters)

  • Monetary Policy as Scapegoat

    Toma, Mark

    Pages 1-9

  • Founding of the Federal Reserve System

    Toma, Mark

    Pages 11-22

  • Beyond the Founders’ Vision: Benjamin Strong as Decisive Leader or Figurehead?

    Toma, Mark

    Pages 23-39

  • Modeling Discretion and Self-Regulation

    Toma, Mark

    Pages 41-64

  • The Riefler-Burgess Doctrine

    Toma, Mark

    Pages 65-83

Buy this book

eBook $89.00
price for USA
  • The eBook version of this title will be available soon
  • ISBN 978-1-137-37162-1
  • Digitally watermarked, DRM-free
  • Included format:
  • ebooks can be used on all reading devices
  • Download immediately after purchase
Hardcover $120.00
price for USA
  • ISBN 978-1-137-37254-3
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $115.00
price for USA
  • ISBN 978-1-349-47615-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.

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Bibliographic Information

Bibliographic Information
Book Title
Monetary Policy and the Onset of the Great Depression
Book Subtitle
The Myth of Benjamin Strong as Decisive Leader
Authors
Copyright
2013
Publisher
Palgrave Macmillan US
Copyright Holder
Mark Toma
eBook ISBN
978-1-137-37162-1
DOI
10.1057/9781137371621
Hardcover ISBN
978-1-137-37254-3
Softcover ISBN
978-1-349-47615-2
Edition Number
1
Number of Pages
XIX, 214
Topics