Journal Article

Some essentials of monetary stability

Abstract: Harrison was the Bank's chief executive during a period of national economic hardship and financial instability: the early years of his term coincided with the stock market collapse of 1929, the Great Depression, and the bank failures that culminated in the banking crisis of 1933. In this speech, Harrison advocates reforms to strengthen the U.S. banking system and calls for the removal of remaining barriers to international trade. He argues that domestic financial stability in the major trading nations, along with a reestablished system of fixed exchange rates and orderly international payments, is crucial to stabilizing the world economy.

Keywords: International economic relations; Monetary policy; Federal Reserve System - History;

Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Quarterly Review

Publication Date: 1989

Issue: Special

Pages: 15-20