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Reflections of a central banker
From the early years of Sproul's presidency until the Treasury-Federal Reserve Accord of 1951, Federal Reserve policy was subordinated to the Treasury's wartime and postwar financing needs. In this 1955 speech, Sproul speaks of the resurgence of flexible monetary policy. He invites the academic economists in his audience to turn their attention to the study of central banking issues and to contribute in this way to informed monetary policy decisions. Sproul's address provides an overview of the structure, techniques, and objectives of the Federal Reserve System and gives particular attention ...