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Working Paper
Navigating constraints: the evolution of Federal Reserve monetary policy, 1935-59
Wheelock, David C.; Carlson, Mark A. (2014-10-01)
The 1950s are often cited as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of policy in the 1950s. Whereas others have debated whether the Fed had a sophisticated understanding of how to implement policy, our focus is on how the constraints on the Fed changed over time. Roosevelt Administration gold policies and New Deal legislation limited the Fed?s ability to conduct an independent ...
Globalization Institute Working Papers , Paper 205

Working Paper
Mark Carlson’s The Young Fed: A Review Essay
Rose, Jonathan D. (2025-05-02)
Working Papers , Paper 2025-008

Working Paper
Drifts, Volatilities, and Impulse Responses Over the Last Century
Amir-Ahmadi, Pooyan; Matthes, Christian; Wang, Mu-Chun (2014-04-07)
How much have the dynamics of U.S. time series and in particular the transmission of innovations to monetary policy instruments changed over the last century? The answers to these questions that this paper gives are "a lot" and "probably less than you think," respectively. We use vector autoregressions with time-varying parameters and stochastic volatility to tackle these questions. In our analysis we use variables that both influenced monetary policy and in turn were influenced by monetary policy itself, including bond market data (the difference between long-term and short-term nominal ...
Working Paper , Paper 14-10

Journal Article
Monetary policy in the United States: a brave new world?
Williamson, Stephen D. (2014)
This article is a reflection on monetary policy in the United States during Ben Bernanke?s two terms as Chairman of the Federal Open Market Committee, from 2006 to 2014. Inflation targeting, policy during the financial crisis, and post-crisis monetary policy (forward guidance and quantitative easing) are discussed and evaluated.
Review , Volume 96 , Issue 2 , Pages 111-122

Journal Article
Making sense of dissents: a history of FOMC dissents
Wheelock, David C.; Thornton, Daniel L. (2014)
This article presents a record of dissents on Federal Open Market Committee (FOMC) monetary policy votes from the Committee?s inception in its modern form in 1936 through 2013. Dissents were rare during the Committee?s first 20 years but began to increase in the late 1950s. The number of dissents increased sharply during the late 1970s and early 1980s, when both inflation and unemployment were unusually high. However, at other times, the number of dissents was not correlated with either inflation or the unemployment rate. A review of FOMC records and published statements indicates that ...
Review , Volume 96 , Issue 3 , Pages 213-227

Working Paper
Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59
Carlson, Mark A.; Wheelock, David C. (2014-06-09)
The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of policy in the 1950s. Whereas others have debated whether the Fed had a sophisticated understanding of how to implement policy, our focus is on how the constraints on the Fed changed over time. Roosevelt Administration gold policies and New Deal legislation limited the Fed's ability to conduct an ...
Finance and Economics Discussion Series , Paper 2014-44

Working Paper
Recovery of 1933
Jacobson, Margaret M.; Leeper, Eric M.; Preston, Bruce (2024-02-28)
When Roosevelt abandoned the gold standard in April 1933, he converted government debt from a tax-backed claim to gold to a claim to dollars, opening the door to unbacked fiscal expansion. Roosevelt followed a state-contingent fiscal rule that ran nominal-debt-financed primary deficits until the price level rose and economic activity recovered. Theory suggests that government spending multipliers can be substantially larger when fiscal expansions are unbacked than when they are tax-backed. VAR estimates using data on "emergency" unbacked spending and "ordinary" backed spending confirm this ...
Finance and Economics Discussion Series , Paper 2023-032r1

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