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Keywords:Federal Reserve Act 

Financial stability: the role of the Federal Reserve System

Remarks at the Future of Banking Regulation and Supervision in the EU Conference, Frankfurt, Germany.
Speech , Paper 125

Journal Article
The Aldrich plan

FRBSF Economic Letter

Journal Article
Federal Open Market Committee plays major role in monetary policy

Financial Update , Volume 14 , Issue Jan , Pages 8-9

Journal Article
New Federal Reserve legislation and current credit situation

Federal Reserve Bulletin , Issue Aug

Working Paper
Theodore Roosevelt, the Election of 1912, and the Founding of the Federal Reserve

This paper examines how the election of 1912 changed the makeup of Congress and led to the Federal Reserve Act. The decision of Theodore Roosevelt and other Progressives to run as third-party candidates split the Republican Party and enabled Democrats to capture the White House and Congress. We show that the election produced a less polarized Congress and that new members were more likely to support the Act. Absent the Republican split, Republicans would likely have held the White House and Congress, and enactment of legislation to establish a central bank would have been unlikely or ...
Working Papers , Paper 2023-008

Working Paper
On the Origins of the Federal Reserve System and Its Structure

The creation of the Federal Reserve System ultimately stemmed from fundamental changes in the banking industry that heightened the risks associated with shifts in the public’s liquidity preferences and that created an atmosphere of distrust between the small, traditional, country banks and the large, transforming, Wall Street banks. The severity of the Panic of 1907 became the proximate factor in the Federal Reserve’s formation. The panic, which the New York Clearing House’s slow, discriminative, and insufficient response characterized, gave credence to concerns of growing financial ...
Working Papers , Paper 23-17

Working Paper
The Federal Reserve System and World War I: Designing Policies without Precedent

The Federal Reserve System failed to prevent the collapse of intermediation during the Great Depression (1929-1933) and took action as if it was unaware of policies that should have been taken in the event of widespread bank runs. The National Banking Era panics and techniques to alleviate them should have been useful references for how to alleviate a financial crisis. We suggest that the overwhelming effort to finance World War I combined with a perspective held by contemporary Federal Reserve officials that the central bank legislation was sufficient to overcome financial crises are key ...
Working Papers (Old Series) , Paper 1510

Journal Article
The formative years

FRBSF Economic Letter

Journal Article
Comments requested

Federal Reserve Bulletin , Issue Sep , Pages 770-771

Working Paper
The promise and performance of the Federal Reserve as lender of last resort 1914-1933

This paper examines the origins and early performance of the Federal Reserve as lender of last resort. The Fed was established to overcome the problems of the National Banking era, in particular an ?inelastic? currency and the absence of an effective lender of last resort. As conceived by Paul Warburg and Nelson Aldrich at Jekyll Island in 1910, the Fed?s discount window and bankers acceptance-purchase facilities were expected to solve the problems that had caused banking panics in the National Banking era. Banking panics returned with a vengeance in the 1930s, however, and we examine why the ...
Working Papers , Paper 2010-036


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