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Keywords:Federal Reserve System - History 

Journal Article
Why did FDR's bank holiday succeed?

After a month-long run on American banks, Franklin Delano Roosevelt proclaimed a Bank Holiday, beginning March 6, 1933, that shut down the banking system. When the banks reopened on March 13, depositors stood in line to return their hoarded cash. This article attributes the success of the Bank Holiday and the remarkable turnaround in the public's confidence to the Emergency Banking Act, passed by Congress on March 9, 1933. Roosevelt used the emergency currency provisions of the Act to encourage the Federal Reserve to create de facto 100 percent deposit insurance in the reopened banks. The ...
Economic Policy Review , Volume 15 , Issue Jul , Pages 19-30

Historical beginnings.. the Federal Reserve System

Traces the history of the banking system in the United States from 1789, discusses the banking problems of the 19th century, and describes the legislation that led to the formation of the Federal Reserve System.

Introductory remarks at the Museum of American Finance \\"The Fed at 100\\" exhibit

Remarks at the Museum of American Finance, New York City.
Speech , Paper 116

Journal Article
The formation of the Federal Reserve System

Quarterly Review , Issue Special

Journal Article
Federal Reserve control of credit

In the early days of the Federal Reserve, changes in the discount rate were the principal instrument through which the central bank exercised control over credit conditions. In this -address, Strong explains the use of discount rate changes as a means of controlling the volume of credit and influencing interest rate movements. He considers criteria for discount rate changes, concluding that in the absence of gold movements under a reestablished gold standard, policy makers have no option but to look to general economic conditions.
Quarterly Review , Issue Special

Journal Article
Some essentials of monetary stability

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 ...
Quarterly Review , Issue Special

Journal Article
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 ...
Quarterly Review , Issue Special

Journal Article
The international monetary system--retrospect and prospect

During Hayes' tenure as president, the dollar-centered Bretton Woods system of fixed exchange rates matured, then collapsed, prompting a transition to floating exchange rates. In this address, Hayes discusses the development of international cooperation in foreign exchange market intervention and the prospects for reform of the international monetary system. He recommends that countries work together to ensure exchange rate stability, orderly balance-of-payments adjustment, and the financing of imbalances resulting from the first energy crisis.
Quarterly Review , Issue Special

Journal Article
The contributions and limitations of "monetary" analysis

During Voicker's presidency, the role of monetary aggregates as a guide to policy came under increasing public discussion. In this speech, Voicker discusses the advantages and pitfalls of a strategy of targeting monetary aggregates and alternative operating procedures. He argues that monetary targeting imposes a beneficial discipline on Federal Reserve policies. He also notes, however, that instability in velocity over horizons relevant for policy and the possibility of credit market disturbances make attention to other sources of information imperative.
Quarterly Review , Issue Special

Journal Article
Unresolved issues in monetary policy

Solomon held the office of president during a period of notably successful anti-inflationary monetary policy as well as rapid financial innovation and deregulation. In this speech, he discusses monetary strategy in particular the targeting of monetary aggregates, interest rates, and nominal GNP in light of trends in inflation and the uncertainties introduced by changing financial markets.
Quarterly Review , Issue Special


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