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Monetary Policy and the Onset of the Great Depression

The Myth of Benjamin Strong as Decisive Leader

  • Book
  • © 2013

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Authors:
  1. Mark Toma
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Table of contents (11 chapters)

  1. Front Matter

    Pages i-xix
    Download chapter PDF

  2. Monetary Policy as Scapegoat

    • Mark Toma
    Pages 1-9

  3. Founding of the Federal Reserve System

    • Mark Toma
    Pages 11-22

  4. Beyond the Founders’ Vision: Benjamin Strong as Decisive Leader or Figurehead?

    • Mark Toma
    Pages 23-39

  5. Modeling Discretion and Self-Regulation

    • Mark Toma
    Pages 41-64

  6. The Riefler-Burgess Doctrine

    • Mark Toma
    Pages 65-83

  7. Coming to Terms with the Scissors Effect

    • Mark Toma
    Pages 85-103

  8. Austrian and Monetarist Theories of the Onset of the Great Depression

    • Mark Toma
    Pages 105-115

  9. Coming to Terms with Benjamin Strong

    • Mark Toma
    Pages 117-141

  10. Did Reserve Banks Really Compete?

    • Mark Toma
    Pages 143-190

  11. The Seductiveness of the Decisive Leader View

    • Mark Toma
    Pages 191-194

  12. Epilogue

    • Mark Toma
    Pages 195-197

  13. Back Matter

    Pages 199-214
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About this book

Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartz's now consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York.

Reviews

"Toma's new book makes an important and original argument - that the decentralized early Federal Reserve System can be better understood as a quasi-competitive money-issuing system than as a unitary central bank - that forcefully challenges the received monetary history of the 1910s and 1920s. Readers who begin as sceptics, when they grapple with the details of the argument, will find themselves compelled to acknowledge the valuable insights and stubborn facts it brings to light." - Lawrence H. White, Professor of Economics, George Mason University, USA

"Toma defends a thesis that is bound to raise other monetary economists' hackles. . . . While many will find such claims hard to swallow, they will also profit, as I have, by pondering Toma's challenge to conventional wisdom." - George Selgin, Professor of Economics, The University of Georgia, USA

About the author

Mark Toma is Associate Professor Emeritus of Economics at the University of Kentucky, USA. His research area is monetary history with a special emphasis on the public choice underpinnings of the Federal Reserve System.

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