A History of Central Banking in Great Britain and the United States (Studies in Macroeconomic History) [Hardcover]

John H. Wood (Author)

Book Description

Publication Date: June 6, 2005 | ISBN-10: 0521850134 | ISBN-13: 978-0521850131

Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in 1791-1811 and 1816-36, and were followed by the Idependent Treasury, 1846-1914. These institutions, together with the Suffolk Bank and the New York Clearing House, exercised important central banking function before the creation of the Federal Reserve System in 1913. Significant monetary changes in the lives of these British and American institutions are examined within a framework that deals with the knowledge and behavior of central bankers and their interactions with economists and politicians. Central Bankers' behavior has shown considerable continuity in the influence of incentives and their interest in the stability of the financial markets. For example, the Federal Reserve's behavior during the Great Depression, the low inflation of the 1990s, and its resurgence the next decade follow from its structure and from government pressures rather than accidents of personnel.

Editorial Reviews

Review

"This book will be a useful resource for both economic historians and monetary economists looking for a broad overview of the evolution of Anglo-American central banking and monetary theory." - EH.NET, Angela Redish, University of British Columbia

Book Description

This book shows that important continuities in central bankers' behavior - response to incentives, desire for financial stability, and susceptibility to government pressures - go a long way toward understanding them, from their beginings in the Bank of England in 1694 and the first Bank of the United States in 1791, to the present Bank and Federal Reserve.

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Product Details

• Hardcover: 456 pages
• Publisher: Cambridge University Press (June 6, 2005)
• Language: English
• ISBN-10: 0521850134
• ISBN-13: 978-0521850131
• Product Dimensions: 9 x 6 x 1.3 inches
• Shipping Weight: 1.6 pounds (View shipping rates and policies)
• Amazon Best Sellers Rank: #2,723,248 in Books (See Top 100 in Books)

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