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A History of the Federal Reserve, Volume 1: 1913-1951

by Allan H. Meltzer (Author)

18 ratings

ISBN-13: 978-0226520001

ISBN-10: 0226520005

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Allan H. Meltzer's monumental history of the Federal Reserve System tells the story of one of America's most influential but least understood public institutions. This first volume covers the period from the Federal Reserve's founding in 1913 through the Treasury-Federal Reserve Accord of 1951, which marked the beginning of a larger and greatly changed institution.

To understand why the Federal Reserve acted as it did at key points in its history, Meltzer draws on meeting minutes, correspondence, and other internal documents (many made public only during the 1970s) to trace the reasoning behind its policy decisions. He explains, for instance, why the Federal Reserve remained passive throughout most of the economic decline that led to the Great Depression, and how the Board's actions helped to produce the deep recession of 1937 and 1938. He also highlights the impact on the institution of individuals such as Benjamin Strong, governor of the Federal Reserve Bank of New York in the 1920s, who played a key role in the adoption of a more active monetary policy by the Federal Reserve. Meltzer also examines the influence the Federal Reserve has had on international affairs, from attempts to build a new international financial system in the 1920s to the Bretton Woods Agreement of 1944 that established the International Monetary Fund and the World Bank, and the failure of the London Economic Conference of 1933.

Written by one of the world's leading economists, this magisterial biography of the Federal Reserve and the people who helped shape it will interest economists, central bankers, historians, political scientists, policymakers, and anyone seeking a deep understanding of the institution that controls America's purse strings.

"It was 'an unprecedented orgy of extravagance, a mania for speculation, overextended business in nearly all lines and in every section of the country.' An Alan Greenspan rumination about the irrational exuberance of the late 1990s? Try the 1920 annual report of the board of governors of the Federal Reserve. . . . To understand why the Fed acted as it did—at these critical moments and many others—would require years of study, poring over letters, the minutes of meetings and internal Fed documents. Such a task would naturally deter most scholars of economic history but not, thank goodness, Allan Meltzer."—Wall Street Journal

"A seminal work that anyone interested in the inner workings of the U. S. central bank should read. A work that scholars will mine for years to come."—John M. Berry, Washington Post

"An exceptionally clear story about why, as the ideas that actually informed policy evolved, things sometimes went well and sometimes went badly. . . . One can only hope that we do not have to wait too long for the second installment."—David Laidler, Journal of Economic Literature

"A thorough narrative history of a high order. Meltzer's analysis is persuasive and acute. His work will stand for a generation as the benchmark history of the world's most powerful economic institution. It is an impressive, even awe-inspiring achievement."—Sir Howard Davies, Times Higher Education Supplement

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Insightful and Entertaining (for us geeks)

Reviewed in the United States on July 17, 2014

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My History of Economics professor gave the students a list of books to read and report on at the end of the semester. Each student chose one book, with no one reporting on the same title. Without knowing much about the book, I chose this one. Upon telling the professor and class my choice, the professor said "Really? That one? Hmmm...it is very dry and a difficult read. I even debated putting it on the list".

Being overwhelmed that semester, I was ready to choose another title. However, before I could reply he stated, "Ah, your smart. You will do fine...". I was stuck so I made the best of it. After starting the book, I soon came to realize it was not boring or dry. I absolutely loved it. As an economics student and geek, I am highly intrigued by the Federal Reserve and the amount of power they posses by controlling our monetary system. For better or worse, the Federal Reserve is powerful and this book provided immense insight. Of particular note was the insight regarding the rational behind the decisions made during the great depression. Contrasting these actions with the actions taken by the Federal Reserve following the 2008 crisis provides for an amazing comparison and study of the effectiveness of monetary policy, political power, and public opinion. For student readers, if you simply desire to pass your course doing the bare minimum, do not read this book if provided an option. However, if you enjoy economics and get a little geeky like I do over monetary policy, this is a superb read.

8 people found this helpful

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I believe Hammond's later work was affected by bad health. Again

Reviewed in the United States on May 25, 2017

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There is a very short list of reliable histories of The Federal Reserve Bank of U.S. One other is a multi-volume history by Bray Hammond. Hammond's first volume is required reading on the subject. After that his work is short and lacking economic insight. I believe Hammond's later work was affected by bad health. Again, Meltzer is both authoritative and a good read.

One person found this helpful

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Comprehensive, but could have used an editor

Reviewed in the United States on August 6, 2010

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In modern scholarly publishing, the author is largely on his own. If the book is to read smoothly and be free of errors, it's pretty much up to the author -- or the author's friends and colleagues -- to do the careful proofreading required, especially in a book of this length. Perhaps not too surprisingly, Meltzer having finished the prodigious labor of writing this volume -- and with two more lengthy volumes still to write! -- did not, in fact, do much proofreading. Honestly, this book is what in an earlier day would have been seen as a first draft. A monumental, incredibly well researched first draft, but a first draft nonetheless. As a result, there a significant number of typos or small errors. To take one of many, the large New York City bank that failed in October 1930 was the Bank of United States, not the Bank of the United States, as Meltzer has it. The reasons why the bank's founders dropped the "the" in the bank's name is actually a significant story, albeit one that Meltzer omits.

Apart from these minor blemishes, the apparent failure to significantly revise the manuscript results in problems with the narrative flow. It's not just that the level of detail is a bit excessive or the discussion often drifts from the main point -- a failing noted by one of the other reviewers -- but people and incidents are discussed on one page, dropped, and then picked up again dozens of pages later with the reader expected to have perfect recall of the earlier mention. This problem is made worse by the fact that the index is rather sketchy. So, trying to find the earlier reference to a person or incident is difficult. These are things a good editor would have caught, if Meltzer had had one.

Leaving these points aside -- and they aren't trivial because they significantly reduce the readability of the book -- Meltzer's history is as definitive as we are ever likely to get. Anyone who writes about the early history of the Fed will have to take Meltzer into account.

15 people found this helpful

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Amanbir Singh Grewal

Reviewed in the United States on February 29, 2020

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Just the book I was looking for. Very voluminous but a good read anyway. Recommended.

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Reviewed in the United States on November 27, 2015

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Really requires a strong knowledge of economic principles.

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James W Butler Jr

Reviewed in the United States on April 10, 2015

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Excellent series.

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Daniel H. Barkin

Reviewed in the United States on May 19, 2015

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I couldn't put it down.

One person found this helpful

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Impressive book!

Reviewed in the United States on November 15, 2009

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This is a great back story for the Federal Reserve and the financial systems that are in use today.

It is well researched; it is not for the faint of heart. At least I sleep a little better for having read it.

I am looking forward to how the Federal Reserve will address the problem of offering an interest rate below 0%.
(The Fed is kind of caught between a rock and a hard place on this one.)

I have enormous confidence that the author will do a great job on the next two volumes in this trilogy (Book 2 Volume 1 and Book 2 Volume 2.)

C. Ziemba
CMU EE '70 & '72

I would really like to see Book 3 (1987-2009) from this author. It would be worth its price.

8 people found this helpful

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Gianantonio Bissaro

Classic of monetary history - recommended

Reviewed in Italy on January 24, 2017

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This is really a must read for people interested in monetary policy. A classic, even if not a bedside book (you could quickly start snoring).

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