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Mostrando postagens com marcador Federal Reserve System. Mostrar todas as postagens
Mostrando postagens com marcador Federal Reserve System. Mostrar todas as postagens

segunda-feira, 25 de fevereiro de 2019

Founding fathers of the Fed, by Richard A. Naclerio - Book review by Mary Tone Rodgers

Richard A. Naclerio, The Federal Reserve and its Founders: Money, Politics and Power, Newcastle upon Tyne: Agenda Publishing, 2018. vii + 226 pp. $22.50 (paperback), ISBN: 978-1-78821-078-2.
Reviewed for EH.Net by Mary Tone Rodgers, Department of Finance, State University of New York at Oswego.

Scholars have been keenly interested in the Federal Reserve system since its inception, and the subject has motivated many books. Authors’ tones, viewpoints and theses about the Fed are understandably shaded by the political discourse of the period in which they write. Richard Naclerio writes The Federal Reserve and its Founders: Money Politics and Power in 2018, a time of rising populist sentiment and, while not explicitly identifying himself as a populist, Naclerio argues the populist viewpoint. The book’s thesis is that the Federal Reserve was formed by elites to preserve their informational advantages over the “little guy,” primarily by preserving a monopolistic structure of the banking industry. He supports his argument by providing biographical evidence that six men who suggested critical features of the Federal Reserve Act disdained the common man, perceived themselves to be elite and were interested in extracting profits for the central bank from elevated interest rates charged on loans to the “little guy.”
This book is permeated with the rhetoric of economic populism providing an “us versus them” framework for the author’s writing style. The approach is not the traditional one taken by economic historians; it does not test theories of political economy, industry structure, formation of efficient financial systems, or financial panics by examining past quantitative data. Instead, it uses qualitative archival evidence from personal writings, contemporary critiques and newspaper stories for thesis support. Its primary contributions are for the reader to understand, first, how the populist viewpoint may be informed by biographical evidence, and second, what the implications of populism for the future of Federal Reserve might be. Naclerio argues that from the “American people’s” viewpoint a central bank that does not bail out banks, does not profit from high interest rates charged to the “little guy,” and that has oversight by non-elites appears to be the type of institution a populist might prefer.
Naclerio devotes one chapter to each of the six men who attended a private conference at Jekyll Island in 1910 to draft policy proposals to create an American central bank. He also writes a chapter about J. Pierpont Morgan who did not attend the conference but who Naclerio considers a central historical figure epitomizing the elite who formed the central bank. After examining the seven men’s attitudes toward the “little guy,” Naclerio then argues that those attitudes were institutionalized in the legislation that formed the Federal Reserve Act of 1913. A chapter devoted to a post-2008 interview with one journalist at Bloomberg News is used as evidence that elitist attitudes continue to drive Fed policy in the present period. The interview explores how Bloomberg News found it difficult to obtain information from the Fed about loans the Fed made during the 2008 crisis.
The seven chapters about the Jekyll Island attendees and Morgan comprise about two-thirds of the book. Each chapter presents biographical evidence that each man embodied the populist lament that the “little guy” is disadvantaged by elite who create opacity and monopoly for self-aggrandizement. Nelson Aldrich eliminated small sugar producers and refiners by changing the tariff structure for sugar imports, benefitting his family’s wholesale grocery business. Felix Warburg’s proposal to allow the central bank to discount commercial paper disadvantaged small bankers and gave preference to large banks. Benjamin Strong’s efforts to coordinate Europe’s post-World War I reconstruction created a Western monopoly of central banks in defiance of each government’s citizenry and was achieved using loopholes in the Charter of the League of Nations. Strong’s venom toward small bankers is supported by his characterization of them as an “unorganized mob.” Henry Davison persuaded Woodrow Wilson to break his promise to the average American to stay out of World War I – so that loans to France and Britain organized by Davison at J. P. Morgan & Co. could be paid off. Davison’s efforts to preserve Morgan’s profits would be at the expense of the “European working class” whose taxes would pay the interest and principal on war loans. A. Piatt Andrew’s suggestion that the central bank would support itself by charging rates to banks on loans it provided meant that small businessmen’s and farmers’ rates would be higher, benefitting the elites in money center banks. Frank Vanderlip’s assessment that borrowers must sign loan contracts but small depositors earned no such reciprocal contract from the banker was evidence that elite bankers supported the inequity and imbalance of power inherent in the banking business model. J. P. Morgan’s takeovers of weak trust companies and corporations after the Panic of 1907 is evidence of an unscrupulous act of self-dealing. (Morgan is referred to as a “pirate” in the chapter title.)
The book’s populist argument is not completely convincing because it does not explore how concern about the “little guy” was indeed part of the policy formation process; it does not adequately describe how the grassroots debate had been ongoing since at least the Baltimore plan of 1894 and the Indianapolis Monetary Convention of 1896. Rather, Naclerio seems to attribute most of the policy formation process to the seven men showcased in the book.
Nor does the book describe how the “little guy” benefitted from the formation of the Fed. The book does not explore how achieving economies of scale in information production and liquidity coordination became overwhelming tasks for a fragmented banking system during the period of industrialization and urbanization that accompanied technological advancement that opened up opportunities for the “little guy” of the early twentieth century.
Furthermore, Naclerio does not suggest how populists of the day, such as William Jennings Bryan or Theodore Roosevelt. might have managed the problems of providing a lender of last resort in periods of exogenous economic shocks any differently than the “elitist” Wall Street bankers did. The difficulty in compelling collective action in the absence of a lender of last resort was not the purview of the federal government at the time, nor was it easily managed by private actors in an increasingly complex economy.
Naclerio interprets the Great Depression as evidence that the Fed reneged on its promise to shield the “little guy” from shocks to the economy and fluctuations in the business cycle from 1921 through the late 1930’s, without describing the remedial changes to the Fed’s policy formation process made during the subsequent Franklin Roosevelt administration that improved the institution’s future capabilities to become more responsive.
Naclerio pays scant attention to how the Federal Reserve Act was influenced by politicians to include a decentralized system of twelve regional banks that served twelve distinct regions of the country, an effort to give voice to the “little guy.”
The shortcomings of the book do not mar the usefulness of the references it provides to see the Federal Reserve system through the eyes of a twenty-first century populist. Giving voice to those who have felt alienated from or disillusioned by the system can support constructive institutional change going forward.
(Naclerio has worked extensively in business operations and real estate investment in New York City and Denver. While continuing to manage his own real estate companies and stock portfolios, he is pursuing a Ph.D. in history at the CUNY Graduate Center. He worked as an adjunct instructor and academic advisor at Sacred Heart University and Monroe College.)

Mary Tone Rodgers, DPS, CFA, is the Marcia Belmar Willock Professor of Finance and Director of the Gordon Lenz Center for Finance and Risk Management at the State University of New York at Oswego. She has published several articles in financial history, including “Monetary Policy and the Copper Price Bust: A Reassessment of the Causes of the Panic of 1907” with James E. Payne” in Review of Economic History. She is currently working on a book with Jon R. Moen (University of Mississippi) on J. Pierpont Morgan’s role as lender of last resort in the pre-Federal Reserve period.
Copyright (c) 2019 by EH.Net. All rights reserved. This work may be copied for non-profit educational uses if proper credit is given to the author and the list. For other permission, please contact the EH.Net Administrator (administrator@eh.net). Published by EH.Net (February 2019). All EH.Netreviews are archived at http://www.eh.net/BookReview.

sexta-feira, 16 de março de 2018

O mito da independencia do Federal Reserve - Book Review

Published by EH.Net (March 2018)

Sarah Binder and Mark Spindel:
The Myth of Independence: How Congress Governs the Federal Reserve
Princeton, NJ: Princeton University Press, 2017. xv + 282 pp. $35 (cloth), ISBN: 978-0-691-16319-2.
Reviewed for EH.Net by Joseph M. Santos, Department of Economics, South Dakota State University.

In the final months of 2017, everyone wondered whom President Trump would appoint, with Senate confirmation, to chair the Federal Reserve System. Would the next chair be a hawk or a dove? Would future U.S. monetary policy be politicized — left to pursue short-run macroeconomic objectives instead of low and stable inflation? Basically, observers believed the central bank’s independence from Congress and the White House was either immutable — and so monetary policy would be reliably conditioned on the chair’s relative aversion to high and variable inflation — or not.
Congress passed the Federal Reserve Act in December 1913. A relatively modern notion of independence — immutable or otherwise — emerged decades later with the Treasury-Federal Reserve Accord in March 1951. The two institutions agreed the central bank would not peg yields on Treasury bonds, which it had done since April 1942 in order to cap the cost of financing the U.S. war effort. In a narrow sense, then, the Accord recognized central-bank independence as a monetary policy framework for price stability. This is because the agreement restored monetary dominance over a deficit-spending fiscal authority that issued nominal debt. In practice, monetary policy remained largely discretionary, inflationary, and influenced by Treasury (Timberlake 1993, 339-40). Thus, at best, the Accord afforded the Federal Reserve System independence “within the government” (Meltzer 2003, 713).
According to Sarah Binder and Mark Spindel, the Federal Reserve System has never been independent, though its authority to manage the economy has increased over time. Rather, in The Myth of Independence, the authors chronicle a history of interdependence between the central bank and Congress, both federalist institutions that rely on the support of (necessarily overlapping) constituencies. End-the-Fed rhetoric notwithstanding, denizens of reserve-bank districts have resisted congressional restraints on their regional central bank. Meanwhile, the body politic has accepted congressional accusations that the central bank, broadly conceived, is alone responsible for poor macroeconomic performance. Thus, in the aftermath of macroeconomic troubles, Congress has often increased the central bank’s authority and, in turn, its culpability. Simultaneously, Congress has asserted, often in response to executive-branch meddling, the legislature’s ultimate control of monetary policy.
For evidence of this countercyclical “blame game,” the authors mine public-opinion surveys — public sentiment toward the Fed from 1979 to 2015 and Chair Janet Yellen in 2014 — and bills introduced in Congress from 1947 to 2014. Generally, controlling for respondents’ education, household income, and so forth, Republicans and retirees disproportionally disapprove of the Fed’s stewardship of the economy. Increases in unemployment, but not the inflation rate, drive the number of congressional bills targeting the Fed; though, macroeconomic performance is relatively weakly associated with Republican-sponsored bills. For politically vulnerable legislators who are members of the president’s party, the Fed is a particularly attractive target of blame. Meanwhile, calls to audit the Fed are countercyclical and longstanding — they have been around for over sixty years; so, yes, “the Pauls are newcomers to the campaign” (p. 43). In the postwar period, Democrats have sponsored twice as many such calls; and recent calls have come from the fringes of both parties.
The authors examine the origins and evolution of the Fed through this political-economic lens. The creation narrative is fairly conventional. To wit, the Panic of 1907 revealed the extant limits of governmental interventions, which were “precarious, primitive, partial, and probably illegal” (p. 55). Divided Republicans effectively afforded united Democrats the White House, the Sixty-Third Congress (1913-15), and the opportunity to drive currency reform. The central bank that emerged placated (Southern) Democrats, (Midwestern) Populists, and (urban) Progressives, who preferred a quasi-public structure and decentralized reserve banks. It also placated Republicans, who preferred a quasi-private structure and centralized governance. More broadly, Democrats and their political kin sought easier access to credit; Republicans sought greater financial stability. Neither party sought an independent monetary authority of the sort we imagine today.
Identifying the forces that determined the locations of reserve-bank cities (including two in Missouri) and the number of reserve-bank districts — operational features of the System that fell to the Reserve Bank Organization Committee (RBOC) — adds significant value to this book. In some instances, the RBOC assigned reserve banks based on the density of a region’s financial sector, of course. However, conditional on financial sector, the RBOC assigned reserve banks based largely on region (most likely, the South). The authors cannot say whether, in doing so, the RBOC responded to credit demands or constituents, because the relatively credit-starved South was then overwhelmingly Democratic. In any case, these early decisions to regionalize the System in this way “baked political support for the Federal Reserve into its statutory skeleton,” effectively assuring its survival, if not its absolute independence from Congress (p. 81).
This statutory skeleton fractured in the wake of the Great Depression, when Congress quickly passed a series of inflationary currency reforms: namely, the Thomas Amendment to the Agricultural Adjustment Act (1933) and the Gold Reserve Act (1934), including the latter’s Exchange Stabilization Fund provision. Broadly speaking, Democrats and agrarians favored these reforms; Republicans and manufacturers opposed them. The authors econometrically demonstrate this, and something else: states that were home to a Federal Reserve Bank were less likely to vote for these reforms — a manifestation of baked-in political support, presumably. Similar voting patterns emerged a short time later, when exigencies of war finance reduced monetary policy to ensuring a market for Treasury debt, sowing tensions that would culminate in the Accord of 1951. Why 1951? It’s complicated; chapter 5 is well worth a close read.
The Myth of Independence is a timely analysis of political and economic countervailing forces that render the Fed and Congress interdependent. Based, in part, on Fed and congressional archives, the authors cleverly marshal econometric evidence — estimated coefficients of categorical dependent-variable specifications, for the most part — to substantiate their claims, which do not easily lend themselves to quantitative-hypotheses tests. The book’s takeaway is cautionary, and aptly captured by Paul Volcker’s reflection on leading the Fed through the Great Inflation: “You just can’t go do something that is just outside the bounds of what people can understand, because you won’t be independent for very long if you do that” (p. 200). Hawks and doves, take note: ascend from the zero-lower bound in a way people can understand.
References:
Meltzer, Allan H. (2003) A History of the Federal Reserve, Volume 1: 1913–1951 (Chicago: University of Chicago Press).
Timberlake, Richard H. (1993) Monetary Policy in the United States: An Intellectual and Institutional History (Chicago: The University of Chicago Press).

Joseph M. Santos is the Dykhouse Scholar in Money, Banking, and Regulation in the Department of Economics at South Dakota State University, where he teaches and writes on macroeconomics, banking, and financial markets.
Copyright (c) 2018 by EH.Net. All rights reserved. This work may be copied for non-profit educational uses if proper credit is given to the author and the list. For other permission, please contact the EH.Net Administrator (administrator@eh.net). Published by EH.Net (March 2018). All EH.Net reviews are archived at http://www.eh.net/BookReview.

terça-feira, 25 de agosto de 2015

Federal Reserve System - recursos para pesquisadores em historia monetaria e economica



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Fiz um teste de pesquisa na eLibrary do Federal Reserve System, colocando simplesmente "Brazil", e "economic history"; vejam o que veio: 


1
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1149 Downloads
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2
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A Comparative Perspective on Poverty Reduction in Brazil, China and India
World Bank Policy Research Working Paper No. 5080
Martin Ravallion
Georgetown University
Date posted: 
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1005 Downloads
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3
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REDD and Indigenous Peoples in Brazil
CLIMATE CHANGE, INDIGENOUS PEOPLES, AND THE SEARCH FOR LEGAL REMEDIES, Abate & Kronk, eds., Edward Elgar Publishing, Forthcoming
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Independent
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26 Mar 2012

Last revised: 
29 Mar 2012

482 Downloads
Number of Pages in PDF File: 37
4
Description: ncl. Electronic Paper
Corporate Governance in Emerging Markets
Oxford Handbook of Corporate Law and Governance (Jeffrey N. Gordon & Wolf-Georg Ringe eds.), Forthcoming, Direito GV Research Paper Series n. 100
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Fundação Getulio Vargas Law School at São Paulo
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31 Mar 2014

Last revised: 
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447 Downloads
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5
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The New Multi-Polar International Monetary System
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Mansoor Dailami and Paul R. Masson
World Bank and University of Toronto - Joseph L. Rotman School of Management
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262 Downloads
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6
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Yale Journal of International Law, Forthcoming, U of Chicago Law & Economics, Olin Working Paper No. 465, UC Davis Legal Studies Research Paper No. 173
Anupam Chander
University of California, Davis - School of Law
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03 Jun 2009

258 Downloads
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7
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215 Downloads
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8
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The International Atomic Energy Agency in the Changing Structure of International Organization Law: A Cold War Institution Facing an Age of Terror
CURSO DE DERECHO INTERNACIONAL, Vol. 32, pp. 509-62, 2005, CUA Columbus School of Law Legal Studies Research Paper No. 2007-4
Antonio F. Perez
Catholic University of America (CUA) - Columbus School of Law
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04 Oct 2007

203 Downloads
Number of Pages in PDF File: 43
9
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Industrial Policy and Competition Enforcement: Is There, Could There and Should There Be a Nexus?
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University of Liege - School of Law and University of Liege
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198 Downloads
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Big BRICs, Weak Foundations: The Beginning of Public Elementary Education in Brazil, Russia, India, and China
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13 Feb 2011

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191 Downloads
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11
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22 Oct 2003

179 Downloads
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12
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Doing Business in Brazil: The Road Ahead
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176 Downloads
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13
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Reforming Legal Education in Brazil: From the Ceped Experiment to the Law Schools at the Getulio Vargas Foundation
Univ. of Wisconsin Legal Studies Research Paper No. 1180
David M. Trubek
University of Wisconsin Law School
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09 Dec 2011

165 Downloads
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14
Description: ncl. Electronic Paper
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19 Dec 2008

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159 Downloads
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15
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Brandeis University- International Business School and University of California, Berkeley
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07 Dec 2006

121 Downloads
Number of Pages in PDF File: 38
16
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Northeast Asian Development and the Problem of Rights: Challenges for a New Developmental State
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John K.M. Ohnesorge II
University of Wisconsin Law School
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08 Jan 2009

117 Downloads
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17
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BRICS at the Gate: Modern International Monetary System in Conditions of Balanced Uncertainty
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Samuels International Associates, Inc. and Kennesaw State University
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20 Oct 2011

69 Downloads
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18
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On the Origin of Fear in the World Trade System: Excavating the Roots of the Berlin Conference of 1884
American Society of International Law Proceedings, Vol. 101, 2007
Marjorie Florestal
University of the Pacific - McGeorge School of Law
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18 Jan 2008

Last revised: 
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61 Downloads
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19
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10 Mar 2010

47 Downloads
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20
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Polanyian Lessons for Our Days: The Case of Brazil
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UFABC and Getulio Vargas Foundation (FGV) - Sao Paulo School of Economics
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44 Downloads
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21
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Assessing Firms' Financing Constraints in Brazil
World Bank Policy Research Working Paper No. 6624
Stijn Claessens and Yaye Seynabou Sakho
Board of Governors of the Federal Reserve System (FRB) and World Bank
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01 Oct 2013

33 Downloads
Number of Pages in PDF File: 31
22
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Furtado, North and the New Economic History
Economia 10(4) 2009
Mauro Boianovsky
Universidade de Brasilia
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20 Oct 2013

27 Downloads
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23
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Date posted: 
24 Aug 2013

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23 Downloads
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24
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Andrea Kupfer Schneider , Nancy Welsh and Kathryn Rimpfel
Marquette University - Law School , The Pennsylvania State University Dickinson School of Law and Pennsylvania State University
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20 Feb 2015

23 Downloads
Number of Pages in PDF File: 40
25
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It is Possible to Make African Poverty History Through NEPAD?
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Independent and Saint Monica University
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31 Mar 2011

Last revised: 
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22 Downloads
Number of Pages in PDF File: 7
26
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The Brazilian Economy in 1994-1999: From the Real Plan to Inflation Targets
The World Economy, Vol. 25, pp. 925-944, 2002
Andre Averbug
World Bank - Research Department
Date posted: 
14 May 2003

22 Downloads
Number of Pages in PDF File: 20
27
Description: ncl. Electronic Paper
The New Global Antisemitism: Implications from the Recent ADL-100 Data
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Innsbruck University - Faculty of Political Science and Sociology - Department of Political Science
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16 Jan 2015

18 Downloads
Number of Pages in PDF File: 27
28
Description: ncl. Electronic Paper
국제사회의 남협력 현황과 우리추진방안 (South-South and Triangular Cooperation: Trends and Implications for Korea)
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Korea Institute for International Economic Policy , Korea Institute for International Economic Policy , Korea Institute for International Economic Policy , Independent and Independent
Date posted: 
24 Sep 2013

Last revised: 
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17 Downloads
Number of Pages in PDF File: 245
29
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Greater Coherence in Global Economic Policymaking: Progress and Prospect
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Chien-Huei Wu
Acadmia Sinica - Institute of European and American Studies
Date posted: 
21 Mar 2013

Last revised: 
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16 Downloads
Number of Pages in PDF File: 30
30
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13 Downloads
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31
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Korea's Foreign Policy Towards Brazil (1959 - 2009): An Analysis of the Past, the Present, and the Future
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Hee Moon Jo
Law School, Hankuk University of Foreign Studies
Date posted: 
02 Aug 2012

Last revised: 
02 Aug 2012

13 Downloads
Number of Pages in PDF File: 28
32
Description: ncl. Electronic Paper
브라질 제의 부상·브라질 산업협력 확대 방안 (The Rise of Brazil: Ways to Expand the Industrial Cooperation between Korea and Brazil)
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Korea Institute for International Economic Policy , Korea Institute for International Economic Policy , Korea Institute for International Economic Policy and Korea Institute for International Economic Policy
Date posted: 
25 Sep 2013

Last revised: 
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13 Downloads
Number of Pages in PDF File: 227
33
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Perspectives on Caribbean Football: Front Matter
Hansib Publications London, 2015
Christopher A. D. Charles
University of the West Indies
Date posted: 
25 Feb 2015

6 Downloads
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34
Description: ncl. Electronic Paper
Still the Century of Government Savings Banks? A Case Study of the Caixa Econômica Federal
Brazilian Journal of Political Economy, Vol. 26, No. 1 (101), pp. 39-57 January-March 2006
Kurt E. von Mettenheim
FGV-EAESP
Date posted: 
01 May 2014

6 Downloads
Number of Pages in PDF File: 19
35
Description: ncl. Electronic Paper
Governos Geisel E Dilma: O Poder Das Finanças (Geisel Governments and Dilma: The Power of Finance)
Cuadernos de Economía, Vol. 34, No 66 (Special Issue 2015), 545-567, DOI: 10.15446/cuad.econ.v34n66.49422,
Angelita Matos Souza
UNESP - Universidade Estadual Paulista (State of Sao Paulo University)
Date posted: 
13 Jun 2015

1 Downloads
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36

The Law, Economics and Politics of Retaliation in WTO Dispute Settlement
Joost Pauwelyn, THE LAW, ECONOMICS AND POLITICS OF RETALIATION IN WTO DISPUTE SETTLEMENT, Chad P. Bown, ed., Cambridge University Press, 2009
Joost Pauwelyn
Date posted: 
25 Feb 2011
37

Western Expansion as a Common Pool Problem: The Contrasting Histories of the Brazilian and North-American Pioneers
American Journal of Economics and Sociology, Vol. 68, No. 3, pp. 775-789, July 2009
Fernando Zanella and Christopher Westley
United Arab Emirates University - Department of Economics and Jacksonville State University
Date posted: 
10 Sep 2011