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Instruments of monetary policy have included short-term interest rates and bank reserves through the monetary base. [1]With the creation of the Bank of England in 1694, which acquired the responsibility to print notes and back them with gold, the idea of monetary policy as independent of executive action began to be established. [2]
From 1811 to 1816, the United States had no central bank at all, then the Second Bank of the United States 1816-1836, and after that another period without a central bank from 1837 to 1862. Monetary reform during the 19th century in the US largely focused on the goal of keeping the local money and criticism of the central bank.
The monetary policy of the United States is the set of policies which the Federal Reserve follows to achieve its twin objectives of high employment and stable inflation. [1] The US central bank, The Federal Reserve System, colloquially known as "The Fed", was created in 1913 by the Federal Reserve Act as the monetary authority of the United States.
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation. [1] [2]
A Financial History of the United States. Armonk: M.E. Sharpe. ISBN 0-7656-0730-1. Marrs, Jim (2000). "Secrets of Money and the Federal Reserve System". Rule by Secrecy: The Hidden History that Connects the Trilateral Commission, the Freemasons, and the Great Pyramids. New York: HarperCollins. pp. 64– 78. Martin, Justin (2000).
A History of Money and Banking in the United States is a 2002 book by economist Murray Rothbard, released posthumously based on his archived manuscripts. [1] The author traces inflations, banking panics, and money meltdowns from the Colonial Period through the mid-20th century.
A Monetary History of the United States, 1867–1960 is a book written in 1963 by future Nobel Prize-winning economist Milton Friedman and Anna Schwartz.It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the United States economy, especially the behavior of economic fluctuations.
With the failure to recharter the First Bank of the United States in 1811, [16] regulatory influence over state banks ceased. Credit-friendly Republicans—entrepreneurs, bankers, farmers—adapted laissez-faire financial principles to the precepts of Jeffersonian political libertarianism [17] —equating land speculation with "rugged individualism" [18] and the frontier spirit.