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Journal Article
Monetary policy in the United States: a brave new world?
Williamson, Stephen D. (2014)
This article is a reflection on monetary policy in the United States during Ben Bernanke?s two terms as Chairman of the Federal Open Market Committee, from 2006 to 2014. Inflation targeting, policy during the financial crisis, and post-crisis monetary policy (forward guidance and quantitative easing) are discussed and evaluated.
Review , Volume 96 , Issue 2 , Pages 111-122

Journal Article
Making sense of dissents: a history of FOMC dissents
Wheelock, David C.; Thornton, Daniel L. (2014)
This article presents a record of dissents on Federal Open Market Committee (FOMC) monetary policy votes from the Committee?s inception in its modern form in 1936 through 2013. Dissents were rare during the Committee?s first 20 years but began to increase in the late 1950s. The number of dissents increased sharply during the late 1970s and early 1980s, when both inflation and unemployment were unusually high. However, at other times, the number of dissents was not correlated with either inflation or the unemployment rate. A review of FOMC records and published statements indicates that ...
Review , Volume 96 , Issue 3 , Pages 213-227

Working Paper
The Anatomy of Single-Digit Inflation in the 1960s
Rudd, Jeremy B. (2022-05-20)
Recently, the experience of the 1960s—when the U.S. inflation rate rose rapidly and persistently over a comparatively short period—has been invoked as a cautionary tale for the present. An analysis of this period indicates that the inflation regime that prevailed in the 1960s was different in several key regards from the one that prevailed on the eve of the pandemic. Hence, there are few useable lessons to be drawn from this experience, save that monetary policymaking remains a difficult undertaking.
Finance and Economics Discussion Series , Paper 2022-029

Working Paper
Navigating constraints: the evolution of Federal Reserve monetary policy, 1935-59
Wheelock, David C.; Carlson, Mark A. (2014-06-01)
The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of policy in the 1950s. Whereas others have debated whether the Fed had a sophisticated understanding of how to implement policy, our focus is on how the constraints on the Fed changed over time. Roosevelt Administration gold policies and New Deal legislation limited the Fed?s ability to conduct an ...
Working Papers , Paper 2014-13

Working Paper
Did Doubling Reserve Requirements Cause the 1937-38 Recession? New Evidence on the Impact of Reserve Requirements on Bank Reserve Demand and Lending
Wheelock, David C.; Mason, Joseph R.; Calomiris, Charles W. (2022-05-04)
In 1936-37, the Federal Reserve doubled member banks' reserve requirements. Friedman and Schwartz (1963) famously argued that the doubling increased reserve demand and forced the money supply to contract, which they argued caused the recession of 1937-38. Using a new database on individual banks, we show that higher reserve requirements did not generally increase banks' reserve demand or contract lending because reserve requirements were not binding for most banks. Aggregate effects on credit supply from reserve requirement increases were therefore economically small and statistically zero.
Working Papers , Paper 2022-011

Working Paper
Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk?
Carlson, Mark A.; Wheelock, David C. (2016-07-18)
As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the interbank system to meet seasonal and other demands, but the system also transmitted shocks during banking panics. The Federal Reserve was established in 1914 to reduce reliance on the interbank market and correct other defects that caused banking system instability. Drawing on recent theoretical work on interbank networks, we examine how the Fed?s ...
Finance and Economics Discussion Series , Paper 2016-059

Working Paper
In the Eye of a Storm: Manhattan's Money Center Banks during the International Financial Crisis of 1931
Richardson, Gary; Van Horn, Patrick (2016-07-06)
In 1931, a financial crisis began in Austria, spread to Germany, forced Britain to abandon the gold standard, crossed the Atlantic, and afflicted financial institutions in the United States. This article describes how banks in New York City, the central money market of the United States, reacted to this trans-Atlantic financial disturbance. An array of sources tells a consistent tale. Banks in New York anticipated events in Europe, prepared for them by accumulating substantial reserves, and during the crisis, continued business as usual. New York's leading bankers deliberately and ...
Working Paper , Paper 16-7

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