Member bank borrowing and the Fed's contractionary monetary policy during the Great Depression.: An article from: Journal of Money, Credit & Banking

This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on November 1, 1990. The length of the article is 8514 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: This paper examines the causes of Federal Reserve policy errors during the Great Depression. It finds compelling evidence that the Fed developed a flawed strategy during the 1920's, and continued to use that strategy during the depression. The Fed's strategy relied on the behavior of member bank borrowing and interest rates as policy indicators. A detailed empirical examination of borrowed reserve demand reveals the errors in the Fed's strategy, and helps to explain why the Fed did not undertake vigorous countercyclical policy during the depression. (Printed by permission of the publisher.)

Citation Details
Title: Member bank borrowing and the Fed's contractionary monetary policy during the Great Depression.
Author: David C. Wheelock
Publication:Journal of Money, Credit & Banking (Refereed)
Date: November 1, 1990
Publisher: Ohio State University Press
Volume: v22 Issue: n4 Page: p409(18)

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