National Monetary Policy by Regional Design: The Evolving Role of the Federal Reserve Banks in Federal Reserve System Policy

  • David C. Wheelock
Part of the ZEI Studies in European Economics and Law book series (ZEIS, volume 1)


The Governing Council of the European System of Central Banks (ESCB) has been charged with determining and implementing the monetary policy of the European Community. The Council will include the six members of the European Central Bank’s Executive Committee and the central bank governors of the European Community’s eleven member states. The Federal Open Market Committee (FOMC) of the U.S. Federal Reserve System has similar duties and structure. Like the ESCB’s Governing Council, the FOMC is the principal monetary policymaking committee of the Federal Reserve System. It consists of the seven members of the Board of Governors of the Federal Reserve System and the presidents of the twelve regional Federal Reserve Banks (though only five presidents may vote on policy at any one time).


Monetary Policy Federal Reserve Money Supply Government Security Federal Reserve System 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Ahearn, Daniel S. (1963) Federal reserve policy reappraised, 1951–1959. New York: Columbia University Press.Google Scholar
  2. Andersen, Leonall C. and Carlson, Keith M. (1970) “A monetarist model for economic stabilization.” Federal Reserve Bank of St. Louis Review, April, pp. 7–25.Google Scholar
  3. Andersen, Leonall C. and Jordan, Jerry L. (1968) “Monetary and fiscal actions: a test of their relative importance in economic stabilization.” Federal Reserve Bank of St. Louis Review, November, pp. 11–24.Google Scholar
  4. Anderson, Richard G. and Kavajecz, Kenneth A. (1994) “A historical perspective on the federal reserve’s monetary aggregates: definition, construction and targeting.” Federal Reserve Bank of St. Louis Review, March/April, pp. 1–66.Google Scholar
  5. Brunner, Karl and Meltzer, Allan H. (1964) The federal reserve’s attachment to the free reserves concept. Staff Analysis, House Committee on Banking and Currency. 88th Congress, 2“d session.Google Scholar
  6. Brunner, Karl and Meltzer, Allan H. (1968) “What did we learn from the monetary experience of the United States in the great depression?” Canadian Journal of Economics 1, May, pp. 334–48.Google Scholar
  7. Calomiris, Charles W. and Wheelock, David C. (1998) “Was the great depression a watershed for American monetary policy?” in Michael D. Bordo, Claudia Goldin and Eugene N. White (eds) The defining moment: the great depression and the American economy in the twentieth century. Chicago: University of Chicago Press, pp. 23–66.Google Scholar
  8. Chandler, Lester V. (1958) Benjamin Strong, central banker. Washington, D.C.: Brookings Institution. — (1971) American monetary policy 1928–1941. New York: Harper and Row.Google Scholar
  9. Clifford, A. Jerome. (1965) The independence of the federal reserve system. Philadelphia: University of Pennsylvania Press.Google Scholar
  10. Curkierman, Alex. (1992) Central bank strategy, credibility, and independence: theory and evidence. Cambridge, MA: The MIT Press.Google Scholar
  11. DeLeeuw, Frank and Kalchbrenner, John. (1969) “Monetary and fiscal actions: a test of their relative importance in economic stabilization–comment.” Federal Reserve Bank of St. Louis Review April, pp. 611.Google Scholar
  12. DeLong, J. Bradford, and Summers, Lawrence H. (1992) “Macroeconomic policy and long-run growth.” Federal Reserve Bank of Kansas City Economic Review 77 (Fourth Quarter), pp. 5–30.Google Scholar
  13. Dewald, William G. (1972) “The national monetary commission: a look back.” Journal of Money, Credit, and Banking, November, pp. 930–56.Google Scholar
  14. Eichengreen, Barry. (1992) “Designing a central bank for Europe: a cautionary tale from the early years of the federal reserve system.” in Matthew B. Canzonari and Vittorio Grilli (eds) Establishing acCentral bank: issues in Europe and lessons from the U.S. Cambridge: Cambridge University Press, pp. 13–40.CrossRefGoogle Scholar
  15. Federal Open Market Committee, “Memoranda of discussion.” various years.Google Scholar
  16. Fisher, Irving. (1935) Testimony on the banking act of 1935 before the committee on banking, U.S. house of representatives,74th Congress, r Session.Google Scholar
  17. Friedman, Milton and Schwartz, Anna J. (1963) A monetary history of the United States, 1867–1960. Princeton: Princeton University Press.Google Scholar
  18. Gilbert, R. Alton. (1994) “A case study in monetary control: 1980–82.” Federal Reserve Bank of St. Louis Review, September/October, pp. 35–55.Google Scholar
  19. Gorton, Gary. (1985) “Clearinghouses and the origin of central banking in the United States.” Journal of Economic History, June, pp. 277–83.Google Scholar
  20. Greenspan, Alan. (1998) Testimony before the subcommittee on domestic and international monetary policy of the committee on banking and financial services, U.S. house of representatives,February 24.Google Scholar
  21. Hafer, R. W. (1997) “Against the tide: Malcolm Bryan’s experiment with aggregate targets in 1959 and 1960.” Southern Illinois University at Edwardsville working paper no. 98–1010.Google Scholar
  22. James, John A. (1978) Money and capital markets in postbellum America. Princeton: Princeton University Press.Google Scholar
  23. Keran, Michael W. (1969) “Monetary and fiscal influences on economic activity — the historical evidence.” Federal Reserve Bank of St. Louis Review, November, pp. 5–24.Google Scholar
  24. Lucia, Joseph L. (1983) “Allan Sproul and the treasury-federal reserve accord, 1951.” History of Political Economy 15, no. 1 (Spring), pp. 106–21.Google Scholar
  25. Maisel, Sherman J. (1973) Managing the dollar. New York: W. W. Norton.Google Scholar
  26. Meigs, A. James. (1962) Free reserves and the money supply. Chicago: University of Chicago Press.Google Scholar
  27. Meigs, A. James. (1976) “Campaigning for monetary reform: the federal reserve bank of St. Louis in 1959 and 1960.” Journal of Monetary Economics 2 (November), pp. 439–54.CrossRefGoogle Scholar
  28. Melicher, Emanuel. (1969) “Comments on the `St. Louis position’.” Federal Reserve Bank of St. Louis Review, August, pp. 9–14.Google Scholar
  29. Meltzer, Allan H. (1994) Why did monetary policy fail in the thirties? unpublished manuscript.. (1997) New procedures, new problems, 1923–29. unpublished manuscript.Google Scholar
  30. Moore, Carl H. (1990) The federal reserve system: a history of the first 75 years. Jefferson, NC: McFarland and Company.Google Scholar
  31. Poole, William. (1982) “Federal reserve operating procedures: a survey and evaluation of the historical record since October 1979.” Journal of Money, Credit, and Banking 14, November, pp. 575–96.Google Scholar
  32. Timberlake, Richard. (1978) The origins of central banking in the United States. Cambridge: Harvard University Press.Google Scholar
  33. Timberlake, Richard. (1984) “The central banking role of clearinghouse associations.” Journal of Money, Credit, and Banking, February, pp. 1–15.Google Scholar
  34. Toma, Mark. (1997) Competition and monopoly in the federal reserve system, 1914–1951. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  35. West, Robert Craig. (1977) Banking reform and the federal reserve, 1963–1923. Ithaca: Cornell University Press.Google Scholar
  36. Wheelock, David C. (1991) The strategy and consistency of federal reserve monetary policy, 1924–1933. Cambridge: Cambridge University Press.Google Scholar
  37. Wheelock, David C.. (1998) “Monetary policy in the great depression and beyond: the sources of the fed’s inflation bias.” in Mark Wheeler (ed) The economics of the great depression. Kalamazoo, MI: The Upjohn Institute.Google Scholar
  38. Wicker, Elmus. (1966) Federal reserve monetary policy, 1917–1933. New York: Random House.Google Scholar
  39. ) “Open market money supply strategy, 1952–1956,” Quarterly Journal of Economics 88, February, pp. 170–79.Google Scholar
  40. Wigmore, Barrie A. (1987) “Was the bank holiday of 1933 caused by a run on the dollar?” Journal of Economic History 47 (September), pp. 739–56.CrossRefGoogle Scholar

Copyright information

© Springer Science+Business Media New York 2000

Authors and Affiliations

  • David C. Wheelock
    • 1
  1. 1.Federal Reserve Bank of St. LouisUSA

Personalised recommendations