scholarly journals An Interview with Paul Volcker

2013 ◽  
Vol 27 (4) ◽  
pp. 105-120 ◽  
Author(s):  
Martin Feldstein
Keyword(s):  
New York ◽  
Federal Reserve ◽  
Lessons Learned ◽  
Economic Research ◽  
National Bureau ◽  
International Affairs ◽  
Federal Reserve Bank ◽  
Board Of Governors ◽  
Reserve Bank ◽  
The Us

Martin Feldstein interviewed Paul Volcker in Cambridge, Massachusetts, on July 10, 2013, as part of a conference at the National Bureau of Economic Research on “The First 100 Years of the Federal Reserve: The Policy Record, Lessons Learned, and Prospects for the Future.” Volcker was Chairman of the Board of Governors of the Federal Reserve System from 1979 through 1987. Before that, he served stints as President of the Federal Reserve Bank of New York from 1975 to 1979, as Deputy Undersecretary for International Affairs in the US Department of the Treasury from 1969 to 1974, as Deputy Undersecretary for Monetary Affairs in the Treasury from 1963 to 1965, and as an economist at the Federal Reserve Bank of New York from 1952 to 1957. He has led and served on a wide array of commissions, including chairing the President's Economic Recovery Advisory Board from its inception in 2009 through 2011.

World War and Globalization

2016 ◽  
Author(s):  
Simon James Bytheway ◽  
Mark Metzler
Keyword(s):  
New York ◽  
Central Bank ◽  
Federal Reserve ◽  
The United States ◽  
World War ◽  
Federal Reserve Bank ◽  
Reserve Bank ◽  
Private Banks ◽  
The Us ◽  
Us Government

This chapter examines how central bank cooperation became a multilateral enterprise during the opening weeks of the First World War. It was the Bank of England that took the initiative to establish a network of Allied central banks. The US Federal Reserve System was framed in 1913 and went into operation shortly after the war began in Europe. The Federal Reserve Bank of New York (FRBNY) also joined the Allied central bank network as soon as it could, well before the US government entered the war. In early 1915, backed by the FRBNY, US private banks began to finance the enormous military purchasing programs run by the British and French governments in the United States.

scholarly journals The Decentralized Central Bank: A Review Essay on The Power and Independence of the Federal Reserve by Peter Conti-Brown

2017 ◽  
Vol 55 (2) ◽  
pp. 621-636 ◽  
Author(s):  
Narayana R. Kocherlakota
Keyword(s):  
New York ◽  
Federal Reserve ◽  
Boards Of Directors ◽  
Federal Reserve Bank ◽  
The Past ◽  
Board Of Governors ◽  
Reserve Bank ◽  
The Many ◽  
Reserve System ◽  
Public Entity

This essay discusses the structure and governance of the Federal Reserve System in light of the many changes in its activities over the past thirty years. Based on this analysis, it argues in favor of four specific reforms: clarification of Congressional expectations for the system; enhanced Federal Reserve Board of Governors transparency with respect to its oversight of the Reserve Banks; stripping monetary-policy votes from the President of the Federal Reserve Bank of New York and the Boards of Directors of the Reserve Banks; and the initiation of a public conversation about redesigning the Federal Reserve as a unified public entity. (JEL D72, E44, E52, E58, G21, G28)

scholarly journals The Federal Reserve Banks New Monetary Policy Tool

2012 ◽  
Vol 10 (9) ◽  
pp. 533
Author(s):  
David Gordon
Keyword(s):  
Monetary Policy ◽  
Federal Reserve ◽  
Vital Role ◽  
Open Market ◽  
Federal Reserve Bank ◽  
Us Economy ◽  
Policy Tool ◽  
Reserve Bank ◽  
The Us ◽  
Demand Deposit

The Federal Reserve Bank (FED) plays a vital role in the US economy. The roles and functions of the Fed are discussed here. This paper also offers an explanation of the traditional tools the Fed uses to conduct monetary policy. Open market operations are explained. The important role of the discount rate is discussed. The legally required reserve ratios are also explored. This author believes that the Fed has recently created a new tool. This tool is the payment of interest on demand deposit accounts at the Fed. This new tool is explained and its ramifications explored. The functions of monetary policy are also expanded upon in this paper.

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