The Development of Federal Reserve Policy (Classic Reprint) - Softcover

Inhaltsangabe

Excerpt from The Development of Federal Reserve Policy

Owing to the unusual character of the period during which its policy has been developed, many misconceptions have become current regarding the nature and purpose of the Federal Reserve banking system. Some of these mis conceptions are so far-reaching as to create serious dif ficulties for its management. No central banking system can be administered efficiently in an atmosphere of preja dice and misunderstanding. The business public, in its appraisal of the system's management, must be led to apply the tests of sound principles of economics and finance rather than those merely of immediate, individual advantage. It, accordingly, has been the writer's en deavor to do what little his capacities permit to stimu late a proper spirit of inquiry regarding Federal Reserve matters.

It has appeared to the writer that a careful examina tion of the development of the reserve system could be made most opportunely by one not connected with its management. As a minor spur to the writer's efiorts there has been the belief that no study offers superior op portunities for investigating the working of the principles of money and credit under contemporary conditions of business and industry. While the book was written for the general reading public, rather than for classroom purposes, it may serve as a second book to follow the reading of one of the elementary texts in college courses in Money and Banking.

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