New Light on Lauchlin Currie's Monetary Economics in the New Deal and Beyond.
Title:
New Light on Lauchlin Currie's Monetary Economics in the New Deal and Beyond.
Author:
Sandilands, Roger J.
ISBN:
9781845443733
Personal Author:
Physical Description:
1 online resource (240 pages)
Contents:
CONTENTS -- Editorial advisory board -- Editor's introduction -- Lauchlin Currie: a biographical sketch -- Lauchlin Currie's memoirs Chapter II: The Harvard years[1] -- Lauchlin Currie's memoirs Chapter III: The New Deal -- PhD thesis: "Bank assets and banking theory", Harvard University, January 1931[1] -- PhD thesis Chapter IX: Bank assets and the business cycle[1] -- PhD thesis Chapter XII: Conclusion -- 1934 letter to FDR -- Interview with Lauchlin Currie on the Great Depression[1] -- Desirable changes in the administration of the Federal Reserve System[1] -- The relation of government to monetary control[1] -- The objectives of the Banking Bill of 1935 -- Federal income-increasing expenditures, 1932-1935[1] -- Some monetary aspects of the excess reserves problem -- Public spending as a means to recovery -- Recent developments in international monetary relations[1] -- Stabilization of purchasing power through the use of public credit[1] -- Would a further expansion of money be "injurious"? -- Proposals relating to the capital inflow problem -- The decline in the Federal contribution to the growth in community expenditures -- The economic distribution of demand deposits[1] -- Speech at the Chicago Forum of the American Institute of Banking -- Some aspects of business and banking developments in 1936 and 1937 -- The 100 percent reserve plan -- The White House, Washington, Memorandum for the President: Personal -- The White House, Washington, Memorandum for the President -- Money and savings: how definitions affect policies[1] -- Organization for monetary policy formulation[1] -- A new hypothesis on the demand for money: the "accounting" motive and banks' costs[1].
Abstract:
The Editor's introduction to this special issue reviews the contributions of Lauchlin Currie (1902-1993) to monetary theory and policy over the six decades of his professional career. This is followed by 27 of Currie's hitherto unpublished papers and memoranda. These include Currie's own memoirs of his work at Harvard, 1925-1934, when he was almost alone in blaming the Fed for its failure to prevent the Great Depression of 1929-1933; and of his work at the US Treasury and Fed, 1934-1939. During this latter period he drafted the 1935 Banking Act that shifted the power base of the monetary system from New York to Washington and gave the Federal Reserve Board enhanced powers to control money in a more effectively counter-cyclical manner. He became the intellectual leader of the "spending wing" of the New Deal, and this eventually led to his being drafted into the White House as FDR's administrative assistant for economic affairs, 1939-1945. Also published here for the first time are numerous memoranda, reports, and speeches on various aspects of monetary policy in the USA and, later, in Colombia too. They include his work in developing a "net Federal income-increasing expenditures" series for the USA that showed the impact of fiscal policy more accurately than did the official cash deficit series; and there is also his controversial defence of the raising of reserve requirements in 1936-1937 to mop up the unprecedentedly large accumulation of excess reserves. His memoranda reveal new insights into the thinking of the Fed at that time, and offer a fuller perspective on the causes of the sharp recession of 1937-1938. Also included are several letters and memoranda prepared for President Roosevelt: on the role of gold in 1933, the causes of the 1937 recession, and on unemployment figures and the expansion possibilities of the economy in 1940. Finally,
three papers are included on monetary theory and policy written shortly before his death in Colombia in 1993. These represent the culmination of his lifetime's work in monetary and development economics, and also give a glimpse into his enormous contributions to Colombia where he spent most of the last 40 years of his life as a top presidential adviser.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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