A History of the Federal Reserve, Volume 1: 1913-1951
A History of the Federal Reserve, Volume 1 tells the story of one of America's most influential but least understood public institutions. This magisterial biography of the Federal Reserve draws on meeting minutes, correspondence, and other internal documents to trace the reasoning behind its policy decisions. This book will interest economists, central bankers, historians, political scientists, policymakers, and anyone seeking a deep understanding of the institution that controls America's purse strings.
Praise for A History of the Federal Reserve, Volume 1
"To understand why the Fed acted as it did—at these critical moments and many others—would require years of study, poring over letters, the minutes of meetings, and internal Fed documents. Such a task would naturally deter most scholars of economic history but not, thank goodness, Allan Meltzer."
— The Wall Street Journal
"A seminal work that anyone interested in the inner workings of the U. S. central bank should read. A work that scholars will mine for years to come."
— John M. Berry, Washington Post
"An exceptionally clear story about why, as the ideas that actually informed policy evolved, things sometimes went well and sometimes went badly. One can only hope that we do not have to wait too long for the second installment."
— David Laidler, Journal of Economic Literature
"A thorough narrative history of a high order. Meltzer's analysis is persuasive and acute. His work will stand for a generation as the benchmark history of the world's most powerful economic institution. It is an impressive, even awe-inspiring achievement."
— Sir Howard Davies, Times Higher Education Supplement