Financial Markets

Business & Money

Wood, John H.

Investing

South-Western Pub.

A History of Macroeconomic Policy in the United States (Routledge Explorations in Economic History)

This book examines the controlling influences that drive macroeconomic policies in the United States. It addresses the history of the interests, ideas, and practices of monetary and fiscal policies in the United States.

Reference

Routledge

A History of Central Banking in Great Britain and the United States (Studies in Macroeconomic History)

Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in 1791-1811 and 1816-36, and were followed by the Idependent Treasury, 1846-1914. These institutions, together with the Suffolk Bank and the New York Clearing House, exercised important central banking function before the creation of the Federal Reserve System in 1913. Significant monetary changes in the lives of these British and American institutions are examined within a framework that deals with the knowledge and behavior of central bankers and their interactions with economists and politicians. Central Bankers' behavior has shown considerable continuity in the influence of incentives and their interest in the stability of the financial markets. For example, the Federal Reserve's behavior during the Great Depression, the low inflation of the 1990s, and its resurgence the next decade follow from its structure and from government pressures rather than accidents of personnel.

Finance

Cambridge University Press

Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in 1791-1811 and 1816-36, and were followed by the Idependent Treasury, 1846-1914. These institutions, together with the Suffolk Bank and the New York Clearing House, exercised important central banking function before the creation of the Federal Reserve System in 1913. Significant monetary changes in the lives of these British and American institutions are examined within a framework that deals with the knowledge and behavior of central bankers and their interactions with economists and politicians. Central Bankers' behavior has shown considerable continuity in the influence of incentives and their interest in the stability of the financial markets. For example, the Federal Reserve's behavior during the Great Depression, the low inflation of the 1990s, and its resurgence the next decade follow from its structure and from government pressures rather than accidents of personnel.

Economics

Money: Its Origins, Development and Prospects

American Institute for Economic Research

A History of Macroeconomic Policy in the United States

In, Money: Its Origins, Development, Debasement, and Prospects, John H. Wood traces the history of money and shows how its production and value may be governed by the forces that regulate other goods—principal among them the pursuit of profit.
Producers, consumers, savers, and investors all have vital interests in the preservation of the purchasing power of money. But the great inflation of the last two-thirds of the twentieth century that has eroded nine-tenths of the purchasing power of the dollar demonstrates forcefully that those interests are not being cared for.
The government agencies that have been given the responsibility for the creation of money and the protection of its value have failed in their duties and abused their powers. There is no good reason why the means of payment cannot be held to the same standards of reliability and efficiency as other products in a competitive economy.
John H. Wood was an economist for the Federal Reserve Board and the Federal Reserve Banks of Chicago, Philadelphia, and Dallas. He taught economics at the University of Birmingham in England, the Wharton School at the University of Pennsylvania, the Kellogg School of Management at Northwestern University, and most recently retired from Wake Forest University as a Reynolds Professor of Economics. He earned his B.S. in commerce from Ohio University in 1955, his M.A. in economics from Michigan State University in 1959, and his Ph.D. in economics from Purdue University in 1964. He was a visiting scholar and faculty associate at the American Institute for Economic Research from 1998-2010.

Money: Its Origins, Development, Debasement, and Prospects

It is widely believed that central banks have grown (the Bank of England) or were established (the Federal Reserve) to pursue the twin objectives of monetary and price stability. But why should they? Central bankers are people, too, whose behavior is presumably determined, like the rest of us, by their incentives and the information available to them. The author explores this question. Two sets of data confirm the reservations. Central banks have often worsened, even initiated, monetary instabilities by bailing out the risk-takers and their effects on prices, which depending on the quantities of money created by central banks, have often been catastrophic. The evidence suggests that central bankers have really been in business to support the politically powerful upon whose favors they depend, particularly high-spending governments and needy financial institutions. The book consists of several examples of this behavior and its consistency during wars and financial crises in the UK and US over the course of the last two centuries. Professors and students of finance will find A Comparative History of Central Bank Behaviorto be a compelling and thoughtful exploration of how central banks have historically responded to and influenced financial markets.

A Comparative History of Central Bank Behavior: Consistency in Monetary Policy in the US and UK

Edward Elgar Publishing

When we start to perceive that there is a problem in the market (such as monopoly, fraud or speculation), the legislature passes a law to correct it, a bureaucracy is created to interpret and enforce the new law, firms and other market participants comply, and the problem is solved. But is it?&nbsp; Are politicians' promises and textbooks' stories to be believed?&nbsp; This book examines US economic history to demonstrate how the applications of laws are uncertain, affected by changing political and economic conditions as well as by legislators' perceptions and the ability or willingness of bureaucracies to enforce laws. The two cases developed in this book revolve around William McChesney Martin, Jr., who helped apply (i) the 1930s Securities Acts as president of the New York Stock Exchange and (ii) the Federal Reserve Act in the Keynesian era unforeseen by that Act.&nbsp;As chairman of the New York Stock Exchange, Martin served as private regulator of firms listed on the Exchange--itself a publicly regulated entity. As chairman of the Federal Reserve, he then served as a public regulator. This book thus offers an innovative approach to understanding and examining the various issues and incentives facing each of the three parties: regulated, private regulator, and public regulator.

Who Governs?: Legislatures, Bureaucracies, or Markets? (Palgrave Studies in American Economic History)

PALGRAVE~MACMILLAN

See the best price to sell, buy, or rent books by Wood, John H.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Wood, John H.

See the best price to sell, buy, or rent books by Wood, John H.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Financial Markets

A History of Macroeconomic Policy in the United States (Routledge Explorations in Economic History)

A History of Central Banking in Great Britain and the United States (Studies in Macroeconomic History)

A History of Central Banking in Great Britain and the United States (Studies in Macroeconomic History)

A History of Central Banking in Great Britain and the United States (Studies in Macroeconomic History)

Money: Its Origins, Development and Prospects

A History of Macroeconomic Policy in the United States

Money: Its Origins, Development, Debasement, and Prospects

A Comparative History of Central Bank Behavior: Consistency in Monetary Policy in the US and UK

Who Governs?: Legislatures, Bureaucracies, or Markets? (Palgrave Studies in American Economic History)