Political Economy of U.S. Monetary Policy

Taylor & Francis

The Political Economy of U.S. Monetary PolicyHow the Federal Reserve Gained Control and Uses It\nAuthor(s): Edwin Dickens\nFormat: Paperback\nPublisher: Taylor & Francis Ltd, United Kingdom\nImprint: Routledge\nISBN-13: 9781138495463, 978-1138495463\nSynopsis\nMainstream economists explain the Federal Reserves behavior over its one hundred years of existence as (usually failed) attempts to stabilize the economy on a non-inflationary growth path. The most important monetary event during those first one hundred years was the replacement of fixed exchange rates, based on a gold-exchange standard, with flexible exchange rates. \n\nIn this book, Dickens explains how flexible exchange rates became necessary to accommodate the Federal Reserves relentless efforts to prevent progressive social change. It is argued that the Federal Reserve is an institutionalized alliance of the large New York banks and the large regional banks. When these two groups of banks are united, they constitute an.