A History of the Federal Reserve: 1913-1951

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Allan H. Meltzer's extensive history of the Federal Reserve System explores one of America's most significant yet least understood institutions. This first volume spans from the Federal Reserve's inception in 1913 to the Treasury-Federal Reserve Accord of 1951, marking a transformative era for the institution. To elucidate the Federal Reserve's actions during pivotal moments, Meltzer utilizes meeting minutes, correspondence, and previously unpublished internal documents, revealing the rationale behind its policy decisions. He discusses the Federal Reserve's inaction during the economic decline leading to the Great Depression and how its decisions contributed to the severe recession of 1937-1938. Additionally, he highlights the influence of key thinkers like Winfield Riefler and Randolph Burgess, whose ideas shaped policy and led to significant missteps. The narrative also addresses the Federal Reserve's role in international affairs, including efforts to establish a new financial system in the 1920s, the 1944 Bretton Woods Agreement, and the failure of the 1933 London Economic Conference. This comprehensive biography will captivate economists, central bankers, historians, political scientists, and anyone seeking a profound understanding of the institution that manages America's financial resources.