Debates and dissent inside the FOMC during WWII
Document type :
Article dans une revue scientifique: Article original
Title :
Debates and dissent inside the FOMC during WWII
Author(s) :
Farvaque, Etienne [Auteur]
Lille économie management - UMR 9221 [LEM]
Parent, Antoine [Auteur]
Laboratoire Aménagement Économie Transports [LAET]
Sciences Po Lyon - Institut d'études politiques de Lyon [IEP Lyon]
Stanek, Piotr [Auteur]

Lille économie management - UMR 9221 [LEM]
Parent, Antoine [Auteur]
Laboratoire Aménagement Économie Transports [LAET]
Sciences Po Lyon - Institut d'études politiques de Lyon [IEP Lyon]
Stanek, Piotr [Auteur]
Journal title :
Business History
Pages :
915-939
Publisher :
Taylor & Francis (Routledge)
Publication date :
2020
ISSN :
0007-6791
English keyword(s) :
Central banking
federal open market committee
dissent
governance
public debt
World War 2
federal open market committee
dissent
governance
public debt
World War 2
HAL domain(s) :
Sciences de l'Homme et Société/Economies et finances
English abstract : [en]
We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our ...
Show more >We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed’s balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials.Show less >
Show more >We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed’s balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials.Show less >
Language :
Anglais
Peer reviewed article :
Oui
Audience :
Internationale
Popular science :
Non
Collections :
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