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SUMMARY:Sharing the blame for the Great Depression: The Federal Advisory C
 ouncil\, 1918-36. - Dr Rasheed Saleuddin\, Judge Business School
DTSTART:20200511T160000Z
DTEND:20200511T173000Z
UID:TALK139093@talks.cam.ac.uk
CONTACT:Dr Duncan Needham
DESCRIPTION:Monetarists such as Friedman and Schwartz (1963) condemn Feder
 al Reserve policy for being the main cause of the depth and length of the 
 Great Depression. Though such criticism of the quasi-governmental agency m
 ay be justified\, newly available central bank records reveal that private
  market stakeholders may be just as responsible for the interwar financial
  and banking crises as the Fed's Board of Governors and the Hoover adminis
 tration. Based on rarely-accessed archives\, this paper reveals that promi
 nent and senior members of the America's banking community advocated for t
 he very policies later condemned by the monetarist school. To the extent t
 hat the Fed is to blame for the Great Depression\, it must be acknowledged
  that the bankers actively and aggressively lobbied for and supported the 
 contractionary Fed policies of 1928-33 behind closed doors\, in hearings\,
  and in the wider public domain. If certain aspects of interwar crises res
 ulted from "government failure"\, our findings introduce new evidence into
  the literature in that the private markets\, and bankers no less\, also f
 ailed.
LOCATION:Darwin College\, Old Library
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