A History of Central Banking in Great Britain and the United States

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 Independent 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 behaviour of central bankers and their interactions with economists and politicians. Central Bankers’ behaviour has shown considerable continuity in the influence of incentives and their interest in the stability of the financial markets.

• A financial history title comparing the US Federal Reserve System and the Bank of England in depth • Author has been writing on the topic for over 35 years and is well known • Writing is clear, accessible, engaging

List of figures; List of tables; Preface; 1. Understanding central bankers and monetary policy; 2. An introduction to central bankers; 3. Making a central bank: I. Surviving; 4. Making a central bank: II. Looking for a rule; 5. Making a central bank: III. Means and ends; 6. Central banking in the United States, 1790–1914; 7. Before the crash: the origins and early years of the Federal Reserve; 8. The fall and rise of the Federal Reserve, 1929–1951; 9. Central banking in the United States after the Great Depression, 1951 to the 1960s; 10. The Bank of England after 1914; 11. Rules versus authorities; 12. Permanent suspension; 13. Back to the beginning? New contracts for new companies; References; Index.

\'The book does an excellent job in providing a coherent, detailed and readable account of the forces and personalities that have shaped the development of central banking in Britain and the United States.\' Central Banking