A Hands-off Central Banker? Marriner S. Eccles and the Federal Reserve, 1934–51

  • Matías Vernengo
Part of the Archival Insights into the Evolution of Economics book series (AIEE)


Central bankers are seldom known for their heterodoxy. However, periods of crisis demand unorthodox solutions, and sometimes produce unexpected leaders. When it came to explaining the Great Depression and what had to be done, Marriner Eccles was quite aware that he had ‘challenged all that had been said up to that point and [that he] was practically alone in doing so’ (Eccles, 1951, p. 104). Eccles was clearly for public works as a solution for the Great Depression, even when Roosevelt and several high-ranking government officials remained firmly in the camp of balanced budgets and sound finance (Stein, 1969).


Interest Rate Gross Domestic Product Monetary Policy Federal Reserve Public Debt 
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© Matías Vernengo 2009

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  • Matías Vernengo

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