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

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

Abstract

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).

Keywords

Interest Rate Gross Domestic Product Monetary Policy Federal Reserve Public Debt 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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© Matías Vernengo 2009

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  • Matías Vernengo

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