IDEAS home Printed from https://ideas.repec.org/a/hop/hopeec/v51y2019i2p297-327.html
   My bibliography  Save this article

The "Riefler-Keynes" Doctrine and Federal Reserve Policy in the Great Depression

Author

Listed:
  • Judge Glock

Abstract

Histories of the Federal Reserve have argued that up through the Great Depression it adhered to a “real bills†or “Riefler Burgess†conception of monetary policy, which caused it to focus on short-term borrowing as an indicator of the stance of monetary policy. This article argues that new institutionalist monetary theories had a substantial influence on the Federal Reserve from the beginning of the Depression and pushed the Federal Reserve to focus on reducing interest rates on long-term assets and encouraging bank investments in such assets. This article will show how these ideas caused the Federal Reserve to ignore other indicators of the tightness of monetary policy.

Suggested Citation

  • Judge Glock, 2019. "The "Riefler-Keynes" Doctrine and Federal Reserve Policy in the Great Depression," History of Political Economy, Duke University Press, vol. 51(2), pages 297-327, April.
    • Handle: RePEc:hop:hopeec:v:51:y:2019:i:2:p:297-327
    DOI: 10.1215/00182702-7368872
    as

    Download full text from publisher

    File URL: https://doi.org/10.1215/00182702-7368872
    File Function: link to full text
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1215/00182702-7368872?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hop:hopeec:v:51:y:2019:i:2:p:297-327. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Center for the History of Political Economy Webmaster (email available below). General contact details of provider: http://www.dukeupress.edu/Catalog/ViewProduct.php?viewby=journal&productid=45614 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.