IDEAS home Printed from https://ideas.repec.org/a/mcb/jmoncb/v23y1991i3p308-26.html
   My bibliography  Save this article

The Federal Reserve Amendments of 1917: The Beginning of a Seasonal Note Issue Policy

Author

Listed:
  • Fishe, Raymond P H

Abstract

The Federal Reserve adopted a policy of smoothing the seasonal behavior of interest rates after the amendments of 1917. These amendments reduced the "collateral" requirements for notes issued and thereby increased note issue capability. Notes in circulation more than doubled from June to December 1917. These amendments were passed to assist with war-related financing as their timing coincided with the entry of the United States into World War I. The smoothing of interest rates seasonals between 1914 and 1917 was not due to the founding of the Federal Reserve System, but rather to trade-related gold flows. Copyright 1991 by Ohio State University Press.

Suggested Citation

  • Fishe, Raymond P H, 1991. "The Federal Reserve Amendments of 1917: The Beginning of a Seasonal Note Issue Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 308-326, August.
    • Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:308-26
    as

    Download full text from publisher

    File URL: http://links.jstor.org/sici?sici=0022-2879%28199108%2923%3A3%3C308%3ATFRAO1%3E2.0.CO%3B2-S&origin=bc
    File Function: full text
    Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
    ---><---

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

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Choi, Seungmook & Wohar, Mark E., 1995. "The expectations theory of interest rates: Cointegration and factor decomposition," International Journal of Forecasting, Elsevier, vol. 11(2), pages 253-262, June.
    2. Gary B. Gorton & Andrew Metrick, 2013. "The Federal Reserve and Financial Regulation: The First Hundred Years," NBER Working Papers 19292, National Bureau of Economic Research, Inc.
    3. Caporale, Tony, 2015. "Regime changes and interest rate risk," Economics Letters, Elsevier, vol. 136(C), pages 204-206.
    4. Santos, Joseph, 2003. "Commodity futures contracts: Furnishing an elastic currency in the nineteenth century," Journal of Macroeconomics, Elsevier, vol. 25(4), pages 561-578, December.
    5. Gary Gorton & Andrew Metrick, 2013. "The Federal Reserve and Panic Prevention: The Roles of Financial Regulation and Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 27(4), pages 45-64, Fall.
    6. Glenn L. Furton & Alexander William Salter, 2017. "Money and the rule of law," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(4), pages 517-532, December.

    More about this item

    Statistics

    Access and download statistics

    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:mcb:jmoncb:v:23:y:1991:i:3:p:308-26. 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: Wiley-Blackwell Digital Licensing or Christopher F. Baum (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 .

    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.