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How Quantitative Easing by the Roosevelt Fed Ended in a Crash

In: A Global Monetary Plague

Author

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  • Brendan Brown

Abstract

No one had yet coined the term quantitative easing (QE). From 1934 to 1936, the Federal Reserve’s balance sheet expanded by a similar percentage of GDP as from 2009 to 2013. Moreover, the monetary base at that time, including bank reserves at the Fed, was all non-interest bearing, unlike in recent years (under the Great Monetary Experiment (GME)) when reserves have paid interest at an above market rate (25bp vs. say 0–10bp for short-dated Treasury bills). Also, adding to the power of high-powered money in this early episode of QE (compared to under the GME) was the pro-cyclical fluctuation of prices.

Suggested Citation

  • Brendan Brown, 2015. "How Quantitative Easing by the Roosevelt Fed Ended in a Crash," Palgrave Macmillan Books, in: A Global Monetary Plague, chapter 7, pages 180-196, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-47885-6_8
    DOI: 10.1057/9781137478856_8
    as

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