A Monetary History of the United States [SEP] author
A Monetary History of the United States


board member Ben Bernanke stating "the direct and indirect influences of the Monetary History on contemporary monetary economics would be difficult to overstate", and again in a 2004 speech as "transform[ing] the debate about the Great Depression". The Depression-related chapter of "A Monetary History" was titled "The Great Contraction" and was republished as a separate book in 1965. Some editions include an appendix in which the authors got an endorsement from an unlikely source at an event in their honor when Ben Bernanke made this statement
378495
Anna Schwartz


as with her first paper was published in the "Review of Economics and Statistics". They also wrote the books "Monetary Statistics of the United States" (1970) and "Monetary Trends in the United States and the United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867–1975" (1982). The Depression-related chapter of "A Monetary History" was titled "The Great Contraction" and was republished as a separate book in 1965. Some editions include an appendix in which the authors
5276041
United States hydrogen policy


programs. Each states energy office gets SEP funding and manages all SEP funded projects. For more information about the SEP, including project descriptions, visit the SEP website. Clean Ports USA is an incentive-based program designed to help reduce emissions by encouraging port authorities to redesign and replace older diesel engines with new technologies and cleaner fuels. The U.S. Environmental Protection Agency's National Clean Diesel Campaign offers funding to port authorities to help them overcome the obstacles that prevent the adoption of cleaner diesel technologies. Clean Construction USA promotes the reduction
8426000
David North (socialist)


of the ICFI. He is also an author of several books and articles on the history of the Socialist movement. He delivers lectures in politics and the history of Marxism. Born in 1950, North studied history in Connecticut, and became politicized by leftwing movements in the United States in 1968. He stated that he was influenced by the Vietnam War, but also by the historical experiences of World War II, fascism and The Holocaust. As an American Trotskyist, North is a longtime leader of the Socialist Equality Party (SEP
5683271
History of monetary policy in the United States


when the exchange rate is floating. If the exchange rate is pegged or managed in any way, the central bank will have to purchase or sell foreign exchange. These transactions in foreign exchange will have an effect on the monetary base analogous to open market purchases and sales of government debt; if the central bank buys foreign exchange, the monetary base expands, and vice versa. But even in the case of a pure floating exchange rate, central banks and monetary authorities can at best "lean against the wind" in a
12278646
History of monetary policy in the United States


This article is about the history of monetary policy in the United States. Monetary policy is associated with interest rates and availability of credit. https://en.wikipedia.org/wiki/Portal:Contents Instruments of monetary policy have included short-term interest rates and bank reserves through the monetary base. With the creation of the Bank of England in 1694, which acquired the responsibility to print notes and back them with gold, the idea of monetary policy as independent of executive action began to be established. The goal of monetary policy was to maintain the value of the coinage, print
12278617
History of monetary policy in the United States


were two United States federal laws that established a system of national charters for banks, and created the United States National Banking System. They encouraged development of a national currency backed by bank holdings of U.S. Treasury securities and established the Office of the Comptroller of the Currency as part of the United States Department of the Treasury and authorized the Comptroller to examine and regulate nationally-chartered banks. Congress passed the National Bank Act in an attempt to retire the greenbacks that it had issued to finance the North's effort in the American Civil
12278632
History of monetary policy in the United States


all banks in the United States under the authority of the Federal Reserve (a quasi-governmental entity), creating the twelve regional Federal Reserve Banks which are supervised by the Federal Reserve Board. To deal with deflation caused by the Great Depression of the 1930s, the nation went off the gold standard. In March and April 1933, in a series of laws and executive orders, the government suspended the gold standard for United States currency. Anyone holding significant amounts of gold coinage was mandated to exchange it for the existing fixed
12278640
A Monetary History of the United States


A Monetary History of the United States, 1867–1960 is a book written in 1963 by Nobel Prize–winning economist Milton Friedman and Anna J. Schwartz. It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the U.S. economy, especially the behavior of economic fluctuations. The implication they draw is that changes in the money supply had unintended adverse effects, and that sound monetary policy is necessary for economic stability. Economic historians see it as one of the most influential economics
378483
United States v. White Mountain Apache Tribe


tribe to seek monetary damages. The court then reversed and remanded the decision of the trial court. The United States appealed, and the Supreme Court granted certiorari. Gregory G. Garre, Assistant Solicitor General argued the case for the United States. As the petitioner, Garre argued that the 1960 act did not authorize monetary damages for a breach of trust duties. Their position was that while a trust was formed, the tribe could not make a claim for damages without explicit congressional authorization. Further, he argued, the exclusive control
21305338
A Monetary History of the United States


used for international trade with Europe. So even when the US is not on the gold standard, it plays a significant role. The authors are precise about the gold standard. The authors say the US was on the gold standard from 1879 to 1923. That is, paper money could be exchanged for bullion and international trade was settled immediately with gold. From 1923 to 1933, the authors say that international trade was "sterilized" by the Fed inflating the money rather than immediately being settled by gold. Lastly, they
378488
A Monetary History of the United States


was on gold. Later, during the Great Depression, the US bought gold at inflated prices to help silver miners. The result was tragic for the money supplies of China and Mexico. The authors measure the velocity of money. The authors talk about it a lot, but do not make any conclusions about it. Lastly, a theme is "decision making at the Federal Reserve". The authors try to find out the people making the decisions and what information they had. Probably just as important is the decision making
378490
History of monetary policy in the United States


. The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, the planners at Bretton Woods established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is
12278642
Fatmir Besimi


the Experience of the Republic of Macedonia’, Economic researches IV/2003, National Bank of the Republic of Macedonia, (Dec 2003) • ‘The Transmission Effect of the Foreign Exchange on the Monetary Strategy of the National Bank of the Republic of Macedonia’, (co-author), Economic researches II/2003, National Bank of the Republic of Macedonia, (Jun 2003) • ‘Foreign Direct Investments in the Republic of Macedonia, Foreign Direct Investments in Kosovo’, RIINVEST Research Report, Pristina, (Sep 2002) •
20644910
A Monetary History of the United States


professor at the University of Chicago and also at the NBER. They began work in the late 1940s and eventually published "A Monetary History" through Princeton University Press in 1963. The Depression-related chapter, "The Great Contraction," was republished as a separate book in 1965. The book discusses the role of the monetary policy in the U.S. economy from the Civil War Reconstruction Era to the middle of the 20th century. It presents what was then a contrarian view of the role of monetary policy in the Great Depression
378485
Monetary policy of the United States


Monetary policy concerns the actions of a central bank or other regulatory authorities that determine the size and rate of growth of the money supply. For example, in the United States, the Federal Reserve is in charge of monetary policy, and implements it primarily by performing operations that influence short-term interest rates. The money supply has different components, generally broken down into "narrow" and "broad" money, reflecting the different degrees of liquidity ('spendability') of each different type, as broader forms of money
3598476
Cayman Islands dollar


tender. The Cayman Islands dollar has been pegged to the United States dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974, when the Currency Law of 1974 was enacted. In 1983, the 1974 law was repealed and replaced by the Currency Law Revised, which itself was replaced in 1997 by section 22 of the Monetary Authority Law. Under section 22 of the 2013 revision of the Monetary Authority Law, the value of the Cayman dollar in United States Dollars is determined by the Governor. In 1972,
18507058
Timeline of Albanian history to 1993


the United States, visits Albania. July Sigurimi, the notorious secret police, is abolished and replaced by National Information Service. August Up to 18,000 Albanians cross the Adriatic Sea to seek asylum in Italy; most are returned. People's Assembly passes law on economic activity that authorizes private ownership of property, privatizing of state property, investment by foreigners, and private employment of workers. October United States Embassy in Tirana opened. Albania joins International Monetary Fund. December Coalition government dissolves when opposition parties accuse communists of blocking reform and
20561629
Monetary reform in the United States


But history is also alive in the debate, for example is Abraham Lincoln's so-called Greenbacks something that often is mentioned. The main American organization for "monetary reform" is the American Monetary Institute. During the 17th and 18th century the situation was largely reversed compared to today, because several colonies then had their own currencies. This disturbed the British financiers and in the late 18th and early 19th century they worked to gain acceptance in the Congress for the idea of an American/United States-central bank modelled by
14928080
History of macroeconomic thought


the natural rate of unemployment where expansionary monetary policy can only temporarily shift unemployment below the natural rate. Eventually, firms will adjust their prices and wages for inflation based on real factors, ignoring nominal changes from monetary policy. The expansionary boost will be wiped out. Anna Schwartz collaborated with Friedman to produce one of monetarism's major works, "A Monetary History of the United States" (1963), which linked money supply to the business cycle. The Keynesians of the 1950s and 60s had adopted the view that monetary policy
20584793
Bernardo Vega


prolific authors in the Dominican Republic, his bibliography is composed of about fifty titles and covers the fields of history, anthropology and economics. He has also compiled important documents on the Rafael Trujillo dictatorship and its relationship with the United States government. His writings on economics, history and politics frequently appear in the national press. Vega has also held many important public offices, including: Member of the Central Bank’s Monetary Board (1975-1981), Director of the Museum of Dominican Man (1978-1982), Governor
872082
Qatar Central Bank


The Qatar Central Bank () is the central bank of Qatar. The Qatar Central Bank was originally the Qatar Monetary Agency (and was known before that as Qatar Dubai Currency Board), founded on May 13, 1973 after Dubai joined the United Arab Emirates and disengaged itself from British monetary policy which the area had previously followed. The Qatar Monetary Agency assumed the duties of a central bank. In 1973, Amiri Decree No. 24 authorized the issuance of the Qatari Riyal (QR). Over its history the Qatar Central
5094686
History of monetary policy in the United States


it superseded the state-chartered Bank of Pennsylvania founded in 1780 to help fund the American Revolutionary War. The Bank of North America was granted a monopoly on the issue of bills of credit as currency at the national level. Prior to the ratification of the Articles of Confederation & Perpetual Union, only the States had sovereign power to charter a bank authorized to issue their own bills of credit. Afterwards, Congress also had that power. Robert Morris, the first Superintendent of Finance appointed under the Articles of Confederation, proposed the
12278622
A Monetary History of the United States


excessively tight monetary policy by the Federal Reserve following the boom of the 1920s turned an otherwise normal recession into the Great Depression of the 1930s. Previously, the consensus of economists was that loss of investor and consumer confidence following the Wall Street Crash of 1929 was a primary cause of the Great Depression. The "Monetary History" was lauded as one of the most influential economics books of the twentieth century by the Cato Institute book forum in 2003. It was also cited with approval in a 2002 speech by then-Federal Reserve
378494
John Chown


the advisory council of the Official Monetary and Financial Institutions Forum. Chown is Honorary Financial Adviser to the Royal Society of Musicians, and on the committees of the London Handel Society and the Cambridge Handel Opera Group. Chown was a member of the Association of Monetary Union in Europe. He is the author of "A History of Monetary Unions" (Routledge 2003), and has contributed a chapter, "Lessons of Monetary History", to the new IEA study, "The Euro – the Beginning, the Middle … and
17459749
A Monetary History of the United States


. The prevalent view in the early 1960s was that monetary forces played a passive role in the economic contraction of the 1930s. The "Monetary History" argues that the bank failures and the massive withdrawals of currency from the financial system that followed significantly shrank the money supply (the total amount of currency and outstanding bank deposits), which greatly exacerbated the economic contraction. The book criticizes the Federal Reserve Bank for not keeping the supply of money steady and not acting as lender of last resort, instead allowing commercial banks to fail
378486
SEP-IRA


A Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) is a variation of the Individual Retirement Account used in the United States. SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees. There are no significant administration costs for a self-employed person with no employees. If the self-employed person does have employees, all employees must receive the same benefits under a SEP plan. Since SEP IRAs are a type of IRA, funds can be invested the same way as most other IRAs
13754341
Interaction between monetary and fiscal policies


growth passively increases as well because the monetary authority is forced to accommodate these shocks. But in case both the authorities are active, then the expansionary pressures created by the fiscal authority are contained to some extent by the monetary policies. During a negative supply shock, the fiscal and monetary authorities may follow conflicting policies if they do not coordinate, as the fiscal authorities would follow expansionary policies to bring the output back to its original state while the monetary authorities would follow contractionary policies so as to reduce the inflation created due to the
20677064
John F. Richards


"one of the leading historians of the Mughal Empire in the United States", according to David Gilmartin, and he went on to write a volume of "The New Cambridge History of India" titled "The Mughal Empire (1993). Other works by Richards on the Mughal period include "The Imperial Monetary System of Mughal India" (1987) and "Kingship and Authority in South Asia" (1998). The impact of the Mughal empire on world events caused him to consider the Mughals to be an "
19418384
United States v. White Mountain Apache Tribe


the Federal Court of Claims. The trial court dismissed the suit on the failure to state a claim. The tribe then appealed the case to the United States Court of Appeals for the Federal Circuit. The appellate court found that various federal laws required the DOI and BIA to maintain historic buildings and to maintain Indian trust properties, but that they did not authorize monetary damages. The court then looked to the 1960 act and determined that this act did create a trust relationship that could be enforced with monetary damages. This was based
21305336
International Pharmaceutical Students' Federation


The objective of the Student Exchange Grant is to allow pharmacy students with limited financial resources the opportunity to participate in the IPSF Student Exchange Programme. The SEP Grant may cover part of the travel expenses (bus, train or plane tickets) from the applicant’s home country to the country in which the exchange occurs and the SEP fee. The maximum monetary value of the grant may be 1000 Euro and if the actual costs incurred are less than the awarded grant, only the amount of the actual costs will be paid. The
19640711
Subpoena duces tecum


: priest–penitent privilege, confessional privilege (United States), spousal privilege, executive privilege, reporter's privilege.) Discovery can be authorized for the production of documents for both pre-trial and post-trial actions. Most states either follow, or have modeled their procedures after, the Federal Rules of Civil Procedure Rule 69(a). Judgment creditors (those who have received a favorable court ruling for monetary damages) are permitted to ask questions about a debtor's residence; recent employment history; business relationships, including
10053705
Thomas M. Humphrey


Economic Review" and before that as the "Monthly Review". In 1998 his annual report for the Federal Reserve Bank of Richmond was "Mercantilists and Capitalists: Insights from Doctrinal History". His first four books on the history of monetary thought were: "The Monetary Approach to the Balance of Payments, Exchange Rates, and World Inflation" (co-author Robert Keleher); "Money, Banking and Inflation: Essays in the History of Monetary Thought"; "Money, Exchange and Production: Further Essays in
4671083
Milton Friedman


of the nominal value of output, that is, the quantity theory of money. Monetarism is the set of views associated with modern quantity theory. Its origins can be traced back to the 16th-century School of Salamanca or even further; however, Friedman's contribution is largely responsible for its modern popularization. He co-authored, with Anna Schwartz, "A Monetary History of the United States, 1867–1960" (1963), which was an examination of the role of the money supply and economic activity in the U.S.
19983360
A Monetary History of the United States


term the period from 1934 to 1960 (when the book was published) as a "managed standard". Paper money cannot be exchanged for bullion. The authors compare gold to a subsidized commodity, like grain. Another theme is "silver". China and Mexico used it for their currency and the US used it for smaller coins. From 1879 to 1897, there was a populist push to switch the gold-backed dollar to silver. The US Treasury bought silver, but that didn't help when the country
378489
History of monetary policy in the United States


can cause a central bank to lose control of domestic monetary policy when it is also managing the exchange rate. In the 1980s, many economists began to believe that making a nation's central bank independent of the rest of executive government is the best way to ensure an optimal monetary policy, and those central banks which did not have independence began to gain it. This is to avoid overt manipulation of the tools of monetary policies to effect political goals, such as re-electing the current government. Independence typically means that the
12278648
History of the United States dollar


the war. In 1944, Allied nations sought to create an international monetary order that sustained the global economy and prevented the economic malaise that followed the First World War. The Bretton Woods agreement laid the foundations for an international monetary order that created rules and expectations for the international economic system. It created the International Monetary Fund (IMF), the predecessor of the World Bank, and an international monetary system based on fixed exchange rates. It valued the dollar at $35 per ounce of gold and the remaining signatories pegged their
17101224
Monetary policy of the United States


production. The process of money creation usually goes as follows: Though the Federal Reserve authorizes and distributes the currency printed by the Treasury (the primary component of the narrow monetary base), the broad money supply is primarily created by commercial banks through the money multiplier mechanism. One textbook summarizes the process as follows: "The Fed" controls the money supply in the United States by controlling the amount of loans made by commercial banks. New loans are usually in the form of increased checking account balances, and since checkable deposits
3598489
Milton Friedman


would ultimately result in the 1963 publication of a book co-authored by Friedman and Schwartz, "A Monetary History of the United States, 1867–1960". Friedman spent the 1954–1955 academic year as a Fulbright Visiting Fellow at Gonville and Caius College, Cambridge. At the time, the Cambridge economics faculty was divided into a Keynesian majority (including Joan Robinson and Richard Kahn) and an anti-Keynesian minority (headed by Dennis Robertson). Friedman speculated that he was invited to the fellowship, because his views were unacceptable to
19983351
History of monetary policy in the United States


Bank of North America as a commercial bank that would act as the sole fiscal and monetary agent for the government. He has accordingly been called "the father of the system of credit, and paper circulation, in the United States." He saw a national, for-profit, private monopoly following in the footsteps of the Bank of England as necessary, because previous attempts to finance the Revolutionary War, such as continental currency emitted by the Continental Congress, had led to depreciation to such an extent that Alexander Hamilton considered
12278623
Indian Claims Commission


by the United States' history of colonization of indigenous peoples. Together with the law, the Commission created a process for tribes to address their grievances against the United States, and offered monetary compensation for territory lost as a result of broken federal treaties. However, by accepting the government's monetary offer, the aggrieved tribe abdicated any right to raise their claim again in the future. On occasion, a tribe gave up federal recognition as part of the settlement of a claim. Anthropologists and ethnologists, historians and legalists, as
9578166
Canadian pound


Thus, the new Canadian pound was worth 16s 5.3d sterling. The earliest Canadian postage stamps were denominated in this Halifax unit. The 1850s was a decade of wrangling over whether to adopt a sterling monetary system or a decimal monetary system based on the US dollar. The local population, for reasons of practicality in relation to the increasing trade with the neighbouring United States, had an overwhelming desire to assimilate the Canadian currency with the American unit, but the imperial authorities in London still preferred the idea of sterling to be the sole
7850153
Maronite Catholic Eparchy of Our Lady of Lebanon of Los Angeles


. The eparchy includes the faithful of the Maronite Church in thirty-four western, central and southern states of the United States of America. With a decree from the Sacred Congregation of the Eastern Churches, dated July 10, 2001, the see of the Eparchy of Our Lady of Lebanon was transferred to St. Louis, Missouri, with St. Raymond Church, in St. Louis, elevated to the rank of Co-Cathedral., as of 9 Sep 2011, the history quoted here was a verbatim copy of the history page
12233794
History of monetary policy in the United States


world where capital is mobile. Accordingly, the management of the exchange rate will influence domestic monetary conditions. To maintain its monetary policy target, the central bank will have to sterilize or offset its foreign exchange operations. For example, if a central bank buys foreign exchange (to counteract appreciation of the exchange rate), base money will increase. Therefore, to sterilize that increase, the central bank must also sell government debt to contract the monetary base by an equal amount. It follows that turbulent activity in foreign exchange markets
12278647
2018 Nigeria Federation Cup


Supreme Court Final Table: Round 1 [Sep 24] Kwara United 5-1 Abia Warriors Kano Pillars 3-2 Rivers United Round 2 [Sep 26] Kano Pillars 1-2 Abia Warriors Rivers United 0-1 Kwara United Round 3 [Sep 28] Kano Pillars 2-1 Kwara United Rivers United 0-1 Abia Warriors Final Table: Round 1 [Sep 24] Akwa United 1-0 Wikki Tourists Nasarawa United 0-0 Kogi United Round 2 [Sep 26] Kogi United 0-1 Akwa
8216896
Patriot Act, Title III


center maintained by FinCEN. Under section 360, the United States President is given authority to instruct any United States Executive Directors of the international financial institutions (for example, the International Monetary Fund and the World Bank) to use their authority (termed "voice and vote") to support any loan or other utilization of the funds of respective institutions for countries that have shown to "take actions that contribute to efforts of the United States to respond to, deter, or prevent acts of international terrorism". The Secretary of
7615833
Long Depression


supply actually grew over the period of the deflation. Wells noted that deflation lowered the cost of only goods that benefited from improved methods of manufacturing and transportation. Goods produced by craftsmen and many services did not decrease in value, and the cost of labor actually increased. Also, deflation did not occur in countries that did not have modern manufacturing, transportation, and communications. Nobel laureate economist Milton Friedman, author of "A Monetary History of the United States", on the other hand, blamed this prolonged economic crisis on
18038310
The Beeps


Sapphire Stream S2/Ep45 Apr. 29 Wash Those Socks! S2/Ep46 Dec. 12 The Bumps SEASON 3: S3/Ep1 Aug. 30 Up Down Hill S3/Ep2 Aug. 31 Caravan S3/Ep3 Sep. 6 Secret Garden S3/Ep4 Sep. 7 Bounceflower Tea S3/Ep5 Sep. 13 The Whale S3/Ep6 Sep. 14 Soggy Sockroaches S3/Ep7 Sep. 20 Stinkroots S3/Ep8 Sep. 21 Sing-a-long-a-beeps S3/Ep9 Sep. 27 History Book S3/Ep10 Sep. 28 What Goes Splat? S3
14688027
3rd Cavalry Regiment (United States)


regiment. The regiment's fourth deployment in seven years would be very different from the previous three but no less challenging or dangerous as an advise and assist regiment/brigade (AAB) in support of Operation New Dawn. On 30 Sep 2010 the regiment conducted a transition of authority with 3rd BDE, 3rd ID and assumed responsibility for the five northern provinces of United States Division-South under MG Vincent Brooks and the 1st Infantry Division. Later in the deployment the regiment was under the operational control of the Texas Army National Guard
17550513
Socialist Equality Party (United States)


of the wealth of the planet." In 2008, the SEP held its official founding congress, where it adopted a statement of principles and official organizational history. It has participated in elections in the United States, including running Jerry White for President and Niles Niemuth for Vice President in 2016, and Niemuth in Michigan's 12th congressional district in 2018. In the early 1960s, most American Trotskyists were organized in the Socialist Workers Party (SWP) as part of the International Committee of the Fourth International (ICFI). Tim
5683645
Federal Reserve


of 1913 gave the Federal Reserve authority to set monetary policy in the United States. The Federal Reserve sets monetary policy by influencing the federal funds rate, which is the rate of interbank lending of excess reserves. The rate that banks charge each other for these loans is determined in the interbank market and the Federal Reserve influences this rate through the three "tools" of monetary policy described in the "Tools" section below. The federal funds rate is a short-term interest rate that the FOMC focuses on, which affects
10642314
Virtual currency law in the United States


VC use in the global market is unlikely to significantly affect the Federal Reserve's ability to conduct monetary policy; however, if the size of the VC market were to grow larger it may affect monetary policy. Even with the impact VC could have on monetary policy, the Reserve does not have the authority to supervise or regulate VC. According to May 9, 2014 meeting of the Federal Advisory Council and Board of Governors of the Federal Reserve, Bitcoin was deemed to "not present a threat to economic activity by disrupting traditional
2740388
James Laurence Laughlin


and banking." Friedman summarized: Much of it, notably his "History of Bimetallism in the United States (1885)", consisted of a thorough and extremely careful presentation of historical evidence on the development of money and monetary institutions. But Laughlin also wrote extensively on monetary and banking theory, and on proposals for monetary reform. His work on these topics was marred by a dogmatic and rigid opposition to the quantity theory of money, an opposition that developed out of his public activities opposing the free silver movement. The
871555
History of monetary policy in the United States


part of the World Bank Group. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate by tying its currency to the U.S. dollar and the ability of the IMF to bridge temporary imbalances of payments. In 1971, President Richard Nixon took a series of economic measures that collectively are known as the Nixon Shock. These measures included unilaterally cancelling the direct convertibility of the United States dollar to gold. This essentially ended the existing Bretton Woods system of international financial
12278643
Meritorious Service Medal (United States)


for peacetime service and could not be awarded in a combat zone, the MSM equivalent for those zones being the Bronze Star Medal (BSM). As in 1968 when the MSM was created, there were concerns that the prestige of the BSM was also slipping during combat operations in Southwest Asia that had essentially been continuous since 1990. In 2004, authority to award the MSM for combat zone service was authorized, retroactive to 11 Sep 2001. The medal was designed by Mr. Jay Morris of the Institute of Heraldry, and the
7302607
History of monetary policy in the United States


members of the committee which conducts monetary policy have long, fixed terms. Obviously, this is a somewhat limited independence. In the 1990s, central banks began adopting formal, public inflation targets with the goal of making the outcomes, if not the process, of monetary policy more transparent. In other words, a central bank may have an inflation target of 2% for a given year, and if inflation turns out to be 5%, then the central bank will typically have to submit an explanation. The Bank of
12278649
Monetarism


gold standard, proposed a demand-driven model for money. While Keynes had focused on the stability of a currency’s value, with panics based on an insufficient money supply leading to the use of an alternate currency and collapse of the monetary system, Friedman focused on price stability. The result was summarised in a historical analysis of monetary policy, "Monetary History of the United States 1867–1960", which Friedman coauthored with Anna Schwartz. The book attributed inflation to excess money supply generated by a central bank. It attributed deflationary
20120882
New Deal


stimulus through a "de facto" easing of monetary policy. While Milton Friedman and Anna Schwartz argued in "A Monetary History of the United States" (1963) that the Federal Reserve System had made no attempt to increase the quantity in high-powered money and thus failed to foster recovery, they somehow did not investigate the impact of the monetary policy of the New Deal. In 1992, Christina Romer explained in "What Ended the Great Depression?" that the rapid growth in money supply beginning in 1933 can be
8299579
Euro


countries). As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the eurozone payment systems. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so. The United Kingdom and Denmark negotiated exemptions, while Sweden (which joined the EU in 1995, after the Maastricht Treaty was
9436874
A Monetary History of the United States


process. The NY Fed Bank initially lead the decision making process, but eventually it migrated to the Federal Reserve Board in Washington, DC. To a lesser extent, the Secretary of the Treasury's decisions are included. The thesis of "Monetary History" is that the money supply affects the economy. In the final chapter, they specify 3 occasions where the Federal Reserve acted strongly during relatively calm times and present these as an experiment for the reader to judge their thesis. The three actions by the Fed were the raising
378491
Labor federation competition in the United States


NLU embraced Greenbackism, which aimed to make capital cheaper and, it was hoped, would lead to producers' cooperatives and the abolition of the wage system. Divisions over the greenback issue eventually split the NLU. Alliances with farmers became problematic because of different monetary interests. Joseph G. Rayback, author of "A History of American Labor", has written: It is usually concluded that the National Labor Union disappeared because it turned political. The judgment is too simple. The National Labor Union was inherently weak from its origin because
16043589
Hong Kong Monetary Authority


banks may also establish local representative offices in Hong Kong. The HKMA's is headquartered in the International Finance Centre. It purchased fourteen floors in Tower 2. The 55th, 56th and the 77th to 88th floors were bought for US$480 million in 2001. An exhibition area, currently containing an exhibit of Hong Kong's monetary history, and a library of the Hong Kong Monetary Authority Information Centre occupy the 55th floor. The 88th floor of the tower contains the office of the chief executive of the HKMA, and is served
13718279
Hong Kong Monetary Authority


the transparency of the Currency Board operation. In 1995, Nobel Prize–winning economist Milton Friedman mistakenly predicted the Hong Kong dollar's demise within two years of the 1997 handover. He also predicted the absorption of the territory's financial reserves of US$43 billion (HK$335.4 billion) by Beijing, which would not be able to bear the subrogation of Hong Kong's monetary policy to the United States. As with any monetary system not based on a fiat money (which includes currency boards, currency unions and the traditional gold standard
13718273
Chiang Mai Initiative


Chiang Mai, Thailand, at an annual meeting of the Asian Development Bank. After 1997 Asian Financial Crisis, member countries started this initiative to manage regional short-term liquidity problems and to avoid relying on the International Monetary Fund. At the height of the 1997 Asian Financial Crisis, Japanese authorities proposed an Asian Monetary Fund, which would serve as a regional version of the International Monetary Fund (IMF). However, this idea was shelved after encountering strong resistance from the United States. After the crisis, finance ministers of
1634177
Thomas M. Humphrey


Thomas MacGillivray Humphrey (born 1935) is an American economist. Until 2005 he was a research advisor and senior economist in the research department of the Federal Reserve Bank of Richmond and editor of the Bank's flagship publication, the "Economic Quarterly". His publications cover macroeconomics, monetary economics, and the history of economic thought. Mark Blaug called him the "undisputed master" of British classical monetary thought. Humphrey has written books and journal articles on monetary policy history. He is the author of articles published in journals such
4671081
Central bank


profits to the U.S. Treasury. This income, derived from the power to issue currency, is referred to as seigniorage, and usually belongs to the national government. The state-sanctioned power to create currency is called the Right of Issuance. Throughout history there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income. The expression "monetary policy" may also refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority. Frictional unemployment is the time
5775962
History of monetary policy in the United States


exchange. The central bank influences interest rates by expanding or contracting the monetary base, which consists of currency in circulation and banks' reserves on deposit at the central bank. The primary way that the central bank can affect the monetary base is by open market operations or sales and purchases of second hand government debt, or by changing the reserve requirements. If the central bank wishes to lower interest rates, it purchases government debt, thereby increasing the amount of cash in circulation or crediting banks' reserve accounts. Alternatively, it
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A Monetary History of the United States


internationally prevailing gold exchange standard, the Federal Reserve's hands were tied. According to Eichengreen, in order to maintain the credibility of the gold standard, the Federal Reserve could not undertake actions (such as drastically increasing the money supply) in the manner advocated by Friedman and Schwartz. James Tobin, while appreciating the rigor with which Friedman and Schwartz demonstrated the importance of the monetary supply, questions their measures of the velocity of money and how informative this measure of the frequency of monetary transactions really is to understanding the macroeconomic fluctuations
378499
Lewis Lehrman


to James Grant, editor of "Grant's Interest Rate Observer", with whom he testified before the United States House Financial Services Subcommittee on Domestic Monetary Policy and Technology in March 2011 and September 2012. Lehrman launched the Gold Standard Now in 2011 as an aggregator of monetary policy news and to advocate that "America should lead by unilateral resumption of the gold standard." In 2013, Lehrman published "Money, Gold and History", a collection of his writings on monetary policy and his advocacy of the gold standard.
7099807
Great Depression


in Europe. In their book, "A Monetary History of the United States", Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System. Former Chairman of the Federal Reserve Ben Bernanke agreed that monetary factors played important roles both in the worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression
8299333
Monetary policy of India


Monetary policy is the process by which the monetary authority of a country, generally the central bank, controls the supply of money in the economy by its control over interest rates in order to maintain price stability and achieve high economic growth. In India, the central monetary authority is the Reserve Bank of India (RBI). It is designed to maintain the price stability in the economy. Other objectives of the monetary policy of India, as stated by RBI, are: The Reserve Bank of India Act, 1934 (RBI
19583769
A Monetary History of the United States


exogenously determined, as " A Monetary History" argues, especially during the Depression. Paul Krugman has argued that the 2008 financial crisis has shown that, during a financial crisis, central banks cannot control broad money, and that money supply bears little relationship to GDP. According to Krugman, the same was true in the 1930s, and the claim that the Federal Reserve could have prevented the Great Depression is highly dubious. Economic historian Barry Eichengreen, in "The Golden Fetters", has argued that because of the then
378498
New Deal


Great Depression, but halted the economic collapse and ameliorated the worst of the crises. More influential among economists has been the monetarist interpretation by Milton Friedman as put forth in "A Monetary History of the United States," which includes a full-scale monetary history of what he calls the "Great Contraction." Friedman concentrated on the failures before 1933 and points out that between 1929 and 1932 the Federal Reserve allowed the money supply to fall by a third which is seen as the major cause that turned a normal recession into
8299575
History of macroeconomic thought


found that monetary policy could have long-lasting effects—even after wages and prices had adjusted. Taylor arrived at this result by building on Fischer's model with the assumptions of staggered contract negotiations and contracts that fixed nominal prices and wage rates for extended periods. These early new Keynesian theories were based on the basic idea that, given fixed nominal wages, a monetary authority (central bank) can control the employment rate. Since wages are fixed at a nominal rate, the monetary authority can control the real wage (wage
20584814
2018 Nigeria Federation Cup


Katsina United Plateau United 1-1 Enyimba Round 1 [Sep 28] (moved from Sep 24) Plateau United 0-1 Katsina United J. Atete 0-5 Enyimba Final Table: Round 1 [Sep 24] Enugu Rangers 2-1 El-Kanemi Warriors Sunshine Stars 1-1 Supreme Court Round 2 [Sep 26] Sunshine Stars 1-1 El-Kanemi Warriors Supreme Court n/p Enugu Rangers Round 3 [Sep 28] Enugu Rangers 0-0 Sunshine Stars El-Kaneni Warriors 1-0
8216895
Jerry White (socialist)


Jerome "Jerry" White (born 1959) is an American politician and journalist, and is the Labor Editor reporting for the World Socialist Web Site. He is a member of the Socialist Equality Party of the United States, and was a member of its predecessor the Workers League, joining the movement in 1979. White ran as the SEP candidate for United States President in 1996 and 2008, and again in 2012 with running mate Phyllis Scherrer. White was again the SEP presidential nominee in the 2016 election. Jarome White was
2288073
19th Air Refueling Squadron


The 19th Air Refueling Squadron (19 ARS) is an inactive unit of the United States Air Force. At the time of its inactivation, it was based at Otis Air Force Base. On 19 Sep 1985 the 19th Air Refueling Squadron,(Medium), was consolidated with the 19th Ferrying Squadron, a unit that was last active 31 Mar 1944. This action was directed by Department of the Air Force Letter DAF/MPM 662q Attachment 2 (Inactive Units), 19 Sep 1985. The Consolidated Unit will retain the Designation of 19th
8077229
1997 Asian financial crisis


dollar since 1983, came under speculative pressure because Hong Kong's inflation rate had been significantly higher than the United States' for years. Monetary authorities spent more than $1 billion to defend the local currency. Since Hong Kong had more than $80 billion in foreign reserves, which is equivalent to 700% of its M1 money supply and 45% of its M3 money supply, the Hong Kong Monetary Authority (effectively the city's central bank) managed to maintain the peg. Stock markets became more and more volatile;
18109556
History of monetary policy in the United States


The Second Bank of the United States opened in January 1817, six years after the First Bank of the United States lost its charter. The predominant reason that the Second Bank of the United States was chartered was that in the War of 1812, the U.S. experienced severe inflation and had difficulty in financing military operations. Subsequently, the credit and borrowing status of the United States was at its lowest level since its founding. The charter of the Second Bank of the United States (B.U.S.) was for 20 years and therefore up
12278625
Socialist Equality Party (United States)


The Socialist Equality Party (SEP) is a Trotskyist political party in the United States, one of several Socialist Equality parties around the world affiliated with the International Committee of the Fourth International (ICFI). The ICFI publishes daily news articles, perspectives and commentaries on the World Socialist Web Site and maintains Mehring Books as publishing house. The SEP was formed in 1995 by the Workers League, the US supporters of the ICFI. The Workers League had been founded in 1966 by the American Committee for the Fourth International (ACFI)
5683643
Economic history of Chile


mining but also in foreign trade. After the First World War the United States became the prime importer of Chilean goods and in the 1930s it overtook the United Kingdom's place as the prime source of Chilean imports. Edwin W. Kemmerer, a "Money Doctor", was invited to Chile in 1925 to deal with monetary policy and inflation problems which were considered one of the principal economic problems of Chile at the time. The visit by Kemmerer was used to back up monetary policies already outlined by Chileans. These reforms included the
4410256
A History of Money and Banking in the United States


A History of Money and Banking in the United States is a 2002 book by economist Murray Rothbard. From the introduction by Joseph Salerno: Part 1, "The History of Money and Banking Before the Twentieth Century", consists of Rothbard's contribution to the minority report of the U.S. Gold Commission and treats the evolution of the U.S. monetary system from its colonial beginnings to the end of the nineteenth century. In this part, Rothbard gives a detailed account of two early and abortive attempts by the financial elites to shackle the young
16175483
Severn Estuary


authorities and interested parties such as farmers and fisherman. Its stated aim is "To bring together all those involved in the development, management and use of the Estuary within a framework which encourages the integration of their interests and responsibilities to achieve common objectives". In 2001 SEP published the "Strategy for the Severn Estuary", which sets out a plan for the management of the estuary. SEP uses a geographically extended definition of the Severn Estuary, beginning at the tidal limit of the River Severn in Gloucester and ending at a
3523282
A History of Money and Banking in the United States


well as international monetary and domestic banking and financial policies under the latter administration. Part 4, "The Gold-Exchange Standard in the Interwar Years", had been published as a chapter in a collection of papers on money and the State. The paper appears here for the first time in its original and unexpurgated version. Rothbard elucidates the reasons why the British and U.S. governments in the 1920s so eagerly sought to reconstruct the international monetary system on the basis of this profoundly flawed and inflationary caricature of the classical gold standard.
16175487
History of monetary policy in the United States


them to be "public embarrassments". After the war, a number of state banks were chartered, including in 1784: the Bank of New York and the Bank of Massachusetts. In 1791, Congress chartered the First Bank of the United States to succeed the Bank of North America under Article One, Section 8. However, Congress failed to renew the charter for the Bank of the United States, which expired in 1811. Similarly, the Second Bank of the United States was chartered in 1816 and shuttered in 1836.
12278624
Allan Sproul


Francisco Fed. In 1930, he came to the Federal Reserve Bank of New York as an assistant deputy governor and secretary, and six years later, when official titles changed, he was appointed first vice president. As one of the leading central bankers in United States history, Sproul made major contributions in solving monetary problems. He was named vice chairman of the Federal Open Market Committee (the System’s top monetary policymaking unit) when the New York Fed was given permanent representation on that committee in 1942. In 1956,
3702638
Reichsbank


bank in Berlin. The Allied occupation authorities (in the West – Great Britain, France and the United States; in the East – the Soviet Union) became responsible for German monetary policy in the immediate postwar years. In this role, the Allies continued to issue Reichsmarks (and Allied military marks) as the German banking system was gradually restored. In 1948, the Reichsmark ceased to exist owing to the introduction of the Deutsche Mark in the West and the East German mark in the East. In West Germany, monetary
11076022
Retirement plans in the United States


SEP IRAs are adopted by business owners to provide retirement benefits for the business owners and their employees. There are no significant administration costs for self-employed person with no employees. If the self-employed person does have employees, all employees must receive the same benefits under a SEP plan. Because SEP accounts are treated as IRAs, funds can be invested the same way as is the case for any other IRA. Keogh plans are full-fledged pension plans for the self-employed. Named for U.S. Representative Eugene James
7647074
List of ambassadors of the United States to Sudan


-established July 25, 1972, with Moore as Chargé d'Affaires ad interim. Note: Embassy Khartoum was reopened May 23, 2002, with Jeffrey Millington as Chargé d'Affaires ad interim. The following officers have served in this capacity: Jeffrey Millington (May 2002 – Aug 2003), Gerard M. Gallucci (Aug 2003 – Sep 2004), Robert Whitehead (Sep 2004 – Feb 2005; May–Jul 2005), David Kaeuper (Feb–May 2005), John Limbert (Jul–Sep 2005), Cameron R.
8327920
United States Court of Federal Claims


. The court has special jurisdiction, spelled out in : it hears claims for monetary damages that arise from the United States Constitution, federal statutes, executive regulations, or an express or implied in fact contract with the United States Government, most notably under the Tucker Act. The court is established pursuant to Congress's authority under Article One of the United States Constitution. The court has concurrent jurisdiction with U.S. district courts, when the claim is for less than $10,000, by the provisions of . Claims have a statute of
5650998
United States dollar


the United States. The word "dollar" is one of the words in the first paragraph of Section 9 of Article I of the Constitution. There, "dollars" is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U.S. Congress passed a Coinage Act. Section 9 of that act authorized the production of various coins, including "DOLLARS OR UNITS—each to be of the value of a Spanish milled dollar as the
15828720
Liancourt Rocks dispute


expedition to visit Ulleungdo Island and Liancourt Rocks September 14 and 15. Granted approval to travel to said areas by CTG 95.7, the expedition departed Busan on Sep 12 unaware of the United States-Japan Joint Committee's bombing plan over Liancourt Rocks for Sept 15. In response to the bombing incident, the US Embassy to Japan in Tokyo transmitted a message including the following on October 3, 1952, to the US State Department, ""The history of these rocks has been reviewed more than once by the Department, and
13660565
Royal Monetary Authority of Bhutan


The Royal Monetary Authority of Bhutan () is the central bank of Bhutan and is a member of the Asian Clearing Union. It is also the minting authority for the Bhutanese Ngultrum. The Royal Monetary Authority of Bhutan was established under the Royal Monetary Authority of Bhutan Act of 1982. Subsequently, the Act of 1982 was amended by the Financial Institutions Act of 1992 and replaced in its entirety by the Royal Monetary Authority Act of 2010. The Royal Monetary Authority was established in 1982. The following year, it took on the
19372436
International recognition of the State of Palestine


by the member states." Other United Nations organs have previously expressed readiness to see a Palestinian state. In April 2011, the UN's co-ordinator for the Middle East peace process issued a report on the Palestinian Authority's state-building progress, describing "aspects of its administration as sufficient for an independent state". It echoed a similar assessment published the week prior by the International Monetary Fund. The World Bank released a report in September 2010 that found the Palestinian Authority "well-positioned to establish a state
21345950
Monetary policy of the United States


It is a sobering fact that the prominence of central banks [such as the Federal Reserve] in this century has coincided with a general tendency towards more inflation, not less. By and large, if the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with 'free banking.'." Monetarists believe that the Great Depression started as an ordinary recession, but that significant policy mistakes by monetary authorities (especially the Federal Reserve
3598507
Caroline Bancroft


continued to travel. Bancroft died in Denver on October 5, 1985. In her will, Bancroft left her estate to the Colorado Historical Society and the Western History Department of the Denver Public Library, which awards an annual literary prize in her name "to the author of the best book on Colorado or Western American History". The Denver Public Library's Western History and Genealogy Department makes the annual monetary award, which in 2016 will be a $1,000, and non-monetary honor book awards. Her estate also funds
16393505
Abrogation doctrine


The Abrogation doctrine is a constitutional law doctrine expounding when and how the Congress may waive a state's sovereign immunity and subject it to lawsuits to which the state has not consented ("i.e.", to "abrogate" their immunity to such suits). In "Seminole Tribe v. Florida", the Supreme Court ruled that the Congress's authority, under Article One of the United States Constitution, could not be used to abrogate state sovereign immunity. However, the Congress "can" authorize lawsuits seeking monetary damages against individual
15845327
Stephen Zarlenga


to the "independent study of monetary history, theory and reform." He authored numerous articles and books, and gave lectures, participated in conferences and gave testimony to government committees, on "monetary reform." He served as AMI director until his death. Zarlenga argued that, in a world where "the nature of money is a fiat of the law, an invention or creation of mankind," even in times of the gold standard, the authority to "create money" should be the sole prerogative of a
7620105
History of macroeconomic thought


fiscal and monetary policy is counterproductive. They found money demand to be stable even during fiscal policy shifts, and both fiscal and monetary policies suffer from lags that made them too slow to prevent mild downturns. Monetarism attracted the attention of policy makers in the late-1970s and 1980s. Friedman and Phelps's version of the Phillips curve performed better during stagflation and gave monetarism a boost in credibility. By the mid-1970s monetarism had become the new orthodoxy in macroeconomics, and by the late-1970s central banks in the United Kingdom and United States had largely
20584796
FBI Most Wanted Terrorists


His death was confirmed by multiple sources in Iraq, including the United States government. Since 1984, the United States government has also used the Rewards for Justice Program, which pays monetary rewards of up to $5 million, or now, in some cases more, upon special authorization by the United States Secretary of State, to individuals who provide information which substantially leads to countering of terrorist attacks against United States persons. More than $100 million had been paid to over 60 people through this program. The Rewards for Justice
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