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020 _a9783031720512
_9978-3-031-72051-2
024 7 _a10.1007/978-3-031-72051-2
_2doi
050 4 _aHB172.5
072 7 _aKCB
_2bicssc
072 7 _aBUS039000
_2bisacsh
072 7 _aKCB
_2thema
100 1 _aHockett, Robert C.
_eauthor.
_4aut
_4http://id.loc.gov/vocabulary/relators/aut
_987584
245 1 0 _aSpread the Fed
_h[electronic resource] :
_bDistributed Central Banking for Productive-Republican Finance /
_cby Robert C. Hockett.
250 _a1st ed. 2024.
264 1 _aCham :
_bSpringer Nature Switzerland :
_bImprint: Palgrave Macmillan,
_c2024.
300 _aXXXIII, 162 p. 4 illus.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
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505 0 _aIntroduction: The once and future distributed fed -- Part I. Loving and hating on collective political agency: Three productive-republican monetary histories -- Chapter 1. Three ages and stages of American money -- Chapter 2. Central banking with ‘federalist’ characteristics: The long overdue coming of the fed -- Chapter 3. Central banking with centralization: The breakdown of the 1913 compromise and the republican fed -- Part II. Central banking’s early ‘operating system’: The real bills doctrine -- Chapter 4. Theoretical preliminaries: Scissors require two blades : Endogenous money, its modulation, and its allocation -- Chapter 5. The scissors in retrospect and prospect: Real bills, truths and falsehoods -- Chapter 6. The fed after 1935: Where we are now -- Part III. From national degeneration to regenerative fed decentralization -- Chapter 7. Crises and de- or re-generation -- Chapter 8. Distributing over markets alongside geography: The federal reserve, other reserves, and sipi collaring -- Conclusion: The old made new.
520 _aThis book provides insight into the history, goals, and potential of the Federal Reserve System (Fed). Synthesizing into a unified vision research and reflections developed over 15 years in the academy and at banking institutions, Robert C. Hockett recovers the sensible founding vision of the early 20th century Fed and updates it to solve the new challenges of the 21st century, especially as America now strives to recover its lost productive preeminence worldwide after decades of "outsourcing" and consequent "deindustrialization." The book presents both the original 1913 Fed and Hockett's modern restored Fed as a unique public/private and federal/local partnership specifically inspired by German industrial development banking and adapted to continent-spanning American conditions. It shows that the original Fed's focus on endogenous money and productive (not speculative) credit allocation was sound and effective as far as it went, while its ignoring exogenous sources of monetary disturbance prevented its properly handling the bubble and bust of the late 1920s and early 1930s. The reaction to that error after the mid-1930s, the book shows, fell into the opposite error, pretending that monetary aggregates could be adequately modulated without being forthrightly allocated in productive rather than speculative directions. A "Goldilocks Fed" must both productively allocate endogenous money and sensibly modulate exogenous money - twin prerequisites to both productive investment and financial stability. Hockett illustrates how the twelve regional Federal Reserve District Banks were founded for just these purposes and can be revitalized to achieve them anew. Robert C. Hockett is Edward Cornell Professor of Law and Professor of Public Policy at Cornell University, USA. He is Senior Counsel at Westwood Capital, a socially responsible investment bank, and Visiting Professor of Finance at Georgetown University’s McDonough School of Business. Formerly with the Federal Reserve Bank of New York and the International Monetary Fund, his teaching, research, and writing interests lie in the fields of organizational, financial, and monetary law and economics in both their positive and normative, as well as their national and transnational, dimensions. His guiding concern in these fields is with the legal and institutional prerequisites to a just, prosperous, and sustainable economic order. He is author of Financing the Green New Deal and The Citizen's Ledger.
650 0 _aMacroeconomics.
650 0 _aEconomics.
_958354
650 0 _aEconomic policy.
_958351
650 0 _aEconomic history.
_957506
650 1 4 _aMacroeconomics and Monetary Economics.
_969508
650 2 4 _aPolitical Economy and Economic Systems.
_970994
650 2 4 _aEconomic Policy.
_958351
650 2 4 _aEconomic History.
_957506
710 2 _aSpringerLink (Online service)
773 0 _tSpringer Nature eBook
776 0 8 _iPrinted edition:
_z9783031720505
776 0 8 _iPrinted edition:
_z9783031720529
776 0 8 _iPrinted edition:
_z9783031720536
856 4 0 _uhttps://doi.org/10.1007/978-3-031-72051-2
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