Replication data for: Shifting Mandates: The Federal Reserve's First Centennial

Principal Investigator(s): View help for Principal Investigator(s) Carmen M. Reinhart; Kenneth S. Rogoff

Name	File Type	Size	Last Modified
LICENSE.txt	text/plain	14.6 KB	10/11/2019 02:35:PM
Shifting_Mandates_RR_2013.xls	application/vnd.ms-office	462 KB	10/11/2019 02:35:PM

Project Citation:

Reinhart, Carmen M., and Rogoff, Kenneth S. Replication data for: Shifting Mandates: The Federal Reserve’s First Centennial. Nashville, TN: American Economic Association [publisher], 2013. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112632V1

Project Description

Summary: The Federal Reserve's mandate has evolved considerably over the organization's hundred-year history. It was changed from an initial focus in 1913 on financial stability, to fiscal financing in World War II and its aftermath, to a strong anti-inflation focus from the late 1970s, and then back to greater emphasis on financial stability since the Great Contraction. Yet, as the Fed's mandate has expanded in recent years, its range of instruments has narrowed, partly based on a misguided belief in the inherent stability of financial markets. We argue for a return to multiple instruments, including a more active role for reserve requirements.

Scope of Project

JEL Classification:
      E31 Price Level; Inflation; Deflation
      E44 Financial Markets and the Macroeconomy
      E58 Central Banks and Their Policies
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      G28 Financial Institutions and Services: Government Policy and Regulation
      N11 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913
      N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-

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V1 [2019-10-11]

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