Can It Happen Again
The New Uses of Monetary Powers
Introduction
Over the past several years United States financial markets have experienced their most serious stresses and strains since the great depression of the 1930s. These stresses and strains have been due to both domestic and international developments. As a result market instruments, institutions, and usages have undergone marked changes, and the federal reserve system as well as the other agencies of the peculiarly decentralized central bank of the United States, have responded by adjusting their operations: monetary powers have been used in new ways.
Some of these new uses of monetary powers will be discussed under two headings: the guidance of the evolution of financial markets and the manipulation of uncertainty. As a result of these new uses, the domain of responsibility of the federal reserve and the relation between it and other regulatory agencies need to be reexamined.
Central banking has always been a major determinant of what is......
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