| Budget Amount *help |
¥1,500,000 (Direct Cost: ¥1,500,000)
Fiscal Year 2002: ¥400,000 (Direct Cost: ¥400,000)
Fiscal Year 2001: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 2000: ¥600,000 (Direct Cost: ¥600,000)
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| Research Abstract |
In this work I noticed particularly in the research of the Senate Committee on Banking and Currency around 1940. Senator Robert F. Wagner, Chairman of the Committee, attempted to do the first comprehensive review of the U.S. monetary-banking system since the National Monetary Commission before World War I. My question is that Federal Reserve had already insisted the independence of its policy from Treasury Department since after the New Deal banking reform, not after the War most scholars assume.
Though the review by the Wagner committee was not finished unfortunately, I have still study the volumes of replies that the Fed, state banking departments, American Bankers Association, and some federal agencies prepared for the committee questionnaire. I could find to explore the details of monetary-banking system planning after New Deal banking reform, bankers' attitudes toward Wagner's plan, and the effects of the committee's reexamination.
So I questioned as follows ; (a) Was Mariner Eccles, the Chairman of the Board, an inflationist or a spender before the accord in 1951? (b) If Eccles was the inflationist, where his anti-inflationary policy came from? c Even if the anti-inflationary policy of Eccles mainly came from the excessive reserve of member banks since around 1935, was there any other factor that made change his policy? (d) While the Banking Act of 1935 strengthened power of the Board in the Federal Reserve System, did not the Act give adequate authority to control inflation to the Board?
Eccles brought up a unification of all banking system in his early arguments, and he explained it would harmonize Fed banking policy for recovering the economy. But he emphasized it would need to control inflation. He also came into conflict with Treasury Department. We could find to conclude Eccles had already insisted the independence of Fed policy from Treasury Department since after the New Deal banking reform, not after the War and he was not an easy inflationist.
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