After the Accord: Reminiscences on the Birth of the Modern Fed

FRB Richmond Economic Quarterly, vol. 87, no. 1, Winter 2001, pp. 57-64

8 Pages Posted: 2 Dec 2012

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Ralph Leach

affiliation not provided to SSRN

Date Written: November 29, 2012

Abstract

William McChesney Martin became Chairman of the Board of Governors of the Federal Reserve System at the time of the March 1951 Treasury-Fed Accord and, in effect, created the modern Federal Reserve System. The authors recount some of the early events that shaped the modern Fed. They also relate how Chairman Martin helped to create a viable, free market in government securities whose stability did not require Fed intervention and how he reinvigorated the original federal structure of the Federal Reserve System.

Suggested Citation

Hetzel, Robert L. and Leach, Ralph, After the Accord: Reminiscences on the Birth of the Modern Fed (November 29, 2012). FRB Richmond Economic Quarterly, vol. 87, no. 1, Winter 2001, pp. 57-64, Available at SSRN: https://ssrn.com/abstract=2182610

Robert L. Hetzel (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

Ralph Leach

affiliation not provided to SSRN

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