Formulation of the Banking and Monetary Policy for the Post-War U.S.

在这项工作中，我特别注意到1940年左右参议院银行和货币委员会的研究。参议员罗伯特·F.委员会主席瓦格纳试图对美国货币银行体系进行自第一次世界大战前国家货币委员会以来的首次全面审查。笔者的问题是，联邦在新政银行改革后就已经坚持了其政策独立于财政部的立场，而不是大多数学者所认为的战后。虽然瓦格纳委员会的审查不幸没有完成，但我仍然研究了美联储、各州银行部门、美国银行家协会和一些联邦机构为委员会问卷准备的大量答复。我可以找到探索新政银行业改革后货币银行系统规划的细节，银行家对瓦格纳计划的态度，以及委员会重新审查的效果。因此，我提出了以下问题：（a）在1951年雅阁之前，董事会主席水手埃克尔斯是通货膨胀主义者还是消费者？(b)如果埃克尔斯是通货膨胀论者，他的反通货膨胀政策从何而来？[3]即使埃克尔斯的反通货膨胀政策主要来自于1935年前后成员银行的超额准备金，是否还有其他因素促使他改变了政策？(d)虽然1935年的银行法加强了联邦储备系统中委员会的权力，但该法没有赋予委员会控制通货膨胀的足够权力吗？埃克尔斯在他早期的论点中提出了所有银行系统的统一，他解释说，这将协调美联储的银行政策，以恢复经济。但他强调，需要控制通货膨胀。他还与财政部发生了冲突。我们可以发现，埃克尔斯在新政银行业改革后就已经坚持美联储政策独立于财政部，而不是在战后，他不是一个容易通货膨胀的人。

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.