{"product_id":"the-young-fed-the-banking-crises-of-the-1920s-and-the-making-of-a-lender-of-last-resort-9780226837826","title":"The Young Fed: The Banking Crises of the 1920s and the Making of a Lender of Last Resort","description":"\u003cp\u003e\u003cb\u003eA new history of crisis responses in the central bank's formative years.\u003c\/b\u003e\u003c\/p\u003e\u003cp\u003e The long-standing description of the Federal Reserve as a \"lender of last resort\" refers to the central bank's emergency liquidity provision for financial entities in periods of crisis. As Mark Carlson shows, this function was foundational to how the Fed was designed but has, at times, proven challenging to implement. \u003ci\u003eThe Young Fed \u003c\/i\u003eexamines the origins of the Federal Reserve's emergency liquidity provision which, along with the setting of monetary policy, has become a critical responsibility. \u003c\/p\u003e\u003cp\u003e Focusing on the Fed's response to the financial crises of the 1920s, Carlson documents the formative deliberations of central bank policymakers regarding how to assist banks experiencing distress; the lessons that were learned; and how those lessons shaped subsequent policies. Carlson depicts an early Fed that experimented with a variety of approaches to crises, ranging from bold spectacles featuring cash-filled armored cars to behind-the-scenes interventions to prevent inducing panics or bank runs. \u003ci\u003eThe Young Fed \u003c\/i\u003eweaves previously unpublished material from the Fed archives into a watershed work in American economic history: a deeply sourced account of how the world's most important central bank became a lender of last resort. \u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eMark Carlson \u003c\/b\u003eis an economist and advisor for the Board of Governors of the US Federal Reserve System in Washington, DC.\u003cbr\u003e","brand":"University of Chicago Press","offers":[{"title":"Default Title","offer_id":51184838738194,"sku":"9780226837826","price":39.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0831\/4771\/8930\/files\/img_f3a9b0f2-24de-4526-8727-8f7db342fe22.jpg?v=1744579148","url":"https:\/\/surprise-castle.myshopify.com\/products\/the-young-fed-the-banking-crises-of-the-1920s-and-the-making-of-a-lender-of-last-resort-9780226837826","provider":"Surprise Castle","version":"1.0","type":"link"}