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Annotated Bibliography
Anderson, Clay J. 1965. A Half Century of Federal Reserve Policymaking, 1914-1964. Philadelphia,
PA: Federal Reserve Bank of Philadelphia.
• Covers the history of the Federal Reserve from its inception in 1914 to its ftieth anniversary in
Argo, L. Wesley. 1996. Thomas Bayard McCabe: The Making of a Man. Swarthmore, PA:
Swarthmore College.
• Provides a summary of the life of Thomas McCabe, focusing on the history of his family, his
connection to Swarthmore College, and his professional career with the government and the Scott
Paper Company.
Arrington, Leonard J. 1998. "Marriner Stoddard Eccles." In A Utah History Encyclopedia, ed.
Allan Powell Kent. University of Utah Press.
Bach, George Leland. 1950. Federal Reserve Policy-Making: A Study in Government Economic
Policy Formation. New York: Carnegie Institute of Technology, Alfred A. Knopf, Inc.
• Provides a discussion of the policymaking objectives of the Federal Reserve as of 1949; proposes
the idea of Federal Reserve independence and o ers some discussion about its implications.
_____. 1971. Making Monetary and Fiscal Policy. Washington D.C.: The Brookings Institution.
Beckhart, Benjamin Haggott. 1972. Federal Reserve System. New York: American Institute of
Banking. Distributed by the Columbia University Press.
• Provides a complete history of the Federal Reserve up to the year 1971. History surrounding the
Accord is covered in pages 144 to 208.
Blinder, Alan S. 1998. Central Banking in Theory and Practice. Cambridge, Mass.: The MIT
Bordo, Michael D. 1999. The Gold Standard and Related Regimes: Collected Essays. Studies in
Macroeconomic History. Cambridge: Cambridge University Press.
Brimmer, Andrew F. 1998. "Andrew Brimmer Remembers William McChesney Martin Jr. " The
Region 12 (September).
• Discusses William McChesney Martin Jr.'s role in establishing the Accord as well as his tenure as

Chairman of the Board of Governors.
Cagan, Phillip. 1987. "Monetarism." pp. 492-97 in The New Palgrave: A Dictionary of Economics,
ed. John Eatwell, Murray Milgate, and Peter Newman. London: The Macmillan Press.
Chandler, Lester. 1958. Benjamin Strong, Central Banker. Washington D.C.: The Brookings
Cli ord, A. Jerome. 1965. The Independence of the Federal Reserve System. Philadelphia, PA:
University of Pennsylvania Press.
• Contains two chapters describing the Accord and its aftermath; also deals extensively with other
historical and theoretical issues regarding Fed independence.
Fforde, J.S. 1954. The Federal Reserve System 1945-1949. New York: Oxford at the Clarendon
• Provides an in-depth look at issues facing the Federal Reserve between 1945 and 1949.
Friedman, Milton. 1960. A Program for Monetary Stability. New York: Fordham University
_____. 1968. "Money: Quantity Theory." International Encyclopedia of the Social Sciences, vol. 10.
New York: Macmillan and Free Press.
_____. 1968. "In ation: Causes and Consequences." In Dollars and De cits, ed. Milton
Friedman. Englewood Cli s, NJ: Prentice-Hall.
_____. 1969. "The Role of Monetary Policy." pp. 95-110 in The Optimum Quantity of Money, ed.
Milton Friedman. Chicago: Aldine.
_____. 1989. "The Quantity Theory of Money." pp. 1-40 in The New Palgrave Money, ed. John
Eatwell, Murray Milgate, and Peter Newman. 1989. New York: W. W. Norton.
_____, and Walter W. Heller. 1969. Monetary vs. Fiscal Policy. New York: W. W. Norton & Co.
_____, and Anna J. Schwartz. 1963a. A Monetary History of the United States, 1867-1960.
Princeton: Princeton University Press.
Goodwin, Craufurd D., ed., 1975. Exhortation & Controls. Washington D.C.: The Brookings
Hargrove, Erwin C., and Samuel A. Morley. 1984. The President and the Council of Economic
Advisers. London: Westview Press.
Hearings. 1958. Committee on Banking and Currency. October 10, 1958. "Federal Reserve
Policy and Economic Stability, 1951-1957." United States Senate. Eighty- fth Congress.
Second Session. Washington D.C.: United States Government Printing O ce.
• Script of a senatorial hearing on the evolution of Federal Reserve policy after the Accord was

achieved. The Accord and its implications are discussed at the beginning and accompanied by
data on government interest rates. The majority of the text focuses on Fed policy under the
economic conditions of the speci ed years.
Humphrey, Thomas M., and Robert E. Keleher. 1982. The Monetary Approach to the Balance of
Payments, Exchange Rates, and World In ation. New York: Praeger Publishers.
Katz, Barnard S., ed. 1992. Biographical Dictionary of the Board of Governors of the Federal
Reserve. Westport, CT: Greenwood Press.
• A complete set of biographies for every person who sat on the Board of Governors until 1991.
Biographies range from four to ve pages for less in uential governors to around 20 pages for
more in uential people like William McChesney Martin Jr.
Kemmerer, Edwin Walter. 1950 [1928]. The ABC of the Federal Reserve System. Harper &
Brothers Publishers.
Kettl, Donald F. 1986. Leadership at the Fed. New Haven and London: Yale University Press.
Knipe, James L. 1965. The Federal Reserve and the American Dollar. Chapel Hill: University of
North Carolina Press.
Mayer, Martin. 2001. The Fed: The Inside Story of How the World's Most Powerful Financial
Institution Drives the Markets. New York: The Free Press.
McCabe, Thomas B. November 1949. Reply of the Chairman of the Board of Governors of the
Federal Reserve System. Washington D.C.: Board of Governors of the Federal Reserve System.
• A published set of answers to a questionnaire presented to then-Chairman McCabe by Illinois
Senator Paul Douglas, who was chairman of the Subcommittee on Monetary, Credit, and Fiscal
Policies. The provided answers describe contemporary objectives of Federal Reserve policy as well
as its relationship with the Treasury during the late 1940s.
Meltzer, Allan. 2002. A History of the Federal Reserve, Volume 1: 1913-1951. Chicago: University
of Chicago Press.
Meulendyke, Ann-Marie. 1998. U.S. Monetary Policy & Financial Markets. New York: Federal
Reserve Bank of New York.
• A Federal Reserve publication that provides an excellent overview of how monetary policy is
enacted, the structure of today's banking system, and Federal Reserve history. The Accord and the
events leading up to it are discussed on pages 33-35.
Moore, Carl H. 1990. The Federal Reserve System: A History of the First 75 Years. North Carolina:
McFarland & Company, Inc.
• Provides a history of the Federal Reserve up to 1989.

Roberts, Priscilla. 2000. "Benjamin Strong, the Federal Reserve, and the Limits to Interwar
American Nationalism." Federal Reserve Bank of Richmond Economic Quarterly 86 (Spring):
Sproul, Allan. 1980. Selected Papers of Allan Sproul. ed. Lawrence S. Ritter. New York: Federal
Reserve Bank of New York.
• Account of Allan Sproul's life, supplemented with a collection of letters and publications
authored by Sproul himself.
Schoenbaum, Eleanora, and Clark S. Judge. 1978. Political Pro les. The Truman Years. New
York: Facts on File.
• Pages 505-508 contain a biography of John W. Snyder.
Solomon, Robert. 1982. The International Monetary System, 1945-1981. New York: Harper &
Stein, Herbert. 1994. Presidential Economics. Washington D.C.: AEI Press.
Timberlake, Richard H. 1993. Monetary Policy in the United States. Chicago: University of
Chicago Press.
• A good recent history of the Fed's monetary policy from the beginning.
______.1999. "The Tale of Another Chairman." Federal Reserve Bank of Minneapolis The
Region 13 (June).
• Mainly pertains to the events surrounding the Accord. It focuses a bit on Eccles's role in the
agreement and provides some useful historical background.
Volcker, Paul A., and Toyoo Gyohten. 1992. Changing Fortunes: The World's Money and the
Threat to American Leadership. New York: Random House.
Wells, Wyatt C. 1994. Economist in an Uncertain World: Arthur F. Burns and the Federal Reserve,
1970-78. New York: Columbia University Press.
Yeager, Leland B. 1976. International Monetary Relations: Theory, History and Policy. New York:
Harper & Row.
______. 1955. "Don't Be Afraid of Prosperity." U.S. News and World Report. February 11.
• An interview in which William McChesney Martin Jr. discusses issues that were facing the Federal
Reserve during the mid-1950s.

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