Retrospectives: Economists and the Fed: Beginnings
重新解读美联储成立时的关键争论，指出传统理解混淆了银行原则与货币原则、自我调节与主动管理，并聚焦四位经济学家的贡献。
As usually understood, the significant debate over the founding of the Fed was between advocates of the real bills doctrine and advocates of the quantity theory of money. This understanding however conflates two different distinctions: one between the banking principle and the currency principle, and one between self-regulation and active management. It also fails to take seriously both the context of practical experience with the national banking system and the developing practical experience inside the Fed. I propose a new interpretation focused mainly on the contributions of four economists: J. Laurence Laughlin, Irving Fisher, Paul Warburg and Benjamin Strong.