Historical Shifts in Central Banking and Monetary Policy, Part 1

From Bagehot's Rule to Jay Powell: Historical Shifts in Central Banking and Monetary Policy, Part 1

Guest Speaker, Chris Silber.

Throughout the centuries market forces and financial crises have prompted sudden and major changes in both monetary systems and central bank policy. During this lecture series Chris Silber will discuss seminal events that shaped policy doctrine, and some of the lasting principles still in place and even misinterpreted today.

In Part 1 Chris will cover three topics:

• A look at recent Federal Reserve policy response to the surprise repo market distress and interest rate spike of September 2019
• "Bagehot's Rule" (also known as "Bagehot's Doctrine" or "Bagehot's Dictum"), a prescription for monetary stability forged from Victorian England's financial crises which is still championed by central bankers today
• The Scottish Bank War of 1727-30 and resulting interbank cooperation.

Chris Silber writes bimonthly economics columns on Cautious Optimism, a Facebook current events page. He is a frequent attendee of GGLR, LPSF, and Bay Area Conservatives functions and has previously presented on economic history and macroeconomics subjects including the Great Depression, 19th century Anglo-American banking, and the gold standard.