Volcker (70 page)

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Authors: William L. Silber

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Silber, William L. 1984. “Marketmaker Behavior in an Auction Market: An Analysis of Scalpers in Futures Markets.”
Journal of Finance
39, no. 4 (September): 937–54.

———. 2003. “On the Nature of Trading: Do Speculators Leave Footprints?”
Journal of Portfolio Management
29, no. 4 (July): 64–70.

———. 2007.
When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy
. Princeton, NJ: Princeton University Press.

———. 2009. “Why Did FDR's Bank Holiday Succeed?”
Federal Reserve Bank of New York Economic Policy Review
15, no. 1 (July): 19–30.

Solomon, Robert. 1982.
The International Monetary System, 1945–1981
. New York: Harper & Row.

Sorensen, Theodore. C. 1965.
Kennedy
. New York: Harper & Row.

Sorkin, Andrew Ross. 2009.
Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis—and Themselves
. New York: Viking.

Sparks, Jared. 1834.
The Writings of George Washington: Being His Correspondence, Addresses, Messages, and Other Papers, Official and Private
. Vol. IV. Boston: Russell, Odiorne and Metcalf, and Hilliard, Gray, and Co.

Sprague, Irvine H. 1986.
Bailout: An Insider's Account of Bank Failures and Rescues
. New York: Basic Books.

Sproul, Allan. 1980.
Selected Papers of Allan Sproul
. Lawrence Ritter, ed. New York: Federal Reserve Bank of New York.

Stein, Herbert. 1984.
Presidential Economics: The Making of Economic Policy from Roosevelt to Reagan and Beyond
. New York: Simon & Schuster.

Stern, Gary H. 2009. “Paul A. Volcker: In Conversation with Gary H. Stern.”
The Region
(Federal Reserve Bank of Minneapolis) 23, no. 3 (September).

Stern, Gary H., and Ron J. Feldman. 2004.
Too Big to Fail: The Hazards of Bank Bailouts
. Washington, DC: Brookings Institution Press.

Stockman, David A. 1986.
The Triumph of Politics: How the Reagan Revolution Failed
. New York: Harper & Row.

Summers, Peter M. 2005. “What Caused the Great Moderation? Some Cross-Country Evidence.”
Federal Reserve Bank of Kansas City Economic Review
, 3rd quarter, pp. 5–32.

“Symposium: Early Phases of the Credit Crunch.” 2009.
Journal of Economic Perspectives
23, no. 1 (Winter): 3–119.

“The Great Inflation: Lessons for Monetary Policy.” 2010.
European Central Bank Monthly Bulletin
, no. 5 (May): 99–110.

Time
. Various dates.

Treaster, Joseph B. 2004.
Paul Volcker: The Making of a Financial Legend
. New York: John Wiley.

U.S. Census Bureau. 1975.
Historical Statistics of the United States
. Washington, DC: Government Printing Office.

U.S. Congress. Various dates.
The Congressional Record
. Washington, DC: Government Printing Office.

U.S. News & World Report
. Various dates.

U.S. Senate. 1973. “Emergency Powers Statutes (U.S. Senate Report 93-549),” 93rd Congress, 1st Sess. Washington, DC: Government Printing Office.

Volcker, Paul A. 1949.
The Problems of Federal Reserve Policy Since World War II
. Thesis submitted to the Department of Economics, Princeton University, Mimeograph (January 7).

———. 1978.
The Rediscovery of the Business Cycle
. New York: Free Press.

———. 1978. “The Role of Monetary Targets in an Age of Inflation.”
Journal of Monetary Economics
4, no. 2 (April).

———. 1978/1979. “The Political Economy of the Dollar.” The Fred Hirsch
Lecture, Warwick University, Coventry, England, November 9, 1978.
Federal Reserve Bank of New York Quarterly Review
3, no. 4 (Winter).

———. 1983. “We Can Survive Prosperity.” Remarks at the Joint Meeting of the American Economic Association, American Finance Association, San Francisco, CA, December 28. Available at fraser.stlouisfed.org/docs/historical/volcker/Volcker_19831228.pdf.

———. 1984. “Coming Out of the Recession: The Economy in 1984.” Address before the Wharton Entrepreneurial Center, April 30, 1984. Available at fraser.stlouisfed.org/historicaldocs/831/download/29536/Volcker_19840430.pdf.

———. 1990. “Commercial Banks Must Match Profitability with Discipline.”
Financier
14, no. 8 (August): 55–60.

———. 1990.
The Triumph of Central Banking?
Washington, DC. The 1990 Per Jacobsson Lecture. Available at
www.perjacobsson.org/lectures/1990.pdf
.

———. 2002. “Monetary Policy Transmission: Past and Future Challenges.”
Federal Reserve Bank of New York Economic Policy Review
8, no. 1 (May): 7–11.

———. 2010. “How to Reform Our Financial System,”
New York Times
, January 31, 2010. Available at
www.nytimes.com/2010/01/31/opinion/31volcker.html?pagewanted=all
.

———. 2011. “A Little Inflation Can Be a Dangerous Thing.”
New York Times
, September 19, 2011. Available at
www.nytimes.com/2011/09/19/opinion/a-little-inflation-can-be-a-dangerous-thing.html
.

———. Various dates. Personal Papers of Paul Volcker.

———. Various dates. Papers of Paul Volcker. Federal Reserve Bank of New York Archive.

———. Various dates. Undersecretary for Monetary Affairs, National Archives II, College Park, MD.

Volcker, Paul A., and Toyoo Gyohten. 1992.
Changing Fortunes: The World's Money and the Threat to American Leadership
. New York: Times Books.

Wall Street Journal
. Various dates.

Wallace, Neil. 1979. “Why Markets in Foreign Exchange Are Different from Other Markets.”
Federal Reserve Bank of Minneapolis Quarterly Review
14, no. 1 (January): 12–18.

Washington Post
. Various dates.

Wennerlind, Carl. 2005. “David Hume's Monetary Theory Revisited: Was He Really a Quantity Theorist and Inflationist?”
Journal of Political Economy
113, no. 1 (February): 223–37.

Wessel, David. 2009.
In Fed We Trust: Ben Bernanke's War on the Great Panic
. New York: Crown Business.

White, Lawrence J. 2009–2010. “The Gramm-Leach-Bliley Act of 1999: A

Bridge Too Far/Or Not Far Enough?”
Suffolk University Law Review
43: 937–56.

Woodward, Bob. 2000.
Maestro: Greenspan's Fed and the American Boom
. New York: Simon & Schuster.

Zimmermann, Hubert. 2002.
Money and Security: Troops, Monetary Policy and West Germany's Relations with the United States and Britain, 1950–1971
. Cambridge, UK: Cambridge University Press.

Congressional Hearings

Administration's Fiscal Year 1983 Budget Proposal: Hearings Before the Senate Committee on Finance
. 97th Congress, 2nd Sess. February 23, 1982. Washington, DC: Government Printing Office.

Conduct of Monetary Policy, Pursuant to the Full Employment and Balanced Growth Act of 1978: Hearings Before the Committee on Banking, Finance and Urban Affairs
. P.L. 95-523, 97th Congress, 1st Sess. July 14, 21–23, 1981. Washington, DC: Government Printing Office.

Continental Illinois National Bank: Report of an Inquiry into Its Federal Supervision and Assistance: Hearings Before the House Committee on Banking, Finance and Urban Affairs
. 99th Congress, 1st Sess. July 1985. Washington, DC: Government Printing Office.

Corruption in the United Nations Oil-for-Food Program: Reaching a Consensus on United Nations Reform: Hearings Before the Senate Committee on Homeland Security and Government Affairs
. 109th Congress, 1st Sess. October 31, 2005. Washington, DC: Government Printing Office.

Deposit Insurance Reform and Related Supervisory Issues, Part 1: Hearings Before the Senate Committee on Banking, Housing and Urban Affairs
. 99th Congress, 1st Sess. July 23, 25, and 31, 1985. Washington, DC: Government Printing Office.

The Disposition of Assets Deposited in Swiss Banks by Missing Nazi Victims: Hearings Before the House Committee on Banking and Financial Services
. 104th Congress, 2nd Sess. December 11, 1996. Washington, DC: Government Printing Office.

Experts' Perspectives on Systemic Risk and Resolution Issues: Hearings Before the House Committee on Financial Services
. 111th Congress, 1st Sess. September 24, 2009. Washington, DC: Government Printing Office.

Extension of the Temporary Limit on Public Debt: Hearings Before the Senate Subcommittee on Taxation and Debt Management Generally
. 96th Congress, 2nd Sess. April 2, 1980. Washington, DC: Government Printing Office.

Federal Reserve's First Monetary Policy Report for 1984: Hearings Before the Senate Committee on Banking, Housing and Urban Affairs
. 98th Congress, 2nd Sess. February 8–9, 1984. Washington, DC: Government Printing Office.

The Federal Reserve's Second Monetary Policy Report for 1980: Hearings Before the Senate Committee on Banking, Housing and Urban Affairs
. 96th Congress, 2nd Sess. July 21–22, 1980. Washington, DC: Government Printing Office.

The Financial Services Competitiveness Act of 1995, Glass-Steagall Reform, and Related Issues: Hearings Before the House Committee on Banking and Financial Services
. 104th Congress, 1st Sess. March 29, April 5 and 6, 1995. Washington, DC: Government Printing Office.

Gold Cover: Hearings Before the Senate Committee on Banking and Currency
. 90th Congress, 2nd Sess. January 30–February 1, 1968. Washington, DC: Government Printing Office.

Implementation of the Credit Control Act Pursuant to Executive Order 12201, March 14, 1980: Hearings Before the Senate Committee on Banking, Housing and Urban Affairs
. 96th Congress, 2nd Sess. March 18, 1980. Washington, DC: Government Printing Office.

Inquiry into Continental Illinois Corp. and Continental Illinois National Bank House: Hearings Before the Subcommittee on Financial Institutions, Supervision, Regulation, and Insurance
. 98th Congress, 2nd Sess. September 18–19 and October 4, 1984. Washington, DC: Government Printing Office.

International Debt: Hearings Before the Senate Subcommittee on International Finance and Monetary Policy
. 98th Congress, 1st Sess. February 14, 15, and 17, 1983. Washington, DC: Government Printing Office.

International Financial Markets and Related Problems: Hearings Before the Committee on Banking, Finance and Urban Affairs
. 98th Congress, 1st sess. February 2, 8, and 9, 1983. Washington, DC: Government Printing Office.

The Nomination of Alan Greenspan: Hearings Before the Senate Committee on Banking, Housing and Urban Affairs
. 100th Congress, 1st Sess. July 21, 1987. Washington, DC: Government Printing Office.

The Nomination of Paul A. Volcker to Be Chairman, Board of Governors of the Federal Reserve System: Hearings Before the Senate Committee on Banking,
Housing and Urban Affairs
. 96th Congress, 1st Sess. July 30, 1976. Washington, DC: Government Printing Office.

Prohibiting Certain High-Risk Investment Activities by Banks and Bank Holding Companies: Hearings Before the Senate Committee on Banking, Housing and Urban Affairs
. 111th Congress, 2nd Sess. February 2, 2010. Washington, DC: Government Printing Office.

Reduction in Reserve Ratio for Federal Reserve Notes and Deposits: Hearing Before the Senate Committee on Banking and Currency
. 79th Congress, 1st Sess. February 20 and 28 and March 7, 1945. Washington, DC: Government Printing Office.

The Re-nomination of Paul A. Volcker: Hearings Before the Senate Committee on Banking, Housing and Urban Affairs
. 98th Congress, 1st Sess. July 14, 1983. Washington, DC: Government Printing Office.

Repealing Certain Legislation Relating to Reserves Against Deposits in Federal Reserve Banks: Hearings Before the House Committee on Banking and Currency
. 89th Congress, 1st Sess. February 1, 1965. Washington, DC: Government Printing Office.

Second Concurrent Resolution on the Budget Fiscal Year 1982: Hearings Before the Senate Committee on the Budget
. 97th Congress, 2nd Sess. September 15 and 16, 1981. Washington, DC: Government Printing Office.

To Amend the Par Value Modification Act of 1972: Hearings Before the Subcommittee on International Finance of the Committee on Banking and Currency
. 93rd Congress, 1st Sess. March 6, 1973. Washington, DC: Government Printing Office.

A Note on the Author

William L. Silber is one of America's most respected experts on fi nance and banking. He is currently Marcus Nadler Professor of Finance and Economics and director of the Glucksman Institute for Research in Securities Markets, at the Stern School of Business, New York University. He has written numerous books and articles on economics and fi nancial history, most recently When Washington Shut Down Wall Street: Th e Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy.

By the Same Author

When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy

Financial Options: From Theory to Practice
(coauthor)

Principles of Money, Banking, and Financial Markets
(coauthor)

Financial Innovation
(editor)

Money
(coauthor)

Portfolio Behavior of Financial Institutions

Copyright © 2012 by William L. Silber

Published by Bloomsbury Press, New York

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may be liable to criminal prosecution and civil claims for damages

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