A hands-off central banker?

According to the Working Paper "A hands-off central banker? Marriner S. Eccles and the Federal Reserve Policy, 1934-1951" published April 2006, the Federal Reserve after 1935 acquired new instruments to command monetary policy, but it did not change its behaviour significantly.

Marriner Eccles is often seen as an early defender of Keynesian ideas. In that respect, it is generally accepted that he considered monetary policy of secondary importance, and that as a result he allowed the Federal

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