Book notes: Before the Fed: JP Morgan, America’s lender of last resort, by Jon Moen and Mary Tone Rodgers
A significant contribution to understanding private-sector financial crisis responses, relevant to today’s lender-of-last-resort function
Jon Moen and Mary Tone Rodgers, Before the Fed: JP Morgan, America’s lender of last resort, Cambridge University Press, 2025, 292 pages
In Before the Fed, two economic historians combine forces to document and explain the important role John Pierpont Morgan played in managing banking crises before there was a Federal Reserve. This task required expertise in Morgan’s approach to syndicated securities underwriting (Rodgers) and in the dynamics of banking crises under the gold standard (Moen). Their
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