{"id":102,"date":"2011-01-18T17:00:27","date_gmt":"2011-01-18T22:00:27","guid":{"rendered":"http:\/\/blog.uvm.edu\/compute-cas-media\/?p=102"},"modified":"2015-09-30T09:21:14","modified_gmt":"2015-09-30T14:21:14","slug":"central-banking-before-the-federal-reserve","status":"publish","type":"post","link":"https:\/\/blog.uvm.edu\/compute-cas-media\/2011\/01\/18\/central-banking-before-the-federal-reserve\/","title":{"rendered":"&#8220;Central Banking before the Federal Reserve&#8221;"},"content":{"rendered":"<div><a href=\"http:\/\/blog.uvm.edu\/compute-cas-media\/files\/2011\/01\/knodell2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"align-left size-full wp-image-104\" src=\"http:\/\/blog.uvm.edu\/compute-cas-media\/files\/2011\/01\/knodell2.jpg\" alt=\"Professor of Economics, Jane Knodell\" width=\"100\" height=\"130\" \/><\/a><\/div>\n<p>One reason the U.S. was late to create a central bank was that earlier renditions of central banks, the First and Second Banks of the United States (1791-1811 and 1816-1836, respectively), drew political fire as large, financially powerful corporations. Although both institutions performed well, it proved impossible for either to convince both a congressional majority and the President that they should continue to exist after their charters expired.\u00a0 Why has the Federal Reserve Bank, also a center of concentrated financial power, succeeded in surviving where its predecessors failed?\u00a0 An institutional comparison reveals that the Federal Reserve enjoys certain organizational advantages that the earlier central banks lacked.<\/p>\n<p><a href=\"http:\/\/www.uvm.edu\/artsandsciences\/online_lectures\/2011-01-18_Knodell,Jane\/JaneKnodell.mp4\">Video (mp4<\/a>)<br \/>\n<a href=\"http:\/\/www.uvm.edu\/artsandsciences\/online_lectures\/2011-01-18_Knodell,Jane\/JaneKnodell.mp3\">Audio (mp3)<\/a><\/p>\n<p>The College of Arts and Sciences Full Professor Lecture Series was designed to recognize faculty newly promoted to full professor rank.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One reason the U.S. was late to create a central bank was that earlier renditions of central banks, the First and Second Banks of the United States (1791-1811 and 1816-1836, respectively), drew political fire as large, financially powerful corporations. Although both institutions performed well, it proved impossible for either to convince both a congressional majority [&hellip;]<\/p>\n","protected":false},"author":157,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[611],"tags":[],"class_list":["post-102","post","type-post","status-publish","format-standard","hentry","category-full-professor-lecture-series"],"_links":{"self":[{"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/posts\/102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/users\/157"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/comments?post=102"}],"version-history":[{"count":11,"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/posts\/102\/revisions"}],"predecessor-version":[{"id":404,"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/posts\/102\/revisions\/404"}],"wp:attachment":[{"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/media?parent=102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/categories?post=102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.uvm.edu\/compute-cas-media\/wp-json\/wp\/v2\/tags?post=102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}