Gold Standard

Banking without Banks

In recent months Dr. Tiemann has focused his research into economic and banking history on the California Gold Rush. He plans to produce a series of articles from that work. In this article, though, Dr. Tiemann examines the fascinating period just before the Gold Rush, when California’s economy suffered a severe shortage of cash and an absence of banks. Read about William A. Leidesdorff, a San Francisco merchant in the 1840s, who dealt with those handicaps by becoming, in effect, his own banker.

The Purpose of Monetary Policy

The Federal Open Market Committee is scheduled to have one of its regularly-scheduled meetings with Fed Chair Janet Yellen making an announcement on interest rate policy.  Most observers expect the Fed to leave short-term interest rates unchanged for now, but the FOMC’s likely actions in the near future could be to raise rates.  Dr. Tiemann reviews the […]