ハーバードのJulio J. Rotembergが「The Federal Reserve's Abandonment of its 1923 Principles」というNBER論文を書いている

This paper studies the persistence and some of the consequences of the eventual abandonment by the FOMC of the principles embedded in the Federal Reserve's Tenth Annual Report of 1923. The three principles I focus on are 1) the discouraging of speculative lending by commercial banks, 2) the desire to meet the credit needs of business and 3) the preference of a focus on credit over a focus on monetary aggregates. I show that the first two principles remained important in FOMC deliberations until the mid-1960's. After this, the FOMC also spent less time discussing the composition of bank loans.

以下はハーバードのWorking Knowledgeによる紹介の冒頭部。

One of the most dramatic reversals in Federal Reserve policymaking has been the targeting of monetary policy towards financial stability. In 1923, for example, the Federal Reserve's Annual Report officially announced that the goal of monetary policy was the avoidance of speculative lending, which was thought to lead to inflation and crisis. By contrast, in 2002 there was broad agreement at the Fed with economist Ben Bernanke's view that monetary policy should be aimed exclusively at macroeconomic goals while financial stability should be ensured by regulatory means instead. In this paper the author explains when this reversal occurred and he sheds some light on why it did.