The founding governors of the Federal Reserve System interpreted their mandate narrowly, viewing the Fed as responsible for maintaining gold convertibility and a stable dollar. Embracing the “real bills doctrine,” they regarded their role as being to provide as much money and credit as was required for retail and wholesale transactions, and no more.
美国人付出了沉重的代价才学到了这一课。美联储的创始人对这一使命的理解是狭义的，认为美联储需要对保持黄金可兑换性和稳定的美元负责。他们信奉“真是票据理论”，认为自己的角色是提供零售和批发交易所需数量的货币和信用，仅此而已。特别是，他们并不认为美联储是最后贷款人。他们警告说，向受困金融机构和市场发放紧急贷款只能鼓励过度冒险和信用泡沫，同时让美联储的投资组合有损失之虞。