Experience Stern | Faculty & Research

In his book, Marcus Nadler Professor of Finance and Economics William L. Silber chronicles the financial crisis that erupted in the United States at the outbreak of World War I that almost forced the United States off the gold standard. Professor Silber's main focus is on Treasury Secretary William McAdoo, who closed the New York Stock Exchange for four months to prevent a full fledged panic. He also explores McAdoo's trials and tribulations creating the Federal Reserve, which arrived too late to help.