The Federal Reserve System : A History.

Format:

Book

Author/Creator:

Wells, Donald R.

Language:

English

Subjects (All):

Federal Reserve banks.

Physical Description:

1 online resource (191 pages)

Edition:

1st ed.

Place of Publication:

Jefferson : McFarland & Company, Incorporated Publishers, 2004.

Summary:

The Federal Reserve banking system was created in 1913 in an effort to bring coherence to nationwide banking practices and prevent crises like the financial panic of 1907. Since it began operating in 1914, the Federal Reserve has played a crucial role in determining American financial policy and practice. It is largely an entity unto itself, operating independently, rarely subject to the political machinations of Congress or the presidency. Yet few Americans know how it works, and even fewer know anything of its history. This history of the Federal Reserve begins by giving an overview of American banking practices before the Federal Reserve's formation. The events leading to the Reserve's creation, and its early trials and tribulations, are then documented. Subsequent chapters track the Federal Reserve's history: its role during times of financial and military crisis, its relationship to each presidential administration, and the Fed's evolution as its leadership has changed over the years. The history wraps up with the Alan Greenspan era, explaining major changes in the institution's operating procedures since the 1980s.

Contents:

U.S. banking before the Federal Reserve

The Aldrich-Vreeland Act prevents a panic in 1914

Original uncertainty regarding exercise of Fed authority

The Federal Reserve's role in World War I

The discovery of a new tool for the Federal Reserve

The Fed in the 1920s

The Fed in the 1929-1933 contraction

Policy changes in the Roosevelt Administration

The Fed's role in World War II

The Fed between World War II and the Korean War

The Korean War and the accord with the Treasury

"Bills only" as an act of independence

Operation twist and President Kennedy's tax cut

Chairman Martin's battle with President Johnson over inflation

Nixon replaces Martin with Burns and inflicts price controls on the economy

Supply shocks in the 1970s make unemployment and inflation worse

Carter replaces Burns with Miller and inflation worsens

The Volcker era begins and the Fed gets control over all banks

Volcker's Fed slows inflation at a cost

Volcker is reappointed but there are changes on the board

The Greenspan era begins

The Fed's response to the thrift crisis

Economists dominate the board under Greenspan

Changes in the Fed's operating procedure after the 1980s.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9780786482191

0786482192