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Federal Reserve: Difference between revisions
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* To serve as the [[central bank]] for the United States | * To serve as the [[central bank]] for the United States | ||
* To strike a balance between private interests of banks and the centralized responsibility of government | * To strike a balance between private interests of banks and the centralized responsibility of government | ||
To supervise and regulate banking institutions | |||
To protect the credit rights of consumers | |||
* To conduct [[monetary policy]] by influencing [[market interest rate]]s to achieve the sometimes-conflicting goals of | * To conduct [[monetary policy]] by influencing [[market interest rate]]s to achieve the sometimes-conflicting goals of | ||
maximum employment | |||
stable prices, interpreted as an [[inflation]] rate of 2 percent per year on average<ref name="goals of MP"/> | |||
moderate long-term interest rates | |||
* To maintain the stability of the financial system and contain [[systemic risk]] in financial markets | * To maintain the stability of the financial system and contain [[systemic risk]] in financial markets | ||
* To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system | * To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system | ||
To facilitate the exchange of payments among regions | |||
To respond to local liquidity needs | |||
* To strengthen U.S. standing in the world economy | * To strengthen U.S. standing in the world economy | ||
[[File:Unemployment vs Inflation vs Inverted yield curve.webp|thumb|650px|center|[[Unemployment in the United States|Unemployment]] vs [[United States Consumer Price Index|Inflation]] vs [[Inverted yield curve]] | [[File:Unemployment vs Inflation vs Inverted yield curve.webp|thumb|650px|center|[[Unemployment in the United States|Unemployment]] vs [[United States Consumer Price Index|Inflation]] vs [[Inverted yield curve]] | ||
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* Mayhew, Anne. "Ideology and the Great Depression: Monetary History Rewritten". ''Journal of Economic Issues'' '''17''' (June 1983): 353–360. | * Mayhew, Anne. "Ideology and the Great Depression: Monetary History Rewritten". ''Journal of Economic Issues'' '''17''' (June 1983): 353–360. | ||
* {{Cite book |last=Meltzer |first=Allan H. |url=https://archive.org/details/historyoffederal0001melt |title=A History of the Federal Reserve, Volume 1: 1913–1951 |year=2004 |isbn=978-0-226-51999-9 |author-link=Allan H. Meltzer}} (cloth) and {{ISBN|978-0-226-52000-1}} (paper). | * {{Cite book |last=Meltzer |first=Allan H. |url=https://archive.org/details/historyoffederal0001melt |title=A History of the Federal Reserve, Volume 1: 1913–1951 |year=2004 |isbn=978-0-226-51999-9 |author-link=Allan H. Meltzer}} (cloth) and {{ISBN|978-0-226-52000-1}} (paper). | ||
{{Cite book |last=Meltzer |first=Allan H. |title=A History of the Federal Reserve, Volume 2: Book 1, 1951–1969 |year=2009 |isbn=978-0-226-52001-8 |author-link=Allan H. Meltzer}} | |||
{{Cite book |last=Meltzer |first=Allan H. |title=A History of the Federal Reserve, Volume 2: Book 2, 1969–1985 |year=2009 |isbn=978-0-226-51994-4 |author-link=Allan H. Meltzer}} | |||
* Mullins, Eustace C. ''[[The Secrets of the Federal Reserve]]'', 1952. John McLaughlin. {{ISBN|0-9656492-1-0}}. | * Mullins, Eustace C. ''[[The Secrets of the Federal Reserve]]'', 1952. John McLaughlin. {{ISBN|0-9656492-1-0}}. | ||
* Roberts, Priscilla. 'Quis Custodiet Ipsos Custodes?' The Federal Reserve System's Founding Fathers and Allied Finances in the First World War", ''Business History Review'' (1998) 72: 585–603. | * Roberts, Priscilla. 'Quis Custodiet Ipsos Custodes?' The Federal Reserve System's Founding Fathers and Allied Finances in the First World War", ''Business History Review'' (1998) 72: 585–603. | ||
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* West, Robert Craig. ''Banking Reform and the Federal Reserve, 1863–1923'' (1977). | * West, Robert Craig. ''Banking Reform and the Federal Reserve, 1863–1923'' (1977). | ||
* Wicker, Elmus. "A Reconsideration of Federal Reserve Policy during the 1920–1921 Depression", ''Journal of Economic History'' (1966) 26: 223–238. | * Wicker, Elmus. "A Reconsideration of Federal Reserve Policy during the 1920–1921 Depression", ''Journal of Economic History'' (1966) 26: 223–238. | ||
Wicker, Elmus. ''Federal Reserve Monetary Policy, 1917–33.'' (1966). | |||
Wicker, Elmus. ''The Great Debate on Banking Reform: Nelson Aldrich and the Origins of the Fed'' [[Ohio State University Press]], 2005. | |||
* Wood, John H. ''A History of Central Banking in Great Britain and the United States'' (2005) | * Wood, John H. ''A History of Central Banking in Great Britain and the United States'' (2005) | ||
* Wueschner, Silvano A. ''Charting Twentieth-Century Monetary Policy: Herbert Hoover and Benjamin Strong, 1917–1927''. Greenwood Press (1999). | * Wueschner, Silvano A. ''Charting Twentieth-Century Monetary Policy: Herbert Hoover and Benjamin Strong, 1917–1927''. Greenwood Press (1999). | ||