By Rik W. Hafer
The Federal Reserve approach, based in 1913, is well-known as probably the most influential policy-making our bodies within the usa. Its tasks together with dealing with the country's financial coverage, regulating and supervising banks, and tracking the economic climate, set it except different govt businesses. Hafer presents a complete rationalization of the Federal Reserve approach, describing its constitution and approach, rules, humans, and key events.
Arranged alphabetically, over 250 entries outline and describe subject matters relating to the Fed and usa financial coverage, together with Alan Greenspan, Black Monday of 1929, Euro, Federal Reserve Act of 1913, leading price, and Treasury financing. various appendices complement the A-to- Z entries, delivering perception into the secretive and robust Federal Reserve financial institution, the keepers of America's financial system.
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While this alone would not qualify him for inclusion in this volume, his research published while employed there does. Andersen and Jerry Jordan co-authored one of the most important economic studies of the 1960s. Their article, "Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilization," which appeared in the Federal Reserve Bank of St. Louis's Review in November 1968, set off a maelstrom of debate over the comparative usefulness of fiscal policy—changes in government taxation and spending—and monetary policy.
Louis Review (September/October 2000): 1-16. AUTOMATED TELLER MACHINE (ATM). Increased efficiency in providing banking services to the public came with the revolution in telecommunications. One example is the automated teller machine, or ATM for short. An ATM allows bank customers to deposit money into accounts, move funds between accounts, and make cash withdrawals electronically. Because ATMs make use of modern telecommunications systems, customers can engage in these activities at locations far from their bank, even overseas.
3 ALDRICH-VREELAND BILL, OR ACT, OF 1908 With the passage of the Gold Standard Act of 1900, the silver movement was effectively quashed. This act defined the dollar only in terms of gold and required the Secretary of the Treasury to maintain a gold reserve of $150 million. In essence, this act committed the United States to the gold standard. [For an interesting treatment of this episode, see Rockoff (1990), who suggests that L. Frank Baum's book The Wonderful Wizard of Oz is a metaphor for the debate over the usefulness of gold and silver.!