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An illuminating history of the Fed from its founding through the tumult of 2020. In The Federal Reserve: A New History, Robert L. Hetzel draws on more than forty years of experience as an economist in the central bank to trace the influences of the Fed on the American economy. Comparing periods in which the Fed stabilized the economy to those when it did the opposite, Hetzel tells the story of a century-long pursuit of monetary rules capable of providing for economic stability. Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of the bank's watershed moments since 1913. This includes critical accounts of the Great Depression, the Great Inflation, and the Great Recession-including how these disastrous events could have been avoided. A critical volume for a critical moment in financial history, The Federal Reserve it is an expert, sweeping account that promises to recast our understanding of the central bank in its second century.

Monetary policy --- History --- United States. --- Board of Governors of the Federal Reserve System (U.S.) --- History. --- United States --- Economic policy --- real bills, Paul Volcker, Federal Reserve, Great Depression, inflation, recession, stop-go, Jerome Powell, William McChesney Martin, Arthur Burns.

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The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers.Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does-and does not-define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals-within and outside of government-shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed-including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation-requires a reevaluation of the very way the nation's central bank is structured.Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a uniquely clear and timely picture of one of the most important institutions in the United States and the world.

Monetary policy --- Banks and banking, Central --- Federal Reserve banks. --- United States. --- United States --- Economic policy. --- Accountability. --- Accounting. --- Alan Greenspan. --- Appointee. --- Asset. --- Bailiwick. --- Bailout. --- Balance sheet. --- Bank holding company. --- Bank of England. --- Bank regulation. --- Bank. --- Banking in the United States. --- Behalf. --- Ben Bernanke. --- Bill Clinton. --- Board of directors. --- Board of governors. --- Bureaucrat. --- Carter Glass. --- Central bank. --- Chair of the Federal Reserve. --- Chairman. --- Commercial bank. --- Conspiracy theory. --- Consumer Financial Protection Bureau. --- Consumer. --- Council of Economic Advisers. --- Creditor. --- Currency. --- Debt. --- Dividend. --- Dodd–Frank Wall Street Reform and Consumer Protection Act. --- Economics. --- Economist. --- Economy. --- Employment. --- Expense. --- Federal Open Market Committee. --- Federal Reserve Bank of New York. --- Federal Reserve Bank. --- Federal Reserve Board of Governors. --- Federal Reserve Note. --- Financial Regulator. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial institution. --- Financial regulation. --- Financial services. --- Fiscal policy. --- Funding. --- General counsel. --- Glass–Steagall Legislation. --- Governance. --- Government agency. --- Government bond. --- Government debt. --- Ideology. --- Income. --- Inflation. --- Insider. --- Institution. --- Interest rate. --- J. P. Morgan. --- Legislation. --- Lehman Brothers. --- Lender of last resort. --- Macroeconomics. --- Market liquidity. --- Market participant. --- Member of Congress. --- Milton Friedman. --- Monetarism. --- Monetary authority. --- Monetary policy. --- Money supply. --- Open market operation. --- Paul Volcker. --- Policy. --- Political science. --- Politician. --- Politics. --- Private bank. --- Provision (accounting). --- Publication. --- Real bills doctrine. --- Recession. --- Regulation. --- Regulatory agency. --- Salary. --- Statute. --- Supervisor. --- Timothy Geithner. --- United States Department of the Treasury. --- Vetting. --- Walter Bagehot. --- William McChesney Martin. --- Woodrow Wilson. --- World economy.