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date: 19 November 2019

Abstract and Keywords

The United States Congress created the Federal Reserve System in 1913. The System consists of the Federal Reserve Board in Washington, DC; twelve Federal Reserve Banks; and thousands of member commercial banks. This entry describes the evolution of the system and of monetary policy from its foundation through 2013.

Keywords: Federal Reserve, financial crises, Great Depression, great inflation, Fed-Treasury Accord, banking, Great Moderation, Great Recession

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