The Federal Reserve System : a history / Donald R. Wells.

Includes bibliographical references (p. 203-209) and index.

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.

This book contains the Author's experience in teaching money and banking for over 30 years that most people know very little about the Federal Reserve, why it came into being,how it functions, and that the decisions it makes are independent of both the president and the congress.

aug 30/05/13

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