007 - TheFederalReserve TheFederalReserve...

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The Federal Reserve The Federal Reserve ECO 473 - Money & Banking - Foster
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The Origins of U.S. Central  Banking Bank of England The Bank of North America (1781) The First Bank of the United States (1791) The Second Bank of the United States (1816) 1837–1865 1837–1865 The Free-Banking period. 1791–1836 1791–1836
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1865–1912 1865–1912 The Gold Standard (1875). Brief foray into bimetalism. Panics of 1873, 1893 and 1907 Federal Reserve Act of 1913
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The Federal Reserve Banking  System Board of Governors of the FRS Board of Governors of the FRS 7 members, equal standing . . . but, includes Secretary of the Treasury and Comptroller of the Currency. Problems Problems : Only using discount window, Each District Bank sets its own policy. Purpose Purpose : 2. Serve as a national check-clearing system. 3. Serve as depository for federal gov’t. funds.
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The Federal Reserve Banking  System
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The Early Fed, 1913–1935   The Great Depression - Failure of the Fed The Great Depression - Failure of the Fed Initially increased liquidity, but pulled back. By 1933, 33% of banks fail, MS fallen 33%.
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This note was uploaded on 10/22/2010 for the course ECO 473 taught by Professor Foster during the Spring '07 term at N. Arizona.

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007 - TheFederalReserve TheFederalReserve...

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