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Working Papers

January 2016, No. 16-01

Money, Banking, and Monetary Policy from the Formation of the Federal Reserve until Today

Robert L. Hetzel and Gary Richardson

The United States Congress created the Federal Reserve System in 1913. The System consists of the Federal Reserve Board in Washington, D.C.; 12 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.

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