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

By Robert L. Hetzel and Gary Richardson

Working Papers

January 2016, No. 16-01

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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Katrina Mullen