Federal Reserve Board

Paper Summary:

Uncontrolled inflation can have a devastating effect on a nation's economy. The paper discusses how in the past, inflationary trends in one country would have an impact in another with which it conducted trade. In comparison, it looks at how today, an international marketplace and increasingly globalized economy mean that such inflationary trends in one country, particularly in economic powerhouses such as the United States, Japan or China, can have enormous implications for the rest of the countries in the world. It discusses how, to help moderate the impact of such inflationary trends on the American economy, the Federal Reserve Board, created by the Federal Reserve Act, has applied careful controls to the economy as the situation dictated. To determine how and when the Board has acted to moderate such inflationary trends, this paper provides a review of the relevant literature followed by a summary of the research in the conclusion.
Outline
Introduction
Review and Discussion
Background and Overview
Federal Reserve and Inflation
Current and Future Trends
Conclusions and Recommendations

From the Paper:

"Rather than establishing a central bank with branches controlled at every level by bankers, the Federal Reserve Act ("the Act") established a number of separate and semi-autonomous regional central banks that are operated by private bankers, and supervised and controlled by a central board in Washington, comprised of government officers and appointees (Broz 1997:193). The Act required member banks to hold reserves at the Fed (Toma 1999:101). Today, the Federal Reserve System is comprised of 12 Federal Reserve banks and a Board of Governors (About the Fed 2005). "

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