The Federal Reserve System

Paper Summary:

This paper begins by providing a history of the Federal Reserve System in the United States. It then details some background information and discusses its purpose in the economy. It assesses the Federal Reserve System's effectiveness and looks at its potential outcomes.

From the Paper:

"The Federal Reserve serves as the central bank of the United States. It was founded by the Congress in 1913 to serve the function of provide the nation with a secure and committed monetary and financial system.
Today the Federal Reserve holds the responsibilities in four areas: (1) conducting the nation's monetary policy; (2) supervising and regulating banking institutions and protecting the credit rights of consumers; (3) maintaining the stability of the financial system; and (4) providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions."

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