Historical conditions of the functioning and monetary policy of Federal Reserve System as the central bank of the United States
DOI:
https://doi.org/10.19251/rtnp/2022.14(4)Keywords:
Federal Reserve System, Federal Open Market Committee, Board of Governors, monetary policy, interest rate and discount rate, money supply, price stability, Great DepressionAbstract
The Federal Reserve System, commonly referred to as the Federal Reserve (Fed), is the central bank of the United States. The American central bank is one of the most influential (if not the most) financial institutions in the world. Federal Reserve authorities are often referred to as “money lords” and this is an apt encapsulation of the impact that the institution’s decisions have on the world economy. This bank was created by the Federal Reserve Act of 1913. This regulation was amended on several occasions with the most important changes introduced either between 1933 and 1935 or in 2010. The regulations introduced in 1930s brought about the establishment of the Board of Governors which consists of seven-members. In addition, through the Banking Act of 1933 the Federal Open Market Committee (FOMC) was created, responsible for making decisions on US monetary policy. Conferences and decisions of the most important members of the Federal
Reserve System are tracked by all institutional and individual investors.
They affect exchange rates, stock exchanges, commodity markets and
all other financial instruments. In the 1913 Act Congress imposed on the
Federal Reserve System a number of objectives, however without assigning
priority status to any of them and without creating any institutional or
economic reference in this regard. These objectives encompass: the pursuit
of high (full) employment, the pursuit of price stability and stability of
long-term interest rates. Keywords: Federal Reserve System; Federal Open
Market Committee; Board of Governors; monetary policy; interest rate and
discount rate; money supply; price stability; Great Depression
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