Federal Reserve System: An Encyclopedia

The Federal Reserve System, founded in 1913, is recognized as one of the most influential policy-making bodies in the United States. Its duties, including managing the country's monetary policy, regulating and supervising banks, and monitoring the financial system, set it apart from other government agencies. Hafer provides a comprehensive explanation of the Federal Reserve System, describing its structure and process, policies, people, and key events. Arranged alphabetically, over 250 entries define and describe topics related to the "Fed" and United States monetary policy, including Alan Greenspan, Black Monday of 1929, Euro, Federal Reserve Act of 1913, Prime rate, and Treasury financing. Numerous appendices supplement the A-to- Z entries, providing insight into the secretive and powerful Federal Reserve Bank, the keepers of America's monetary system.

R. W. HAFER is Professor and Chair of the Department of Economics and Finance at Southern Illinois University, Edwardsville. He served as Research Officer with the Federal Reserve Bank of St. Louis for ten years. He has published widely on monetary policy and financial markets in publications including the Wall Street Journal.