Federal Reserve System
Created by the Federal Reserve Act in 1913, the Federal Reserve System is the apparatus that acts as a central bank in the United States. The Federal Reserve regulates the volume of base money in circulation, targets interest rates, sets minimum reserve levels for banks, and acts as lender of last resort during a financial crisis. After the financial crisis in 2008, the Federal Reserve began to pay interest on deposits held at the Federal Reserve and also gained financial regulatory power.
Gregory Rehmke - Money and Inflation
Steve Horwitz - Inflation
FEBRUARY 02, 2011 by TSVETELIN M. TSONEVSKI
JULY 29, 2009
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