Allan H. Meltzer's monumental history of the Federal Reserve System tells the story of one of America's most influential but least understood public institutions. This first volume covers the period from the Federal Reserve's founding in 1913 through the Treasury-Federal Reserve Accord of 1951,...

The Federal Reserve Act passed on December 28, 1913. Almost a year later, in November 1914, Federal Reserve banks opened for business. The Act was a compromise that bundled together those who wanted a central bank, those who feared control of credit and money by bankers and "Wall Street", and...

The years 1923-1929 are often described as the best period in Federal Reserve history. Inflation though highly variable from quarter to quarter, averaged about zero for the period as a whole. Economic growth was variable but robust. The economy grew at a 3.3% average rate despite two recessions...

Allan H. Meltzer's monumental history of the Federal Reserve System tells the story of one of America's most influential but least understood public institutions. This first volume covers the period from the Federal Reserve's founding in 1913 through the Treasury-Federal Reserve Accord of 1951,...