In the period just before and after the founding of the Federal
Reserve System in 1913, bankers, economists, and legislators were
intensely absorbed in discussing how to assure a proper functional
relationship between the future central bank and the commercial
banking system. During the sixty-odd years that followed, many
changes have occurred to affect one side or the other of the
Federal Reserve-banking system relationship. Much less attention
has been devoted, however, to the current state of the relationship
between the banking system and the Federal Reserve in regard to the
conduct of national monetary policy. It is to this area-in the
fundamentally important field of macroeconomic policy-that this
book is addressed. The field is large, and the Federal Reserve
Board shares responsibility with other important economic
decision-makers for guiding the course of the economy. The book
does not undertake to cover the whole subject of macroeconomic
policy. What it does seek to examine are two areas that stand
squarely at the common border where Fed monetary control meets the
banking system
General
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