What Do We Learn From A Century Of Fed History?

Next month the Federal Reserve System will be one hundred years old. There is much to be learned from reflecting on the Fed’s Centennial, not least because Fed history places current monetary policy in a revealing historical perspective. And beyond the lessons for current monetary policy, Fed monetary history is a mirror of American democracy; the dramatic changes in the Fed’s powers, goals and structure reflect the changing aspirations and institutional norms that have shaped both the Fed and our government over the past century.