The Fourth Branch

"Shrouded in mystery, managed behind closed doors, and the subject of both awe and derision, the Federal Reserve is commonly referred to as the fourth branch of our federal government, with wide-ranging influence over monetary policy and, by extension, banking, price levels, employment rates, and economic growth, income, and wealth. Bernard Shull traces the fascinating and improbable history of this institution from its establishment by an Act of Congress in 1913 to the present day. His careful analysis reveals a paradoxical phenomenon: focusing on three periods of economic stress (the inflation and deflation following World War I, the stock market crash of 1929 and subsequent Depression, and the "stagflation" and volatility of the 1970s and 1980s), Shull argues that despite convincing evidence that the Fed contributed to these crises, it has consistently emerged more powerful and influential than before."--Jacket.

Year

2005

Language

English

Publisher

Praeger Publishers

Editions

1

Pages

272

ISBN

9781567206241

Data source: Wikidata