The Federal Reserve
President Wilson signing the Federal Reserve Act 1923 painting by Wilburg G. Kurtz; photo courtesy of Woodrow Wilson Presidential Library
In this series of lectures, we will explore the inner workings of the Fed Funds market. We will examine how the Fed creates money to facilitate day-to-day payments between banks, how the Fed regulates credit growth, and how private banks serve as 'dealers' in the payment process. Finally, we will analyze the impact of the 2008 financial crisis on the national payments system.