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Lecture Money, banking, and financial markets (3/e): Chapter 16 - Stephen G. Cecchetti, Kermit L. Schoenholtz

The world’s leading central banks played a key role in bringing the financial system and the economy back to safe harbor after the peak of the financial crisis in 2008. They acted in unprecedented fashion to prevent the financial system from capsizing and, over time, to restore financial and economic stability. Chapter 16 provides knowledge of the structure of central banks: The federal reserve and the European central bank. | Chapter Sixteen 16- Introduction Between 1870 and 1907, the nation experienced 21 financial panics of varying severity. During the Panic of 1907, an astonishing two-thirds of banks founds themselves temporarily unable to redeem deposits. In the intervening centuries, Europeans had developed a system of central banks. American had not. 16- Introduction The prevailing philosophy of many 19th-century Americans was that centralized government of any form should be kept to a minimum. But punishing effects of frequent financial panics led people to reconsider the merits of a powerful central banks. In 1913, Congress passed the Federal Reserve Act. This created the U.S. Federal Reserve System. 16- Introduction While central banking had stabilized European financial systems before 1900, the 20th century was another story. Europe experienced high inflation rates, low growth, high and volatile interest rates, and unstable exchange rates. After two world wars, . | Chapter Sixteen 16- Introduction Between 1870 and 1907, the nation experienced 21 financial panics of varying severity. During the Panic of 1907, an astonishing two-thirds of banks founds themselves temporarily unable to redeem deposits. In the intervening centuries, Europeans had developed a system of central banks. American had not. 16- Introduction The prevailing philosophy of many 19th-century Americans was that centralized government of any form should be kept to a minimum. But punishing effects of frequent financial panics led people to reconsider the merits of a powerful central banks. In 1913, Congress passed the Federal Reserve Act. This created the U.S. Federal Reserve System. 16- Introduction While central banking had stabilized European financial systems before 1900, the 20th century was another story. Europe experienced high inflation rates, low growth, high and volatile interest rates, and unstable exchange rates. After two world wars, governments’ free spending led to unrelenting fiscal deficits. 16- Introduction Leaders came to believe that the only way to ensure both political and economic stability was to forge closer ties among the continent’s countries. The result was the European monetary union, with its common currency, the euro, and its central bank, the European Central Bank (ECB). This chapter examines these two central banks and how their structure helps them to meet their objectives. 16- The Structure of the Federal Reserve System The Federal Reserve Act established a system that is composed of three branches with overlapping responsibilities: Twelve regional Federal Reserve Banks, distributed throughout the country; A central governmental agency, called the Board of Governors of the Federal Reserve System, in Washington, D.C.; and The Federal Open Market Committee. 16- The Structure of the Federal Reserve System In addition, a series of advisory committees make recommendations to the board