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[Podcast] The Story of the Creation of the Federal Reserve

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[Podcast] The Story of the Creation of the Federal Reserve

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Fascinating and unexpected.

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subscribe to Planet Money podcast

On today's show, we tell the creation story of the Federal Reserve - one of the most powerful financial institutions on the planet.

The story includes a 70-year-old man with a bad head cold and a bunch of mistresses, a nation that's deeply ambivalent about a central bank, and a secret meeting at an island with a sketchy name.

Our guests are Liaquat Ahamed, author of Lords of Finance, and Gary Richardson, Federal Reserve System historian and professor at UC Irvine.
Music: 10cc's "Wall Street Shuffle" Find us: Twitter/ Facebook/Spotify/ Tumblr. Download the Planet Money iPhone App.

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Episode 505: A Locked Door, A Secret Meeting And The Birth Of The Fed

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subscribe to Planet Money podcast On today's show, we tell the creation story of the Federal Reserve - one of the most powerful financial institutions on the planet. The story includes a 70-year-old man with a bad head cold and a bunch of mistresses, a nation that's deeply ambivalent about a central bank, and a secret meeting at an island with a sketchy name.

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ESI Unit 4 Lesson 5 - Monetary Policy Flashcards | Quizlet

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Start studying ESI Unit 4 Lesson 5 - Monetary Policy. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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1. The history of the Federal Reserve System

2. The structure of the Federal Reserve System

3. How the Federal Reserve has responded to major financial crises

4. The functions of the Federal Reserve System

5. The major tools the Federal Reserve uses to serve its functions

6. How the Federal Reserve implements monetary policy, moving the interest rate to affect aggregate output

7. Why monetary policy is the main tool for stabilizing the economy

8. The concept of monetary neutrality and its relationship to the long-term economic effects of monetary policy

9. Why efforts to collect an inflation tax by printing money can lead to high rates of inflation and even hyperinflation

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Bernanke Lecture Series - original slides, transcript available. Suitable for HS class.

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Board of Governors of the Federal Reserve System

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Chairman Bernanke's College Lecture Series

In March 2012, Chairman Ben S. Bernanke delivered a four-part lecture series about the Federal Reserve and the financial crisis that emerged in 2007. The series began with a lecture on the origins and missions of central banks, followed by a lecture that discussed the role and actions of the Federal Reserve in the period after World War II. In the final two lectures, the Chairman reviewed some of the causes of, and policy responses to, the recent financial crisis, focusing specifically on the actions of the Federal Reserve.

The lectures were offered as part of an undergraduate course at the George Washington University School of Business.

On-demand video, transcripts, and presentation slides are available for each lecture.

March 20, 2012

March 22, 2012

March 27, 2012

March 29, 2012

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board of governors of the federal reserve system

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The Fed - Chairman Bernanke's College Lecture Series

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In March 2012, Chairman Ben S. Bernanke delivered a four-part lecture series about the Federal Reserve and the financial crisis that emerged in 2007. The series began with a lecture on the origins and missions of central banks, followed by a lecture that discussed the role and actions of the Federal Reserve in the period after World War II.

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This site includes educator resources.

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The game has been a useful and fun tool to learn more about monetary policy. However, the Fed has updated its approach to monetary policy, and the changes are not readily accommodated within the existing structure of the game. As of June 1, 2021, the game is no longer available.

New SF Fed Resource: FOMC Rewind

FOMC Rewind is a texting video series that explains the main points of FOMC's meeting statements.

Download the transcript and discussion questions (pdf, 81 kb).

More FOMC Rewind resources coming soon. In the meantime, you might also like Teaching the New Tools of Monetary Policy by the St. Louis Fed.

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The game has been a useful and fun tool to learn more about monetary policy. However, the Fed has updated its approach to monetary policy, and the changes are not readily accommodated within the existing structure of the game. As of June 1, 2021, the game is no longer available.

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Excellent discussion on how the Fed manipulates interest rates.

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What is the real value of a dollar?
You think that a dollar bill is money and that banks are where your cash is stored and safeguarded. Well, you're wrong. Like, really wrong.

JAMES SCHAMUS is an award-winning screenwriter ("The Ice Storm") and producer ("Brokeback Mountain"), and former CEO of Focus Features, the motion picture production, financing, and worldwide distribution company whose films have included "Milk," "Eternal Sunshine of the Spotless Mind," "The Pianist," "Coraline," and "Dallas Buyers Club." He is professor of Professional Practice in Columbia University's School of the Arts, where he teaches film history and theory. He is also the author of "Carl Theodor Dreyer's Gertrud: The Moving Word," published by the University of Washington Press, and is currently completing another book, "My Wife is a Terrorist: Lessons in Storytelling from the Department of Homeland Security," for Harvard University Press. He earned his BA, MA, and Ph.D. in English from U.C. Berkeley. His current projects include (as Executive Producer) "Suffragettes," starring Carey Mulligan and Meryl Streep, and (as Producer) "Alone in Berlin," starring Emma Thompson.

Director's Note

"I have a conflicted relationship both with the topic of 'the economy' and with the premise of the series as a whole. Indeed, the concept of the 'economy,' even its constitution as an object of scientific study, as a thing, is relatively recent, and to me smells of an ideological maneuver wherein we replace what are essentially political relations with a mystifying body of social science 'knowledge' to be managed and manipulated by financial/political elites.

The premise of WE THE ECONOMY is to make otherwise complex, obscure, or academic ideas approachable and understandable by laymen, thus empowering us to participate more knowledgeably in public debates about policy etc. That's a laudable premise I'm proud to be associated with. But the danger of it is that it already assumes that what is being made digestible - 'economics' - is somehow an 'objective' object of knowledge, rather than being itself already, in the very way it packages its concepts and ideas, a field of political decision and social action - one which helps naturalize the grotesque domination of people and natural resources of our current system.

My few minutes' contribution to the endeavor, in the classic form of an 'educational video,' goes for a couple of takeaways: primarily, that no one who watches my films will ever again be able to think of money and banks as 'natural' objects, but rather will see them as sites of profound and enduring social and political struggles - struggles that everyone has a right to participate in."

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That Film About Money - Film - WE THE ECONOMY

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What is the real value of a dollar? You think a dollar bill is money and that banks are where your cash is stored and safeguarded. Well, you're wrong. Like, really wrong. Watch THAT FILM ABOUT MONEY, a fascinating short film by James Schamus - and his directorial debut!

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The Second Part of That Film About Money - Film - WE THE ECONOMY

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What is the real value of a dollar? You think that a dollar bill is money and that banks are where your cash is stored and safeguarded. Well, you're wrong. Like, really wrong. Watch THE SECOND PART OF THAT FILM ABOUT MONEY, a fascinating short by James Schamus - and his directorial debut!