The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
Jackson is a town in Teton County, Wyoming, United States. The population was 10,760 at the 2020 census, up from 9,577 in 2010. It is the largest town in Teton County and its county seat. Jackson is the principal town of the Jackson, WY-ID Micropolitan Statistical Area, which includes Teton County in Wyoming and Teton County in Idaho. The town, often mistakenly called Jackson Hole, derives its name from the valley in which it is located. Jackson is a popular tourist destination due to its proximity to the ski resorts Jackson Hole Mountain, Snow King Mountain, and Grand Targhee, as well as Grand Teton National Park and Yellowstone National Park.
Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability. Further purposes of a monetary policy may be to contribute to economic stability or to maintain predictable exchange rates with other currencies. Today most central banks in developed countries conduct their monetary policy within an inflation targeting framework, whereas the monetary policies of most developing countries' central banks target some kind of a fixed exchange rate system. A third monetary policy strategy, targeting the money supply, was widely followed during the 1980s, but has diminished in popularity since that, though it is still the official strategy in a number of emerging economies.
Jackson Hole is a valley between the Gros Ventre and Teton mountain ranges in the U.S. state of Wyoming, near the border with Idaho, in Teton County. The term "hole" was used by early trappers, or mountain men, as a term for a large mountain valley. These low-lying valleys, surrounded by mountains and containing rivers and streams, are good habitat for beavers and other fur-bearing animals. Jackson Hole is 55 miles (89 km) long by 6-to-13 miles (10-to-21 km) wide and is a graben valley with an average elevation of 6,800 ft, its lowest point being near the southern park boundary at 6,350 ft.
The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System that is charged under United States law with overseeing the nation's open market operations. This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply. Under the terms of the original Federal Reserve Act, each of the Federal Reserve banks was authorized to buy and sell in the open market bonds and short term obligations of the United States Government, bank acceptances, cable transfers, and bills of exchange. Hence, the reserve banks were at times bidding against each other in the open market. In 1922, an informal committee was established to execute purchases and sales. The Banking Act of 1933 formed an official FOMC.
George William Miller was an American businessman and investment banker who served as the 65th United States secretary of the treasury from 1979 to 1981. A member of the Democratic Party, he also served as the 11th chairman of the Federal Reserve from 1978 to 1979. Miller was the first person to hold both of those posts.
William McChesney Martin Jr. was an American business executive who served as the 9th chairman of the Federal Reserve from 1951 to 1970, making him the longest holder of that position. He was nominated to the post by President Harry S. Truman and reappointed by four of his successors. Martin, who once considered becoming a Presbyterian minister, was described by a Washington journalist as "the happy Puritan".
The Federal Reserve System has faced various criticisms since it was authorized in 1913. Nobel laureate economist Milton Friedman and his fellow monetarist Anna Schwartz criticized the Fed's response to the Wall Street Crash of 1929 arguing that it greatly exacerbated the Great Depression. More recent prominent critics include former Congressman Ron Paul.
John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
Excess reserves are bank reserves held by a bank in excess of a reserve requirement for it set by a central bank.
The Federal Reserve Bank of Kansas City is located in Kansas City, Missouri and covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico. It is second only to the Federal Reserve Bank of San Francisco in size of geographic area served. Missouri is the only state with two main Federal Reserve Banks; the other is located in St. Louis.
Growth Recession is a term in economics that refers to a situation where economic growth is slow, but not low enough to be a technical recession, yet unemployment still increases.
Quantitative easing (QE) is a monetary policy action where a central bank purchases predetermined amounts of government bonds or other financial assets in order to stimulate economic activity. Quantitative easing is a novel form of monetary policy that came into wide application after the financial crisis of 2007–2008. It is used to mitigate an economic recession when inflation is very low or negative, making standard monetary policy ineffective. Quantitative tightening (QT) does the opposite, where for monetary policy reasons, a central bank sells off some portion of its holdings of government bonds or other financial assets.
Jackson Lake Lodge is located near Moran in Grand Teton National Park, in the U.S. state of Wyoming. The lodge has 385 rooms, a restaurant, conference rooms, and offers numerous recreational opportunities. The lodge is owned by the National Park Service, and operated under contract by the Grand Teton Lodge Company. The Grand Teton Lodge Company also manages the Jenny Lake Lodge, as well as cabins, restaurants and other services at Colter Bay Village. The lodge is located east of Jackson Lake adjacent to prime moose habitat below the Jackson Lake Dam.
The Shadow Open Market Committee (SOMC) is an independent group of economists, first organized in 1973 by Professors Karl Brunner, from the University of Rochester, and Allan Meltzer, from Carnegie Mellon University, to provide a monetarist alternative to the views on monetary policy and its inflation effects then prevailing at the Federal Reserve and within the economics profession.
The United States Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913.
James Brian Bullard James “Jim” Bullard, the longest serving sitting president of Federal Reserve Banks and one of the nation’s foremost economists and respected scholar-leaders, was chosen in July 2023 as the inaugural dean of the reimagined Mitchell E. Daniels, Jr. School of Business at Purdue University.
William R. White is a Canadian economist who was the chairman of the Economic and Development Review Committee at the Organisation for Economic Co-operation and Development (OECD) from 2009 to 2018. He is famous for flagging the wild behaviour in the debt markets before the global storm hit in 2008. In 2009, Dirk Bezemer, a Professor of Economics at the University of Groningen in the Netherlands, noted that White was one of the earliest to have predicted the 2008 global financial crisis.
Marvin Seth Goodfriend was an American economist. He held the Allan H. Meltzer Professorship in economics at Carnegie Mellon University; he was previously the director of research at the Federal Reserve Bank of Richmond. Following his 2017 nomination to the Federal Reserve Board of Governors, the White House decided to forgo renominating Goodfriend at the beginning of the new term.
The neutral rate of interest, previously called the natural rate of interest, is the real interest rate that supports the economy at full employment/maximum output while keeping inflation constant. It cannot be observed directly. Rather, policy makers and economic researchers aim to estimate the neutral rate of interest as a guide to monetary policy, usually using various economic models to help them do so.
