Monetary Stability and the Structure of the Federal Reserve System
When originally conceived, the structure of the Federal Reserve System was intended to accommodate many of the key aspects of American political and economic life. At the heart of that understanding was a certain appreciation for regionalism and the distinctiveness of American federal structures. It was thought eminently possible to fashion a regulatory institution that would retain the safeguards of decentralization while securing the benefits of uniform monetary regulation, but the current trend of policy has been towards the centralization of authority. This conference explored this tendency as well as the general question of the Federal Reserve's efficacy as an institution of monetary control.
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