monetary history


By |2017-06-23T18:37:51+00:00June 23rd, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Phelan Act of 1920 sounded simple in principle. It authorized the various Federal Reserve Banks, at that time twelve district branches operating independently, to charge progressive interest rates on the rediscounting activities at their respective windows (the discount rate was the interest charged to obtain collateralized funds from the various reserve banks). Private banks [...]

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