3min chapter

Forward Guidance cover image

A Masterclass In Central Banking | Professor Jane Knodell

Forward Guidance

CHAPTER

The Federal Reserve Act of 1917

During World War I, a lot of gold was flowing into America because America was the breadbasket of the world. But it didn't mean that they could then necessarily absorb all the debt that the US government was trying to issue. So in June of 1917, there were a bunch of amendments made to the Federal Reserve Act. The Fed becomes a very important intermediary.

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