The Federal Reserve System is the central bank of the United States. Founded by an act of Congress in 1913, the Federal Reserve’s primary purpose was to enhance the stability of the American banking system.
Time Period: The Great Recession and After
The deep, protracted downturn in 2007-09 was followed by an unusually slow recovery
Time Period: The Great Moderation
This period of relative macroeconomic stability lasted from the mid-1980s to 2007
![Close-up of a "Whip Inflation Now" [WIN] button, President Ford's symbol of the fight against inflation.](/-/media/images/great_inflation_1_720x450.jpg)
Time Period: The Great Inflation
The defining macroeconomic period of the second half of the 20th century lasted from 1965 to 1982
Time Period: After the Accord
The Fed used its newly gained independence to create a new kind of monetary regime
Time Period: WWII and After
The Fed pegged interest rates at a low level during WWII and enforced the peg after the war ended
Time Period: The Great Depression
The worst downturn in U.S. history lasted from 1929 to 1941
Time Period: The Fed's Formative Years
The Fed came into its own in the two decades following the signing of the Federal Reserve Act in 1913
Time Period: Before the Fed
U.S. monetary and banking policy before the creation of the Fed
