Working Paper

The Federal Reserve’s Evolving Monetary Policy Implementation Framework: 1914-1923

Abstract: The Federal Reserve has relied upon a number of different monetary policy implementation frameworks throughout its history. This paper describes the original implementation framework that evolved between 1914 and 1923 in response to new policy objectives and changing market conditions.

Keywords: standing facilities; open market operations; Monetary policy implementation;

JEL Classification: E58; E59; E52;

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Bibliographic Information

Provider: Federal Reserve Bank of Chicago

Part of Series: Working Paper Series

Publication Date: 2017-01-18

Number: WP-2017-1

Pages: 22 pages