Federal Reserve Policy Under the Lens of Economic History

The Federal Reserve System was created by Congress in 1913 following much discussion and debate. And discussion and debate – among researchers and policymakers both inside and outside of the institution -- have been a hallmark of the Fed ever since.

In that spirit, last week the Federal Reserve Bank of Cleveland kicked off events marking the upcoming 100-year anniversary of the Federal Reserve System with a gathering of giants in the field of economic history who reflected on the evolution and impact of Fed policies over the past century.

Among them were Mark Sniderman, executive vice president and chief policy officer with the Cleveland Fed, who reflected on the Federal Reserve during his 35-year tenure, and Michael Bordo, from Rutgers University, one of the world's leading economic historians and a visiting scholar at the Federal Reserve Bank of Cleveland. Both shared some of their views about the Federal Reserve with Forefront, the Cleveland Fed's policy publication.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell, doug.campbell@clev.frb.org, 513.218.1892