Monetary Policy, 1923
In 1923, the staff of the Federal Reserve Bank of Cleveland moved into a newly dedicated building with fresh responsibilities, for in the spring of that year the Federal Reserve Board had officially recognized the Banks’ Open Market Committee. For the first time, Reserve Bank officials had a forum in which they could collectively exert a definite, conscious influence on economic developments. The tactics by which the Committee could affect credit conditions had only recently been developed.
Suggested citation: “Monetary Policy, 1923,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-09, pp. 04, 09.01.1998.