Free Digital Edition

A Visual History of the Federal Reserve System

1914 - 2009
This is a free digital edition of a chart created by John Paul Koning. It has been designed to be ap- want to buy a paper edition, consider donating to me at www.financialgraphart.com/donate. It took
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ing” the history of the Fed’s balance sheet. Alternatively, if you have found this chart useful but don’t www.financialgraphart.com/collector. John Paul Koning, 2009

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FOR BETTER OR FOR WORSE, the Federal Reserve has Multiple data series including the Fed’s balance sheet, This image is published under a Creative Commons
been governing the monetary system of the United States interest rates and spreads, reserve requirements, chairmen, Attribution-Noncommercial-No Derivative Works 2.5 License

since 1914. This chart maps the rise of the Fed from its inflation, recessions, and more help chronicle this rise. While
origins as a relatively minor institution, often controlled by this chart can only tell part of the complex story of the Fed, $16
Willliam P. Harding
Presidents and the United States Department of the we trust it will be a valuable reference tool to anyone Member, Federal Reserve Board
Treasury, into an independent and powerful body that rivals curious about the evolution of this very influential yet Adviser to the Cuban government Daniel Crissinger Roy A. Young 13b Industrial Advances Act Passed
Benjamin Strong Jr.
the Presidency in terms of prominence. controversial institution. President, Bankers Trust Co. of New York Comptroller of the Currency President, Minneapolis Fed
President, Boston Fed $14
Chairman, F.H. Smith Co.
1914-1936 13.13 Emergency Banking Act Passed
D
IN ITS FIRST TWO YEARS, the Fed was a passive institution. It purchases, the dollar’s purchasing power plummeted. Friedman $12
set its lending rate above the market rate, making it unprofit- & Schwartz estimate that 5% of the government’s war expenses Charles S. Hamlin
able for banks to turn to it for loans. As a result, discounts were paid for by the Fed’s “inflation tax”. Assistant Secretary of the Treasury 1933 Banking Crisis
were negligible. This changed in 1917 with the entrance of the Member, Federal Reserve Board
The events after the 1929 stock market crash brought many $10
US into World War I. The Fed, nowadays largely independent Glass-Steagall Act Passed 10a 10b 16.2
changes to the Fed’s balance sheet and operating procedures.
from other branches of the government, was then controlled The U.S. in World War I Britain leaves the gold standard
The Emergency Construction, Emergency Banking, and
by the Treasury Secretary. To help pay for looming war bills, the
Industrial Advances Acts granted the Fed power to extend
Fed was converted into a war-finance body. $8 Gold Reserve Act:
loans to non-member individuals, partnerships, and corpora- C Gold revalued from
Amendments to the Federal Reserve Act paved the way. The tions under certain conditions by adding sections 13.3, 13.13, $20.67/oz to $35
A
original Federal Reserve Act emphasized that discounts were and 12b to the Federal Reserve Act. The First Glass-Steagall Act
$6 B
be made on “real bills” principles; only short term bills based brought in even larger modifications, firstly by allowing the Fed
+23.5%
on commercial transactions would be eligible for Fed loans. In to make advances on “any satisfactory collateral” to member E

{
1916, authorities began to break with this principle when the banks through Section 10b advances, and secondly by allowing Domestic gold holdings forbidden,
Fed was given permission to lend to banks on the security of government securities purchased in the open market to stand $4
To support Britain’s return to the gold gold exports banned
government debt. In 1917, these “Section 13.8” advances were as sufficient backing for Federal Reserve notes. The latter freed

{
standard, Strong extends$200 million
to the Bank of England
Assets
made “eligible” as collateral for notes. the Fed to monetize government debt via open market 18% F
operations and not just discounts. Government debt on the
The 1917 amendments also reduced the backing requirement Eugene Meyer
for Federal Reserve notes. Prior to 1917, all notes had to be
Fed’s balance sheet would grow inexorably from then on, (billions) 13%
Federal Farm Loan Commissioner Eugene R. Black
President, Atlanta Fed
further moving the Fed away from its “real bills” origins. G Publisher, Washington Post
double-backed by 100% real bills, and 40% gold. After 1917, Chairmen of the Board monthly President, Atlanta Fed
notes need only be backed by 60% bills and 40% gold. At the Also significant were legislative changes that began to de-link

{
Eccles
}

}
same time, reserve requirements were lowered by Congress the dollar from the gold standard. In 1933, private holdings of 8% 8%

from 18% to 13%, and a preferential lending rate introduced on gold were criminalized. Gold was brought to the Federal Presidents of the Reserve
6% 6%
Bank of New York
all 13.8 advances secured by government Liberty Bonds. The Reserve for notes, and on January 30, 1934 this gold was 4% 4%
effect of all these changes was to dramatically increase the transferred to the US Treasury in return for certificates. The
Fed’s ability to issue notes. The private sector bought large next day the dollar was devalued from $20.67/oz to $35/oz. Interest Rates 2% 2%
Risk Spreads, Reserve 0%
quantities of government war bonds, then used these bonds as The capital gain, therefore, was credited to the Treasury, not the Requirements, and Inflation
0%
1915

1916

1917

1918

1919

1920

1921

1922

1923

1924

1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

1936
{
security to get Fed 13.8 advances at below-market rates. In Fed. The $2.3 billion rise in Treasury cash, a liability of the Fed,
WILSON HARDING COOLIDGE HOOVER ROOSEVELT
effect, they profited every time they transacted with the Fed. became the war-chest of the Treasury and its new Exchange
Stabilization Fund, which would dominate monetary policy to U.S. Presidents { Democrat Reconstruction Finance Corporation formed
As a result of the Fed’s subsidization of government bond Republican
3 1
1951, rendering the Fed a passive partner. 1929 Stock Market Crash Stock market decline ends

1936-1968
Liabilities Great Bear market

MUCH LIKE WWI, the Fed was harnessed to finance the between the two bodies culminated in the 1951 Accord, in (billions) The Fed gains power to make
advances to member banks
13.8
2 Riefler Burgess Doctrine and an activist George L. Harrison
-11%

Second World War. Reserve requirements were reduced to which the Fed finally earned its independence and the 2.5% policy first articulated in Fed 10th Annual Report
$4
allow member banks to expand lending for the war effort, and a ceiling was discontinued. The Korean War would not be Amendments of 1917 increase 16 19
-16%
note issuing power of Fed 6
preferential discount rate of 0.5% was set for loans collateral- financed by the Fed. 13a Agricultural Credits Act Passed Central bankers meet in New York
ized by government debt. Unlike WWI, the latter was hardly to deal with Britain’s overvalued
In 1959, the Fed agreed to one of the only reductions in its $6
used. Far more attractive to member banks were the open pound and consequent gold outflow Bank of the United States fails
power to date. Section 13b of the Federal Reserve Act, passed Deputy Governor, New York Fed
market buying rates set by the Fed. By offering to buy all President, New York Life Insurance Co.
in 1934 to allow the Fed to lend directly to businesses for
government t-bills at 0.35% and long term bonds at 2.5%, the
working capital purposes, was removed.

{
Fed ensured that government debt prices would never fall. This $8
13.3 Emergency Construction and
price-fixing scheme allowed the government to issue huge The dollar’s link to gold was an important issue after WWII. Relief Act of 1932 passed
Exchange Stabilization Fund
amounts of Victory Loans to finance the war, and guaranteed The war-time accumulation of government bonds on its balance William McChesney Martin Jr. begins operations
Assistant Secretary of the Treasury for Monetary Affairs
the capital safety of the private sector’s investment. sheet threatened the 40% gold backing requirement for Federal $80 Various directorships and trusteeships $10
second Glass-Steagall Act
12a
Reserve notes and deposits. Rather than sell government bonds establishes FOMC
The result was one of the fastest increases in the government 4
to regain the 40% level, the requirement was legally reduced to Federal Deposit Insurance Corporation begins operations
bond portion of the Federal Reserve’s balance sheet to date. At Thomas B. McCabe
25% for notes and deposits in 1945. $70 Federal Liquidation Commissioner $12
the same time, inflation jumped to its highest level since the
H CEO Scott Paper Co.
early 20s. War-time wage and price controls succeeded in The post-war Bretton Woods agreement stipulated that the 10.1 12a 19 Banking Act of 1935 passed

reducing overt inflation, but the effects manifested themselves world’s currencies would be fixed to the dollar, and the dollar Fed can now adjust reserve requirements
as shortages and reductions in quality. The removal of price would be fixed and convertible at $35/oz. Large US foreign B $60 Gold backing requirement for Reserve $14
controls in 1946 resulted in a large spike in inflation rates. expenditures led to an accumulation of dollars overseas, and notes and deposits reduced from 40% to 25%
beginning in 1958 these were returned to the US at ever
After the war’s end, Fed officials increasingly agitated for more U.S. in the Vietnam War Marriner S. Eccles
increasing amounts for gold. Attempts to stem the gold outflow, $50 $16
independence from the Treasury in setting monetary policy.
including the formation of the London Gold Pool and the A
With the onset of the Korean War, it pressed for an end to the Lend-Lease Act passed
Interest Equalization Tax, failed. In 1965 the Fed, lacking gold,
WWII-era 2.5% rate peg, which the Treasury expected it to
maintain to help finance the newest war effort. The conflict
further reduced gold backing for Fed deposits from 25% to 0%. Korean War $40
Bretton Woods was collapsing. Operation Twist begins, Fed commits to
buying long term bonds in the open market U.S. involvement in World War II
{

C
1968-1999 “Bills only” buying policy 26%
$30
IN EARLY 1968, private sector purchases of gold in London solvent banks only. Attempts failed to recruit the Fed to help London Gold Pool formed by central 24%
exploded. The London Gold Pool, formed by the Fed and a
number of European central banks to cap the London price at
bailout Penn Central, but in 1974 the discount window was
crucial in supporting Franklin National, a failing bank. Continen-
banks to support the U.S. dollar at $35/oz
U.S. gold outflow begins
{ 22.75% Assistant to the Secretary of the Treausry
Governor, Federal Reserve Board
$35, was unable to suppress the buying. The pool was disbanded tal Illinois, crippled by the collapse of Penn Square two years $20

}
Gold backing requirement for 20% +19.5% 20%
in early 1968 and the market price leaped above $40, the result before, was kept on life support by the Fed in 1984, and most of FR deposits reduced from 25% to 0%
18%
E

{
being two prices for the dollar; the official one at $35, and a the large Texas banks found support from the Fed when they 16.5%
World War II breaks out
significantly higher market price. failed in 1988. All these actions gave the impression that the Fed F D
had adopted a policy of “too big to fail”, in which large and V-E Day +13.2%
The Fed simultaneously reduced the 25% gold backing 13%
politically connected institutions received favourable treatment
requirement to 0% as outflows of gold threatened to bring monthly Interest Equalization Tax instituted G
from the Fed when they went bust, but smaller banks didn’t.
holdings below their legal limit. The dollar remained convertible }
Harrison
into gold though, and central banks continued to bring their Several major changes to the Federal Reserve Act modified the

{
8% 8%
War-time price & wage controls in effect
dollars to New York to claim the metal.Vietnam War expenses Fed’s mandate. A 1977 amendment added section 2A to the Act, 6% 6%
and setbacks further undermined confidence in the dollar, and stipulating for the first time the Fed’s dual role of promoting 4% 4%
in 1971 Nixon decided to solve the outflow problem by simply stable prices and maximum employment. The Monetary Control
2% 2%
removing the dollar’s convertibility. With one pillar of Bretton Act of 1980 allowed foreign government debt to serve as
Wood’s undermined – convertibility to gold – only one collateral for reserve notes, removed the penalty on 10b 0% 0%
1968

1967

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1953

1952

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1950

1949

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1938

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1936
remained; fixed exchange rates to the dollar. The Smithsonian advances, and expanded the discount window to allow

}
Agreement tried but failed to fix rates, and in 1973 all curren- non-member banks to access it. Finally, a small change in 1991 JOHNSON KENNEDY EISENHOWER TRUMAN ROOSEVELT
-2.9% -4.1%
cies were all allowed to float. Bretton Woods was dead. Gold to Section 13.3 - a dormant 1930s era power that allowed the
1
Fed empowered to control consumer credit
would cease to be an important asset on the Fed’s balance Fed to lend to individuals, corporations, and businesses on
Fed fixes gov’t t-bill rate at 0.35%
sheet, replaced by government debt. limited collateral in emergencies – allowed for an almost
Fed sets 2.5% ceiling on long term gov’t bonds
unlimited range of collateral to be accepted by the Fed. This The Treasury - Federal Reserve Accord
On the domestic front, the Fed’s discount window was 3
small but vital change would serve as the legal foundation for
increasingly utilized to support insolvent institutions, breaking
the Fed’s massive extension of loans during the 2007-09 credit
with prior central banking tradition of lending to illiquid but Bretton Woods Agreement signed, World $20
crisis. Allan Sproul
Alfred Hayes Deputy Governor, New York Fed
Bank & International Monetary Fund created
Vice President New York Trust Co. 2
1999-2009 Chairman, Morgan Stanley Director, Wells Fargo Bank
$30

}
MUCH OF THIS ERA’S HISTORY remains to be written, but it capable of in times past. When solvent banks’ demand for
includes the largest expansion in the Fed’s balance sheet to liquidity exploded, it was able to create facilities like TAF to 6
date, dwarfing the WWI growth of discounts, the 1934 gold meet this demand. But loans to Maiden Lane I-III, authorized Small Business Investment Act 13b
limits Fed lending power $40
revaluation, and the WWII expansion. The expansion’s effect on under Section 13.3, have supported the questionable assets of
employment, GDP, credit, and confidence in the dollar continue insolvent non-banks Bear Stearns and American International
4 $600
to play out. Group. Section 13.3 is also the legal basis for loans made by a
myriad of facilities, including the CPFF, AMLF, PDCF, and TALF $50
Several changes to the Federal Reserve Act are notable. In
(see notes in legend for definitions). At the same time, Fed
1999, prior to the year 2000 date change, Section 10a and 10b
purchases of government debt have fallen. Not since the early
advances were made eligible to serve as collateral for Federal $60
1920s has the Fed held such a large proportion of private $500
Reserve notes, increasing the Fed’s ability to issue notes should
sector debt on its balance sheet.
the new century start in crisis. This was superseded in 2003 Paul Volcker
when any asset held by the Fed was made eligible as collateral On the liabilities side of the balance sheet, the low level of Undersecretary of the Treasury for Monetary Affairs H
$70
G. William Miller Chairman of J. Rothschild, Wolfensohn & Co.
for notes, removing from the Act the last vestiges of the “real reserves encouraged by the 1994 introduction of sweeps, in Arthur F. Burns CEO of Textron Inc. Fed organizes private sector bailout
bills” doctrine which originally limited eligibility to short term which banks “swept” cash from checking accounts into savings Councillor to the President Secretary of the Treasury $400 of Long Term Capital Management
commercial bills. Finally, the Fed was given a new monetary tool accounts each night to take advantage of lower reserve Scholar, American Enterprise Instititute Gulf War
in 2008 when it was authorized to pay interest on reserves for requirements on the latter, has dramatically reversed. Uncer- $80
Discount loans support failing
the first time. tainty and a lack of confidence have led banks to accumulate Texas banking industry Alan Greenspan
huge quantities of excess reserves at the Fed rather than President of Townsend-Greenspan & Co
The cumulative changes to the Federal Reserve Act have given $300 Adviser to Pacific Investment Management (PIMCO)
lending these funds out. This uncertainty has yet to be dispelled. Continuing but declining
the Fed the ability to act in ways it never would have been Discount window opened to
{

U.S. Prescence in Vietnam support Continental Illinois Bank

1987 Stock Market Crash

Legend $200
G7 sign Louvre Accord
{

I
Federal Reserve lends $1.8 billion to
Federal Reserve Balance Sheet support Franklin National Bank
Penn Square Bank
Plaza Accord C
Penn Central Railroad US bonds sold and foreign bonds
ASSETS LIABILITIES declares bankruptcy declares bankruptcy bought to weaken rising dollar
$100 Bank of New England fails
1 1 Total Reserves 16 B

{
A Discount Loans and Advances A 18% 19%
E G J
17 16.25% F
B Bankers Acceptances purchased 2 2 Treasury Deposits
18
C U.S. Government Bonds purchased outright 3 Other Deposits
Martin
3 19 Hayes
D Industrial Loans 4 Treasury Cash 10% 10%

}
8% 8%
E Gold & Gold Certificates 5 Other Deposts + Treasury Cash 20 6% Carter announces voluntary 6%

4 4% wage & price controls 4%

F Other Assets 6 Money in Circulation 2% 2%
G 5 21
Treasury Currency 7 Other Liabilities and Capital 0% 0%
1968

1969

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1980

1981

1982

1983

1984

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1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

H Government Repos 6
8 US Teasury supplementary

{
NIXON FORD CARTER REAGAN BUSH CLINTON
7
I Agency Bonds purchased outright financing account 22 monthly
1
J 23 4
Special Depository Receipts (SDRs) 9 Reverse Repos Nixon closes the gold window Anthony M. Solomon “Sweeps” programs introduced
Wage & price controls 2 Federal Reserve Reform Act enunciates 2A 3
K 8 the goal of maximum employment Undersecretary of the Treasury for Monetary Affairs 7 to reduce required reserves
MBS purchased outright $100 Chairman, S.G. Warburg & Co.
Smithsonian Agreement on fixed currency rates FOMC targets M1,
L Facilities created to address financial crisis (listed below) Death of Bretton Woods: the world’s not interest rates E. Gerald Corrigan
currencies float President, Minneapolis Fed
M Term Auction Credit R Term ABS Loan Facility 13 Gold purchases crescendo. The London Gold Chairman, Goldman Sachs, International William McDonough
Pool is disbanded & gold’s market price floats. 6 Executive VP, New York Fed
Advisers Group
N 9 Gold backing requirement for FR $200 Chairman, Public Company Accounting
CP Funding Facility S Credit extended to AIG Depositary Institutions Deregulation Oversight Board
notes reduced from 25% to 0% Resolution Trust Corporation
O 10 and Monetary Control Act of 1980
Maiden Lane T ABCP money market funding 14 formed to bailout savings & loans
10b 14b 19
11 Federal Deposit Insurance Corporation Improvement Act 13.3
P Maiden Lane II 15
U Primary dealer broker credit
$300
Q 12
Maiden Lane III V Central Bank Liquidity Swaps
$2,500 Credit Crisis
1. While both advances and discounts are short term loans, since the 70s and until the recent 12. Fed loans to Maiden Lane III fund purchases of collateralized debt obligations (CDOs) on which
credit crisis, most loans have been the former. According to Hackley and McKinley, advances are AIG had written credit default swap contracts.
simpler to carry out, with the collateral for the loan staying at the member bank. 13. The Term Asset-Backed Securities Loan Facility (TALF) issues loans with a term of up to five $2,000 $400
2. BAs were originally purchased by the Fed to help foster the growth of a domestic acceptances years to holders of eligible asset-backed securities.
market. 14. The Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF)
3. Loans authorized to industrial and commerial enterprises with maturities as long as 5 years lends to non-member insititutions who wish to purchase ABCP from money market mutual funds.
under Section 13b of the Act. Ben Bernanke
15. The Primary Dealer Credit Facility (PDCF) lends overnight funds to primary dealers. L
4. Includes float, assets denominated in foreign currencies, accrued interest, land, and Reserve Chairman of the President's $500
16. Member banks deposits with the Fed to comply with reserve requirements. Council of Economic Advisors
buildings. Due to delays in cheque processing, float is the amount the Fed has yet to collect on $1,500
checks received. 17. As the government’s fiscal agent, the Fed keeps on deposit funds for the U.S. Treasury
18. Deposits held at the Fed by foreign governments, non-member banks, and other. Also includes $2,000
5. Consists of coins (1,5,10, 25¢), which are minted by the US Teasury and bought by the Fed to U
service related adjustments. R K
be put into circulation. In the early days of the Fed, most treasury currency consisted of private T
bank notes and notes issued by the Treasury. 19. Currency held in the vaults of the U.S. Treasury. $600
6. These are temporary open market operations in which the Fed agrees to purchase and resell 20. Combined for convenience. This category for1999-2009 only. S
government securities. 21. Includes capital paid in, surplus, and accrued dividends. Also the liabilities due to entities other $1,000
7. Obligations of Fannie Mae, Freddie Mac, the Federal Home Loan Banks. than the the FRBNY issued by the CPFF, the LLCs funded through the MMIFF, and Maiden Lane I-III. Q
8. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. 22. Funds raised by debt issued by the Treasury is placed in this account, with the goal of World Trade Towers 9/11 Preparing for Y2K
P V
offsetting the effects of the facilities created due deal with the financial crisis.
9. The Fed lends money to the Commercial Paper Funding Facility (CPFF), which buys unsecured
23. Prior to Dec 2002, matched sales were used instead of reverse repos. They are fundamentally O

}
and asset-backed paper from the private sector. H
similiar, but matched sales were deducted from outright purchases and therefore did not appear.
10. Fed creates Maiden Lane, then lends it funds to purchase and manage the assets of a defunct $1,500
Bear Stearns. Authorized under section 13.3.
I C
11. Fed loans to Maiden Lane II fund purchases of residential mortgage-backed security (RMBS) A NASDAQ tech bubble pops
assets from AIG subsidiaries.
Economic Stimulus Act of 2008 passed E F G J
N

Interest Rates, Risk Spreads, Reserve Requirements, and Inflation With other central banks,
the Fed’s inects liquidity in Greenspan
Federal Reserve Rates

}
Market Interest Rates its first response to crisis McDonough
8%
Moody’s Baa Corporate Bond Yield Original Discount Rate 3
World War I Discount Rate Secured by Liberty Bonds 4
6%
Stock Exchange Time Loans, 90 days
K $1,000 4%
Prime Commercial Paper Rate, 4-6 months World War II preferential discount rate 5
M 2%
Federal Funds Rate Primary Credit Rate 6
Prime Banker’s Acceptance rate 1 Banker’s Acceptance buying rate 1, 7 0%
2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Regular Advance Rate (Section 10b) 8

}
Long-term Government Bond Yield 9
I
}

BUSH CLINTON
Government 3 month T-bill Yield Advances authorized under Section 13.13 of Act OBAMA

10 Stock market peaks weekly

Rates on Industrial Loans (Section 13b) Amendments increase eligibility
Reserve Requirements 2 16.2
of certain collateral as backing for notes
Other H
Checking Accounts A
Inflation rate, yearly
Saving Accounts 6
Yield spread between Aaa and Baa Corporate Bonds Lehman Bros files for bankruptcy William C. Dudley All FR assets can 16.2
Yield spread between Aaa Corporate and Long Term Government Bonds Executive VP, New York Fed serve as backing
Fed lends to a failing Bear Stearns, then
2 5 7
1. From1939 to the early 50s, Fed did not hold acceptances, though it continued to post a buying rate till 1955. For simplicity’s sake, this chart ends the market acceptance rate arranges its sale to to JP Morgan Chase
Emergency Economic Stabilization Act
in 1936 and the Fed’s acceptance rate in 1939. Acceptances bought after 1955 were at market rates.
permits Fed to pay interest on reserves
2. Member banks faced different requirements. Till 1962, displayed are the Central Reserve city bank requirements. After 1962, rates are for largest bank category. American Recovery and Federal takeover of Freddie Mac and Fannie Mae
3. Federal Reserve Bank of New York rate. Prior to 1935, each Reserve Bank set its own rate. Reinvestment Act of 2009
Run on American International Group,
4. New York rate on 15-90 day advances. In place from the beginning of WWI till 1921 Fed begins to extend credit $1,000
5. Rate on loans to members secured by short term government debt. In place from 1942-1946
6. A modification of the discount rate, the primary credit rate is introduced in 2003 at a penalty above the federal funds rate.
Prior Experience of Federal weekly
9 U.S. occupation of Iraq Timothy Geithner
7. Minimum buying rate in New York on 60-90 day acceptances. and Afghanistan
Reserve Chairmen/Presidents International Monetary Fund, Director of Policy Development

}
8. New York rate. The 10b advance rate was merged with original discount rate (3) in 1980. 1 Secretary of the Treasury
Jul 09

Jan 09

Jan 08

Aug 07

9. New York rate on advances to individual’s, partnerships, and corporations secured by government obligations. Banking $1,500
10. New York rate, low end of range, to industrial/commercial organizations. Law private sector
8 Sub-prime mortgage lender
Other

}
New Century Financial
Major Changes to the
Federal Reserve Act
Civil Service declares bankruptcy John Paul Koning
Other Federal Reserve public sector Financial Graph & Art
Section Affected $2,000
Recessions 16.2
modified Academia www.financialgraphart.com
as measured and added Prior position 2009
defined by the NBER dropped
Subsequent position Free Digital Edition