Meltzer (political economy and public policy, Carnegie Mellon Univ.) provides a definitive history of the U.S. Federal Reserve from its founding in 1913 to its establishment as a separate, independent entity in 1951. Using meeting minutes, correspondence, and internal Federal Reserve documents, he traces the reasons behind Federal Reserves policy decisions, highlights the impact that individuals and events had on the Fed, and examines the Fed's influence on international affairs. Starting with the works of Henry Thornton, Walter Bagehot, and Irving Fisher, he discusses the European origins of the model for the Fed; its transition from a passive to an active role in setting monetary policy; the supportive role it assumed during World Wars I and II; the impact of the 1927-29 stock market boom, the Great Depression, and the recessions of 1920-21, 1937-38, and 1947-48; and the key events that led to the Fed's independence in 1951. Also useful is the description of the key roles that...

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