This booklet outlines the organizational structure of the Federal Reserve System and describes the Fed’s major functions, including the formulation of monetary policy, bank supervision and regulation, and services to depository institutions and the federal government. It also gives a short...

About two weeks prior to each FOMC meeting, the Federal Reserve releases a description of economic activity in a document called the Beige Book. The authors examine whether the descriptive content of the Beige Book affects asset prices. The results indicate that more positive Beige Book reports...

The Federal Reserve has made significant changes in its predisposition to release information over time. This paper reports the results of experimental asset markets designed to investigate how the public disclosure of uncertain information affects market and individual outcomes. In one set of...