Putnam, Bluford H.; Azzarello, Samantha - In: Review of Financial Economics 21 (2012) 3, pp. 111-119
When the Federal Reserve was established by the US Congress in 1913, its charter mandated that the new central bank “promote an elastic currency” and the institution was given extraordinary powers to serve as a lender of last resort to the banking system. Congress was reacting to the cycle...
