Through hard work and force of personality, John Peyton transformed the Minneapolis Fed into a source of strength and succor in turbulent times.

The evolution of the Fed through the years.

Recalling Section 13(b) and the years when the Federal Reserve banks opened their discount windows to district businesses in times of economic stress.

One of the most influential tests of the expectations hypothesis is Mankiw and Miron (1986), who found that the spread between the long-term and short-term rates provided predictive power for the short-term rate before the Fed's founding but not after. They suggested that the failure of the...