Guide to the Web for Economics
CHAPTER 8
Money and the Federal Reserve System
Money serves an important function in an economy
by facilitating the exchange of goods and services. The banking
system is crucial in an economy because banks create money through
making loans from a portion of the deposits they accept. The
resulting change in the money supply directly affects interest rates,
which affects spending and prices in an economy. The Federal Reserve
exercises control over the excess reserves of banks, thereby changing
the supply of money and interest rates. This chapter includes links
to Web resources containing history and facts about money, the
banking system, the Federal Reserve, and monetary policy. The Web
resources are organized as follows:
Money
- History
of U.S. Money
- Type: writing/table Level: basic Length: long Links: yes Graphics: yes
- Site from the U.S. Secret Service contains a brief history
of U.S. currency from early American colonists to today. Page
has graphics of early money and links to a wealth of other
information about U.S. currency.
- http://www.treas.gov/usss/money_history.htm
- History
of Money
- Type: writing/table Level: basic Length: long Links: yes Graphics: yes
- Page contains a discussion of the history and
characteristics of U.S. paper currency, including a table
summarizing the portrait and back design on each denomination.
- http://www.ustreas.gov/kids/money/historymoney.html
- Money
Production Figures
- Type: table Level: basic Length: short Links: yes Graphics: yes
- Page features a table listing the production figures for
money denominations of $1, $5, $10, $20, $50, and $100 for the
fiscal years of 1980-1997.
- http://www.bep.treas.gov/figures.htm
- How
Currency Gets Into Circulation
- Type: writing/table Level: basic Length: medium Links: yes Graphics: yes
- Page contains an explanation of how the Federal Reserve
meets the publics variable demand for cash by maintaining a
cash inventory for the banking system. Also includes a table of
the life expectancy of different denominations of bills.
- http://www.ny.frb.org/pihome/fedpoint/fed01.html
- Distribution
of Currency and Coinage
- Type: writing/table Level: basic Length: medium Links: yes Graphics: yes
- Site from the Department of Treasury summarizing how new
coins and currency get into circulation. Page also links to the
U.S. Mint, Bureau of Engraving and Printing, and the
Comptroller of the Currency.
- http://www.ustreas.gov/opc/opc0017.html
- Money
Facts and Trivia
- Type: writing/table Level: basic Length: long Links: yes Graphics: yes
- Site from the Bureau of Engraving and Printing contains a
long list of facts, figures, history, and trivia about money.
- http://www.bep.treas.gov/allfacts.htm
- FAQs
about U.S. Paper Currency
- Type: writing/table Level: basic Length: long Links: yes Graphics: yes
- Page includes a long list of questions and answers about
U.S. currency, including topics such as production and
circulation, portraits and designs, denominations, buying,
selling, and redeeming currency notes.
- http://www.ustreas.gov/opc/opc0034.html
- Recognizing
Counterfeit Money
- Type: writing Level: basic Length: short Links: yes Graphics: yes
- Site contains a discussion of design features for newly
issued currency, including an inscribed security thread and
microprinting. Page also illustrates the new front design of
the $100 bill with links to a "close-up" look at the enlarged
portrait, microprinting, watermark, and color shifting ink.
- http://www.ustreas.gov/kids/money/newbill/moneymap.html
- How to
Detect Counterfeit
- Type: writing Level: basic Length: medium Links: yes Graphics: yes
- Site from the U.S. Secret Service that includes graphics
for a discussion of what to look for on paper currency to
detect counterfeit money. Page also links to other information
about currency and coins.
- http://www.treas.gov/usss/money_detect.htm
- Money-Position
of Features
- Type: writing Level: basic Length: long Links: yes Graphics: yes
- Page includes graphics of the front and back of $20, $50,
and $100 bills to compare differences in features of the
1990-95 series to the newer 1996 series notes.
- http://www.treas.gov/usss/money_features.htm
- Money-Varying
Design Features
- Type: writing Level: basic Length: short Links: yes Graphics: yes
- Page contains a discussion of design features that vary on
currency, including the Federal Reserve Seal, the signature of
the Secretary of the Treasury, the Treasury Seal, and more.
- http://www.ustreas.gov/kids/money/varyd.html
- Origins
of Money and Banking
- Type: publication Level: basic Length: long Links: yes Graphics: no
- Site contains information from the book, A History of
Money, which discusses the causes of the development of
money, primitive forms of money, the invention of banking and
coinage, and much more.
- http://www.ex.ac.uk/~RDavies/arian/origins.html
- The
Future of Money
- Type: publication Level: intermediate Length: long Links: yes Graphics: yes
- Site contains summaries of papers about the future of money
in the information age. Page also links to the real audio and
full text of the papers.
- http://www.cato.org/moneyconf/money14.html
- U.S.
Mint
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the U.S. Mint with links to information about
the mint and mint products such as the new dollar coins
featuring states. Page also allows the user to download
screensavers and photos.
- http://www.usmint.gov/
- Facts
About the $1 bill
- Type: writing Level: basic Length: medium Links: yes Graphics: yes
- Page features a detailed graphic of the front and back of
the $1 bill, allowing the user to point to any part of the bill
and click to go to a description and brief summary of that part
of the note.
- http://www.ronscurrency.com/ronef.htm
- Seal of the
U.S.
- Type: writing Level: basic Length: medium Links: yes Graphics: yes Other: search
- Page features a detailed graphic of the seal of the U.S.
with links to detailed information about the history and
importance of the seal. Page also links to other artwork of the
seal and allows the user to search the site.
- http://www.greatseal.com/
- Collecting
U.S. Currency
- Type: report Level: basic Length: short Links: yes Graphics: yes
- Page summarizes a federal consumer report, Consumers
Guide to Investing and Collecting U.S. Currency, with a
link to the full text of the report.
- http://www.pueblo.gsa.gov/press/currency.htm
- The End
of Cash
- Type: publication Level: basic Length: long Links: yes Graphics: yes
- Page contains full text of a 1996 article discussing the
advantages of electronic money. Article was first published in
the New York Times Magazine.
- http://www.around.com/money.html
Banking
- Interstate
Banking in the U.S.
- Type: publication/list
Level: intermediate Length: short Links: yes Graphics: no
- Page contains the contents and links to the full text of a
publication that details the history, development, and
regulation of the U.S. banking system from the 1700s to the
1990s.
- http://cber.nlu.edu/DBR/ZEBIB.htm
- FDIC
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the Federal Deposit Insurance Corporation
containing information about the FDIC, banking and consumer
news, bank data, laws and regulations, and more.
- http://www.fdic.gov/
- Comptroller of the
Currency
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the Office of the Comptroller of the
Currency, providing information about the office that charters,
regulates, and supervises national banks.
- http://www.occ.treas.gov/
- Follow
the Money
- Type: publication Level: basic Length: long Links: yes Graphics: yes Other: search
- A 1998 article published by the Fed bank of Minneapolis
about a Fed bank examiner who encounters death threats while
working on special investigations of fraud.
- http://woodrow.mpls.frb.fed.us/pubs/region/98-06/zohab.html
- Bank
On Line
- Type: list Level: basic Length: medium Links: yes Graphics: yes Other: pdf/search
- Page provides a means to use a banking directory that lists
banks, saving and loans, and credit union URLs in the U.S. and
from around the world.
- http://www.bankonline.com/fidirectory.htm
- Wells Fargo
Online
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Page contains information about on-line banking and other
financial products and services provided by Wells Fargo.
- http://wellsfargo.com/home/
- FAQ Swiss
Banking
- Type: writing Level: basic Length: medium Links: yes Graphics: yes
- Site from SW Consulting gives an overview of Swiss banking
and answers some frequently asked questions about Swiss banks.
Page also links to a directory of banks for Switzerland and
Liechtenstein.
- http://www.swconsult.ch/chbanks/faq.htm
The Board of Governors and the
Federal Reserve Banks
- Board of
Governors
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the Board of Governors of the Federal Reserve
System. Page summarizes the duties of the Fed and links to
information about monetary policy, banking, resources and data,
community affairs, publications, recent remarks by Chairman
Alan Greenspan, and much more.
- http://www.bog.frb.fed.us/
- Alan
Greenspan
- Type: writing Level: basic Length: short Links: yes Graphics: yes
- Site contains a brief biography and photo of Dr. Alan
Greenspan, chairman of the Board of Governors of the Federal
Reserve System. Page also links to biographies of the other
members of the Board of Governors.
- http://www.bog.frb.fed.us/bios/Greenspan.htm
- Federal
Reserve Bank of Boston (1)
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the Boston Fed with links to economic
information, research and publications, public and financial
services, education information, and more.
- http://www.std.com/frbbos/
- Federal Reserve
Bank of New York (2)
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the New York Fed with links to treasury
security information, economic information, research and
publications, education information, and much more.
- http://www.ny.frb.org/
- Federal Reserve
Bank of Philadelphia (3)
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the Philadelphia Fed with links to economic
information, research and publications, financial services,
regional data, and more.
- http://www.phil.frb.org/
- Federal Reserve
Bank of Cleveland (4)
- Type: list Level: basic Length: short Links: yes Graphics: yes
- Home page for the Cleveland Fed with links to economic
research, publications, financial services, and more.
- http://www.clev.frb.org/
- Federal Reserve
Bank of Richmond (5)
- Type: list Level: basic Length: short Links: yes Graphics: yes
- Home page for the Richmond Fed with links to information
about monetary policy and business conditions, community
affairs, consumer information, economic research, financial
services, and more.
- http://www.rich.frb.org/
- Federal
Reserve Bank of Atlanta (6)
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the Atlanta Fed with links to information
about the Federal Reserve System, banking and finance,
economics, publications, and more.
- http://www.frbatlanta.org/
- Federal Reserve
Bank of Chicago (7)
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the Chicago Fed with links to information
about the Federal Reserve, the Midwest economy, financial
services, publications, and much more.
- http://www.frbchi.org/
- Federal Reserve
Bank of St. Louis (8)
- Type: list Level: basic Length: short Links: yes Graphics: yes
- Home page for the St. Louis Fed with links to information
about economic research, community affairs, education,
financial services, publications, and more.
- http://www.stls.frb.org/
- Federal
Reserve Bank of Minneapolis (9)
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the Minneapolis Fed with links to information
about the U.S. economy, the Federal Reserve System (and the
9th district), research and publications, economic
education, an economics literacy test, and more.
- http://woodrow.mpls.frb.fed.us/
- Federal Reserve
Bank of Kansas City (10)
- Type: list Level: basic Length: short Links: yes Graphics: yes
- Home page for the Kansas City Fed with links to information
about economic resources, financial services, bank supervision,
community affairs, publications, and more.
- http://www.kc.frb.org/
- Federal
Reserve Bank of Dallas (11)
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Home page for the Dallas Fed with links to information
about economic education and resources, banking supervision,
the U.S. and regional economy, technology, free enterprise, and
much more.
- http://www.dallasfed.org/
- Federal Reserve
Bank of San Francisco (12)
- Type: list Level: basic Length: short Links: yes Graphics: yes
- Home page for the San Francisco Fed with links to
information about banking and finance in the West, economic
resources, financial services, economics education, community
affairs, treasury securities, and more.
- http://www.frbsf.org/
History,
Purposes, and Functions of the Federal Reserve
- History
of the Fed
- Type: list Level: basic Length: short Links: yes Graphics: yes Other: search
- Page contains a list of links to much information about the
history of the Federal Reserve, including its formation, how
the twelve districts were defined, the evolution of the Fed,
interviews with former Fed Governors, and more.
- http://woodrow.mpls.frb.fed.us/sylloge/history.html
- Formation
of the Fed System
- Type: publication Level: intermediate Length: long Links: yes Graphics: yes Other: search
- Site from the Fed bank of Minneapolis with a 1988 article,
Born of a Panic: Forming the Federal Reserve System.
Page also links to related articles and other Fed publications.
- http://woodrow.mpls.frb.fed.us/pubs/region/reg888a.html
- Structure
and Organization of the Fed
- Type: writing Level: basic Length: long Links: yes Graphics: yes
- Page from the Fed bank of Richmond containing a synopsis of
the structure of the Federal Reserve System with nice graphics
of the organizational structure of the Fed and a map of the
U.S. showing the boundaries of the Federal Reserve districts
and their branch territories.
- http://www.rich.frb.org/frtoday/structure.html
- The
Federal Reserve System: Purposes & Functions
- Type: publication/list
Level: intermediate Length: medium Links: yes Graphics: yes Other: pdf
- A downloadable 1994 publication of the Board of Governors
of the Federal Reserve System, with chapters for an overview of
the Fed, the implementation of monetary, Fed supervision and
regulation of banks, and more.
- http://www.bog.frb.fed.us/pf/pf.htm
- Overview
of the Fed
- Type: publication Level: basic Length: long Links: yes Graphics: yes
- A digest of the publication The Federal Reserve System:
Purposes & Functions. In addition, clicking on the
table of contents links to numerous resources on money,
monetary policy, investing, and more.
- http://people.we.mediaone.net/wfhummel/fedoverview.html
- Maintaining
Price Stability
- Type: publication Level: intermediate Length: long Links: yes Graphics: yes Other: search
- A 1997 article by Stanley Fischer discussing the Federal
Reserves task of preserving the value of currency, central bank
independence, inflation targeting, and more.
- http://woodrow.mpls.frb.fed.us/pubs/region/97-06/fisher.html
Monetary
Policy, Statistics, and Other Resources
- U.S.
Monetary Policy
- Type: list Level: basic Length: long Links: yes Graphics: yes Other: search
- A well organized page with links to a wealth of information
about U.S. monetary policy. Page includes links defining
monetary policy, describing the monetary policy tools, defining
the monetary policy indicators of M1, M2 and M3, and much more.
- http://woodrow.mpls.frb.fed.us/info/policy/index.html
- Federal
Reserve Statistical Release
- Type: list Level: basic Length: long Links: yes Graphics: yes Other: pdf
- Page from the Federal Reserve Board provides direct links
to weekly releases of downloadable data on selected interest
rates, including the federal funds rate, prime rate, discount
rate, and more. Clicking statistical releases at the bottom of
the page links to other Fed statistical releases.
- http://www.bog.frb.fed.us/releases/H15/
- Interest
Rates, Current and Historical
- Type: list Level: basic Length: medium Links: yes Graphics: yes Other: search
- Page from the Fed bank of Chicago contains direct links to
current and historical values of selected interest rates,
including rates on certificates of deposit, corporate bond
yields, Eurodollar deposits, treasury bills, and more.
- http://www.frbchi.org/econinfo/finance/int-rates/welcome.html
- Basics of
Interest Rates
- Type: publication Level: basic Length: long Links: no Graphics: yes
- Page contains a 1987 article that provides a very basic
lesson on the meaning of interest rates, the demand and supply
of credit, and the impact of interest rates in the economy. The
article is viewed as a pdf file.
- http://ecedweb.unomaha.edu/boir.pdf
- Federal
Reserve Board Beige Book
- Type: publication/list
Level: basic Length: short Links: yes Graphics: yes
- Site for the 1999 issues of the Beige Book, eight
annual reports that summarize comments from businesses and
other sources outside the Fed about the economic conditions in
each federal reserve district. Page also links to reports from
other years.
- http://www.bog.frb.fed.us/FOMC/BeigeBook/1999/
- Fed
Governor Speeches and Interviews
- Type: list Level: basic Length: long Links: yes Graphics: yes Other: search
- Page from the Fed bank of Minneapolis contains a long list
of links to the text of speeches and interviews of current and
former Governors of the Federal Reserve System.
- http://woodrow.mpls.frb.fed.us/info/sys/people.html
- Central Banking
Resource Center
- Type: writing/list Level: basic Length: medium Links: yes Graphics: yes
- A comprehensive list of Web resources on most any Central
Bank in the world.
- http://patriot.net/~bernkopf/
- Why
Not the Gold Standard?
- Job Opportunities at
the Fed
- Type: writing/list Level: basic Length: medium Links: yes Graphics: yes
- Site provides a mechanism to search for job openings at Fed
banks using a keyword search or browsing all Federal Reserve
System jobs. Page also links to the twelve main Fed banks and
several of their branches.
- http://www.occ.com/federalr/