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This study of the American monetary management under the Federal Reserve System during the postwar period reviews the system from its beginning in 1913 through World War II and analyzes its policies during the five postwar monetary cycles. Important activities of the Federal Open Market Committee and Board receive special attention. Originally published in 1965. A UNC Press Enduring Edition -- UNC Press Enduring Editions use the latest in digital technology to make available again books from our distinguished backlist that were previously out of print. These editions are published unaltered from the original, and are presented in affordable paperback formats, bringing readers both historical and cultural value.