Federal Reserve was created in 1913 and since then the price level has exploded in the United States.
Shifting Mandates: The Federal Reserve’s First Centennial
Reinhart and Kenneth S. Rogoff
For presentation at the American Economic
Association Meetings, San Diego,
January 5, 2013
Reflections on the 100th Anniversary of the Federal Reserve
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One hundred years after its creation, consumer prices are about 30 times higher than they were in 1913. Most other countries have repeated this pattern.
the entire paper in PDF form here.
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