Problem
1. How centralized is the US central bank system now? Do the regional Reserve Banks have more or less power than the national central banks within the European System of Central Banks?
2. Discuss whether the change in the balance of the objectives of the Federal Reserve over the years is a product of:
(a) our greater knowledge of economics;
(b) shifts in the balance of economic power within the country;
(c) fashion (doing what other monetary authorities do).
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.