Based on a conference held as part of the US Federal Reserve System's centennial, this book critically evaluates the role of the Federal Reserve System in the international monetary system over the past one hundred years and looks ahead to the challenges it will face under the twenty-first-century fiat standard.

The importance of international considerations in the US Federal Reserve System's deliberations has become more and more important over time as global financial crises and events create ever stronger repercussions in the US economy. This book critically evaluates the role of the Federal Reserve System as a player in the international monetary system over the past one hundred years, starting with its initial responsibility under the gold standard and looking ahead to the challenges it will face in the twenty-first century under the fiat standard. The book is based on a conference of the same name held at the Federal Reserve Bank of Dallas in September 2014, as part of the Federal Reserve System's centennial, and contributors include many of the most highly regarded financial historians and policymakers.

Advance praise: 'The many papers in this volume celebrate the 100th anniversary of the Federal Reserve System by recounting vignettes from its history. An advantage of the volume is that it brings many perspectives through the papers and discussants. It should become the starting point for deeper research into several of the issues. I recommend it to students and the many professionals who follow the Fed and try to understand it.' Allan Meltzer, Carnegie Mellon Tepper School of Business