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.

Leading academics and senior policy makers provide an international perspective on the changing role of the US Federal Reserve System.

'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