U.S. banking before the Federal Reserve -- Aldrich-Vreeland Act prevents a panic in 1914 -- Original uncertainty regarding exercise of Fed authority -- Federal Reserve's role in World War I -- Discovery of a new tool for the Federal Reserve -- Fed in the 1920s -- Fed in the 1929-1933 contraction -- Policy changes in the Roosevelt Administration -- Fed's role in World War II -- Fed between World War II and the Korean War -- Korean War and the accord with the Treasury -- "Bills only" as an act of independence -- Operation twist and President Kennedy's tax cut -- Chairman Martin's battle with President Johnson over inflation -- Nixon replaces Martin with Burns and inflicts price controls on the economy -- Supply shocks in the 1970s make unemployment and inflation worse -- Carter replaces Burns with Miller and inflation worsens -- Volcker era begins and the Fed gets control over all banks -- Volcker's Fed slows inflation at a cost -- Volcker is reappointed but there are changes on the board -- Greenspan era begins -- Fed's response to the thrift crisis -- Economists dominate the board under Greenspan -- Changes in the Fed's operating procedure after the 1980s -- Appendices: Membership of the Board of Governors of the Federal Reserve System, 1913-2003; Persons serving as Chairman of the Board of Governors.