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Do my research topics in human resource management capstone treatment center staff geschichte des computers ppt presentation okay so the initial plan for the Fed was it will work in a particular way that you get this you get this this currency elasticity through a particular mechanism and the mechanism was supposed to be discount window ending lending to lending to banks currently there's not actually a physical disk in window where people are banks borrow but the idea is that that the Fed lends the banks through what's formally called the discount window but it's done of course done electronically now but early early on you know the Fed was designed so that you know injecting money into the economy would work through through lending by the by the central bank so that so the fed's balance sheet you know you're an early fed balance sheet would kind of look like this where the the assets would be loans to to private banks discount window loans he may have a pipe a gold in here because you were still under the gold standard at the time and then the liabilities would be one currency and says it's just you know circulating circulating notes and then the other the other liability is bank reserves bank reserves are effectively just like a that's just look like a checking deposit for a free further for a commercial bank fact that's if you know a whole lot of a lot of transactions get made among banks during the day in fact show but the equivalent of about annual gdp in financial transactions is done using using bank reserves every every day and only just like like checking accounts for for commercial banks but there but they show up as a liability of the of the Fed just like just like a you know for bank of america your checking deposit is is as the bank of america's liability okay so so then the basic idea was that that making the currency elastic and then through the through discount window lending would would act a smooth interest rates out over time so the way we understand that now smoothing interest rates over time is a good thing to do and that and that helps to prevent panics okay but so the way it had this vision of how the fed would work you know when they when they wrote the Federal Reserve Act but it didn't exactly turn out that way the Fed discovered something along the way which was open market operations so that kind of comes out of the 1920s experience it's kind of when financial markets get highly developed in the US yeah they got a well developed market for uh for Treasury securities Fed discovers that if it if it if it buys and sells Treasury securities that it can move market interest rates around he discovered you know changes the whole changes the governance of the Fed because it makes makes the New York stad become very important because that's worth it that's where the open marquardt that's where the open market operations are done so now the fed balance sheet starts looking like this you know or they you've got you know like discount window loans and Treasury securities on the on the asset side of the balance sheet and maybe some gold in there we still had some of that but it's not so important anymore and then liabilities our current seat and bank reserves so there's you know it's a bait man you know the central bank could call a central bank for reason the things a bank you know there's there's assets and liabilities nothing so that they actually so mysterious about it basically works in the same way except it's in some ways it's kind of simpler the assets aren't so aren't so complicated because you know especially the Treasury securities these are these are you know marketable liquid assets okay here's roughly how an open market operation works it's an asset swap so what's the what's the what's the Fed doing its its training its issuing liabilities in exchange for for some assets no more mysterious than what you know General Motors issuing corporate bonds to finance a new plant it's issuing a liability to buy an asset it's exactly what the Fed doing so what the effectively what the Fed does is it sits when it actually does the open market operation that's the mechanical thing that actually happens you know it's it's it's an exchange of reserves for for Treasury securities but ultimately and this may not take long it's it's going to show up in both currency and reserves because the you know the you know reserves as I said that's like it's like a checking account for a commercial bank and the commercial bank and withdraw currency from the Fed so that it so the reserves are convertible 141 ended in the currency so somehow the the fed all the Fed can do is determine the total the total of currency plus reserves its total liabilities and the banks in the end and people who use currencies I'm going to determine the mix of this stuff so effectively what's happening is it's like a swap of currency and reserves for for Treasuries and this is how it shows up in the balance sheet you know this thing that that's going to increase the size of the balance sheet you know assets and liabilities increased by an equal amount it's going to show up as an increase in Treasury securities and an increase in liabilities of an equal you know equal amount on the on the other side of the balance sheet okay so now by the 30s that feds got some serious tools so it's got a discount window lending it's got that mechanism discount window landings done through the regional feds the idea was going to be this is you have this decentralized system where the you know the discount window endings done like through the through institutions like the st. Louis Fed and then the open market purchases are done in New York where the financial center is ok now the question is so once you get to the Great Depression what happens well did the Fed use its tools well you know the conclusion seems to be not so much that they did a pretty crappy job of it not us we wish I wasn't alive at the time I am NOT responsible but they but so not that the see nothing than anybody thinks the Fed caused the Great Depression but the the idea is that once you get into the thick of it that you know especially hop in here so we're stuck this is the one here is like 1929 and so here's the this is real gdp in the great depression scale to a hundred for a hundred is 1929 and so here's you know here's 1933 1933 is where you get the big collapse of the financial system that's what a third of the banking system fails and that's this is highly disruptive it's highly disruptive at the level of like retail transactions banks are suspending suspending withdrawal you know you can't make payments even though some of the banks may the bank may not have failed but you can't make payments using you're using your deposit with a good banks etc things froze up badly so and the Fed didn't do much about it so that's a that was a problem so so this puts it you know so what I did here was to compare that to the Great Recession so the the for the Great Recession you know this is this is 2007 this is annual data so you can see the dip in the dip in real GDP and then it kind of comes back so relative the great depression doesn't look doesn't look so bad of course you know I like didn't in terms of we look at like post-world war two recessions that was a sib know the Great Recession was severe that's why we call it that you do my capstone project outline sample State University of New York at Oneonta.