Journal Article
The formation of the Federal Reserve System
Strong, Benjamin (1989)
Quarterly Review , Issue Special , Pages 4-6

Journal Article
Federal Reserve control of credit
Strong, Benjamin (1989)
In the early days of the Federal Reserve, changes in the discount rate were the principal instrument through which the central bank exercised control over credit conditions. In this -address, Strong explains the use of discount rate changes as a means of controlling the volume of credit and influencing interest rate movements. He considers criteria for discount rate changes, concluding that in the absence of gold movements under a reestablished gold standard, policy makers have no option but to look to general economic conditions.
Quarterly Review , Issue Special , Pages 6-14