Allan Meltzer has undertaken a monumental task – a history of the Federal Reserve, from its establishment in 1913 to the present. Three books have now been published: volume one covers the first 37 years of the Fed’s history from 1913 to 1951; while volume two comes in two books, the first carrying the narrative to 1969 and the second to 1986.

US economic growth has averaged nearly 3% a year in the 100 years since the Fed has been established. Still there was a sharp recession in the early 1920s