The book starts with the history of central banking in England and the United States and explains in detail how the Fed works. It goes on to cover the Fed's recent unprecedented activities to keep the Great Recession from spiraling into Greatest Depression. This timely coverage of an era of innovation makes the book an attractive supplement for use in Macroeconomics or Money and Banking courses. The author's goal is to improve our understanding of the vital role that central banks can play in keeping modern economies on a stable and sustainable growth path that creates jobs and prosperity.