This course will cover both the theory and history behind the Federal Reserve, the central bank of the United States. Instructor Robert Murphy will first detail the theory of free-market banking, and contrast it with the distorted banking sector resulting from special government privileges. Murphy will relay the sordid tale of how the Federal Reserve Act was designed on Jekyll Island in a secret meeting of government officials and international bankers. He will also cover the mechanics of modern Fed operations and the commercial banking sector. The course will also apply Austrian business cycle theory to the stock market crash of 1929 and the recent housing bubble.

For more information about the curriculum, read Professor Murphy’s article about the course.

Live Sessions

The weekly live video-broadcast lectures will be Mondays at 6:30 pm EST. The lecture will be followed by a question and answer session.  Dr. Murphy will also take questions during optional “office hours” on Saturdays (exact time TBA). Live attendance is not required; recordings of all live sessions will be made available to students.

Professor Biography:

Robert Murphy is an adjunct scholar of the Mises Institute. He runs the blog Free Advice and is the author of Chaos Theory, The Politically Incorrect Guide to Capitalism, the Study Guide to Man, Economy, and State with Power and Market, the Human Action Study Guide, and The Politically Incorrect Guide to the Great Depression and the New Deal.

Read one of his numerous Mises Daily articles.

Final Grade and Transcript

Taking the course for a grade is optional.  If you choose to receive a grade, it will be based on quizzes and other assignments.  Students will have access to a digital transcript. We will add this and any future grades for future Mises Academy courses taken to this transcript.

At this time the Mises Academy does not offer transferable credits, certifications, or degrees.

Refund Policy

If you drop the course during its first week (7 calendar days), you will receive a full refund, minus a $25 processing fee.
If you drop the course during its second week, you will receive a half refund.
No refunds will be granted following the second week.