So that's the Federal Reserve System. Incidentally there are twelve banks and there are twelve districts.

所以，这就是联邦储备金系统，顺便提一句,这里说道有十二个银行和十二个区域。

耶鲁公开课 - 金融市场课程节选

The Federal Reserve System was a gold standard institution like the Bank of England.

当时的联邦储备系统是一个,像英格兰银行一样的金本位制度的机构。

耶鲁公开课 - 金融市场课程节选

The real difference between Federal Reserve Bank System of 1913 the most important difference and the Federal Reserve System of today is that we are no longer on the gold standard.

913年的联邦储备银行系统与,当今的联邦储备银行系统之间3,不同点在于,最重要的不同点,我们不再以金本位为基础了。

耶鲁公开课 - 金融市场课程节选

One thing that's been a trend around the world is that the I mentioned that the U.S. Federal Reserve System was different from other central banks in that it was designed to have independence.

一个在世界范围内,流行的事实是,我提到过美国联邦储备系统,与其他中央银行不同,因为它有独立自主性。

耶鲁公开课 - 金融市场课程节选