Question: There is an organization that sets the monetary policy of the country which received its current name after the American revolutionary war. When did that organization start quantitative easing?

full_context: Document 1: Federal Reserve: The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
Document 2: Monetary policy of the United States: Monetary policy concerns the actions of a central bank or other regulatory authorities that determine the size and rate of growth of the money supply. For example, in the United States, the Federal Reserve is in charge of monetary policy, and implements it primarily by performing operations that influence short - term interest rates.
Document 3: Quantitative easing: The US Federal Reserve belatedly implemented policies similar to the current quantitative easing during the Great Depression of the 1930s. Specifically, banks' excess reserves exceeded 6 percent in 1940, whereas they vanished during the entire postwar period until 2008. Despite this fact, many commentators called the scope of the Federal Reserve quantitative easing program after the 2008 crisis ``unprecedented ''.
Document 4: United States dollar: The value of the U.S. dollar declined significantly during wartime, especially during the American Civil War, World War I, and World War II. The Federal Reserve, which was established in 1913, was designed to furnish an "elastic" currency subject to "substantial changes of quantity over short periods", which differed significantly from previous forms of high-powered money such as gold, national bank notes, and silver coins. Over the very long run, the prior gold standard kept prices stable—for instance, the price level and the value of the U.S. dollar in 1914 was not very different from the price level in the 1880s. The Federal Reserve initially succeeded in maintaining the value of the U.S. dollar and price stability, reversing the inflation caused by the First World War and stabilizing the value of the dollar during the 1920s, before presiding over a 30% deflation in U.S. prices in the 1930s.
Document 5: Federal Reserve: The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed Board of Governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, oversee the privately owned U.S. member banks. Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region, which entitles them to elect some of their board members. The Federal Open Market Committee (FOMC) sets monetary policy; it consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time: the president of the New York Fed and four others who rotate through one - year terms. There are also various advisory councils. Thus, the Federal Reserve System has both public and private components. The structure is considered unique among central banks. It is also unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.
Document 6: Thirteen Colonies: By spring 1775, all royal officials had been expelled, and the Continental Congress hosted a convention of delegates for the 13 colonies. It raised an army to fight the British and named George Washington its commander, made treaties, declared independence, and recommended that the colonies write constitutions and become states. The Second Continental Congress assembled in May 1775 and began to coordinate armed resistance against Britain. It established a government that recruited soldiers and printed its own money. General Washington took command of the Patriot soldiers in New England and forced the British to withdraw from Boston. In 1776, the Thirteen Colonies declared their independence from Britain. With the help of France and Spain, they defeated the British in the American Revolutionary War. In the Treaty of Paris (1783), Britain officially recognized the independence of the United States of America.
Document 7: Federal Reserve: The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
Document 8: Monetary policy of the United States: Though the Federal Reserve authorizes and distributes the currency printed by the Treasury (the primary component of the narrow monetary base), the broad money supply is primarily created by commercial banks through the money multiplier mechanism. One textbook summarizes the process as follows:
Document 9: Sons of Liberty: In 1765, the British government needed money to afford the 10,000 officers and soldiers living in the colonies, and intended that the colonists living there should contribute. The British passed a series of taxes aimed at the colonists, and many of the colonists refused to pay certain taxes; they argued that they should not be held accountable for taxes which were decided upon without any form of their consent through a representative. This became commonly known as ``No Taxation without Representation. ''Parliament insisted on its right to rule the colonies despite the fact that the colonists had no representative in Parliament. The most incendiary tax was the Stamp Act of 1765, which caused a firestorm of opposition through legislative resolutions (starting in the colony of Virginia), public demonstrations, threats, and occasional hurtful losses.
Document 10: American Revolution: In sharp contrast, Congress and the American states had no end of difficulty financing the war. In 1775, there was at most 12 million dollars in gold in the colonies, not nearly enough to cover current transactions, let alone finance a major war. The British made the situation much worse by imposing a tight blockade on every American port, which cut off almost all imports and exports. One partial solution was to rely on volunteer support from militiamen and donations from patriotic citizens. Another was to delay actual payments, pay soldiers and suppliers in depreciated currency, and promise that it would be made good after the war. Indeed, the soldiers and officers were given land grants in 1783 to cover the wages that they had earned but had not been paid during the war. Not until 1781 did the national government have a strong leader in financial matters, when Robert Morris was named Superintendent of Finance of the United States.
Document 11: Great Depression: The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, originating in the United States. The timing of the Great Depression varied across nations; in most countries it started in 1929 and lasted until 1941. It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.
Document 12: United States dollar: In 1862, paper money was issued without the backing of precious metals, due to the Civil War. Silver and gold coins continued to be issued and in 1878 the link between paper money and coins was reinstated. This disconnection from gold and silver backing also occurred during the War of 1812. The use of paper money not backed by precious metals had also occurred under the Articles of Confederation from 1777 to 1788. With no solid backing and being easily counterfeited, the continentals quickly lost their value, giving rise to the phrase "not worth a continental". This was a primary reason for the "No state shall... make any thing but gold and silver coin a tender in payment of debts" clause in article 1, section 10 of the United States Constitution.
Document 13: United States dollar: The monetary base consists of coins and Federal Reserve Notes in circulation outside the Federal Reserve Banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve Banks. The adjusted monetary base has increased from approximately 400 billion dollars in 1994, to 800 billion in 2005, and over 3000 billion in 2013. The amount of cash in circulation is increased (or decreased) by the actions of the Federal Reserve System. Eight times a year, the 12-person Federal Open Market Committee meet to determine U.S. monetary policy. Every business day, the Federal Reserve System engages in Open market operations to carry out that monetary policy. If the Federal Reserve desires to increase the money supply, it will buy securities (such as U.S. Treasury Bonds) anonymously from banks in exchange for dollars. Conversely, it will sell securities to the banks in exchange for dollars, to take dollars out of circulation.
Document 14: Federal Reserve: Although an instrument of the U.S. Government, the Federal Reserve System considers itself ``an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. ''The federal government sets the salaries of the board's seven governors. The federal government receives all the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, and an account surplus is maintained. In 2015, the Federal Reserve made a profit of $100.2 billion and transferred $97.7 billion to the U.S. Treasury.
Document 15: American Revolution: Tensions erupted into battle between Patriot militia and British regulars when the British attempted to capture and destroy Colonial military supplies at Lexington and Concord in April 1775. The conflict then developed into a global war, during which the Patriots (and later their French, Spanish, and Dutch allies) fought the British and Loyalists in what became known as the American Revolutionary War (1775 -- 83). Each of the thirteen colonies formed a Provincial Congress that assumed power from the old colonial governments and suppressed Loyalism, and from there they built a Continental Army under the leadership of General George Washington. The Continental Congress determined King George's rule to be tyrannical and infringing the colonists' rights as Englishmen, and they declared the colonies free and independent states on July 2, 1776. The Patriot leadership professed the political philosophies of liberalism and republicanism to reject monarchy and aristocracy, and they proclaimed that all men are created equal.
ground_truth: during the Great Depression of the 1930s
sub_queries: what was america called after the revolutionary war Answer: the United States
which organization sets monetary policy for the United States Answer: the Federal Reserve
when did the Federal Reserve start quantitative easing Answer: during the Great Depression of the 1930s