BANK OF THE UNITED STATES: This was actually two central banks that preceded the Federal Reserve System as the nation's monetary authority. The First Bank of the United States, under the design of Alexander Hamilton, commenced operations in 1791, almost immediately after the U.S. Constitution was written and George Washington became the first U.S. President. Its charter was not renewed and it ceased to operate in 1811. Financial instability resulting from the absence of a central bank over the next few years prompted the formation of the Second Bank of the United States in 1816. The Second Bank's performance, however, was somewhat more suspect. When it knocked heads with President Andrew Jackson, a strong critic of central banking, the Second Bank ceased to be in 1836.

     See also | central bank | Federal Reserve System | monetary | conservative | liberal | monetary policy |

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One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in the inflationary expectations causes an increase (rightward shift) of the aggregate curve. A decrease in the inflationary expectations causes a decrease (leftward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, federal deficit, and the money supply.

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