The price level decreased since there was a paucity of money.
The required details about Federal Reserve is mentioned in below paragraph.
The American nation's central banking system is known as the Federal Reserve System. After a string of financial panics prompted the need for centralized supervision of the monetary system to prevent financial crises, it was established on December 23, 1913, with the passage of the Federal Reserve Act.
The collection of institutions and agreements that facilitates monetary exchange is known as the monetary system. Money and payment methods are included. The implementation of monetary policy by central banks is crucial for achieving price stability (low and stable inflation) and managing economic swings. In recent decades, there have been significant changes to the policy frameworks under which central banks conduct their operations.
Thus, the federal reserve increased paucity of money
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