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1、TheImplementationofMonetaryPolicyTheFederalReserveexercisesconsiderablecontroloverthedemandforandsupplyofbalancesthatdepositoryinstitutionsholdattheReserveBanks.Insodoing,itinfluencesthefederalfundsrateand,ultimately,employment,output,andprices.TheFederalRes
2、erveimplementsU.S.monetarypolicybyaffectingcon-ditionsinthemarketforbalancesthatdepositoryinstitutionsholdattheFederalReserveBanks.Theoperatingobjectivesortargetsthatithasusedtoeffectdesiredconditionsinthismarkethavevariedovertheyears.Atonetime,theFOMCsought
3、toachieveaspecificquantityofbalances,butnowitsetsatargetfortheinterestrateatwhichthosebalancesaretradedbetweendepositoryinstitutions—thefederalfundsrate.(See"Op-erationalApproachesovertheYears"onpage28.)Byconductingopenmarketoperations,imposingreserverequire
4、ments,permittingdepositoryinstitutionstoholdcontractualclearingbalances,andextendingcreditthroughitsdiscountwindowfacility,theFederalReserveexercisescon-siderablecontroloverthedemandforandsupplyofFederalReservebal-ancesandthefederalfundsrate.Throughitscontro
5、lofthefederalfundsrate,theFederalReserveisabletofosterfinancialandmonetarycondi-tionsconsistentwithitsmonetarypolicyobjectives.TheMarketforFederalReserveBalancesTheFederalReserveinfluencestheeconomythroughthemarketforbalancesthatdepositoryinstitutionsmaintai
6、nintheiraccountsatFederalReserveBanks.Depositoryinstitutionsmakeandreceivepaymentsonbehalfoftheircustomersorthemselvesintheseaccounts.Theendof-daintheseaccountsareusedtomeetreserveandotherbal-ancerequirements.Ifadepositoryinstitutionanticipatesthatitwillendt
7、hedaywithalargerbalancethanitneeds,itcanreducethatbalanceinseveralways,dependingonhowlongitexpectsthesurplustopersist.Forexample,ifitexpectsthesurplustobetemporary,theinstitutioncanlendexcessbalancesinfinancingmarkets,suchasthemarketforrepurchaseagreementsor
8、themarketforfederalfunds.OperationalApproachesovertheYearsTheFederalReservecantrytoachieveadesiredquantityofbal-ancesattheFederalReserveBanksoradesiredpriceofthosebalances(thefederalfundsrate),b
