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1、U.S.MonetaryPolicyAnIntroductionQ&A.S.monetarypolicyaffectsallkindsofeconomicandfinancialUdecisionspeoplemakeinthiscountry—whethertogetaloantobuyanewhouseorcarortostartupacompany,whethertoexpandabusinessbyinvestinginanewplantorequipment,andwhethertoputsavingsin
2、abank,inbonds,orinthestockmarket,forexample.Furthermore,becausetheU.S.isthelargesteconomyintheworld,itsmonetarypolicyalsohassignificanteconomicandfinancialeffectsonothercountries.Theobjectofmonetarypolicyistoinfluencetheperformanceoftheeconomyasreflectedinsuchf
3、actorsasinflation,economicoutput,andemployment.Itworksbyaffectingdemandacrosstheeconomy—thatis,people’sandfirms’willingnesstospendongoodsandservices.Whilemostpeoplearefamiliarwiththefiscalpolicytoolsthataffectdemand—suchastaxesandgovernmentspending—manyarelessf
4、amil-iarwithmonetarypolicyanditstools.MonetarypolicyisconductedbytheFederalReserveSystem,thenation’scentralbank,anditinfluencesdemandmainlybyraisingandloweringshort-terminterestrates.ThisbookletprovidesanintroductiontoU.S.monetarypolicyasitiscurrentlyconductedb
5、yansweringaseriesofquestions:HowistheFederalReservestructured?WhatarethegoalsofU.S.monetarypolicy?WhatarethetoolsofU.S.monetarypolicy?HowdoesmonetarypolicyaffecttheU.S.economy?HowdoestheFeddecidetheappropriatesettingforthepolicyinstrument?FederalReserveBankofSa
6、nFrancisco/20041U.S.MonetaryPolicy:AnIntroductionHowistheFederalReservestructured?TheFederalReserveSystem(calledtheFed,forshort)isthenation’scentralbank.ItwasestablishedbyanActofCongressin1913andconsistsoftheBoardofGovernorsinWashington,D.C.,andtwelveFederalRes
7、erveDistrictBanks(seethemap;foradiscussionoftheFed’soverallresponsibilities,seeTheFederalReserveSystem:PurposesandFunctions).TheCongressstructuredtheFedtobeindependentwithinthegovernment—thatis,althoughtheFedisaccountabletotheCongressanditsgoalsaresetbylaw,itsc
8、onductofmonetarypolicyisinsulatedfromday-to-daypoliticalpressures.Thisreflectstheconvictionthatthepeoplewhocontrolthecountry’smoneysupplyshouldbeindependentofthepeoplewhofra
