HO_MB3e_IM_Ch13

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1、Chapter13 TheFederalReserveandCentralBanking  187Chapter13TheFederalReserveandCentralBankingn BriefChapterSummaryandLearningObjectives13.1TheStructureoftheFederalReserveSystem(pages430–444)ExplainwhytheFederalReserveisstructuredthewayitis.·TheFederalReserve

2、ActestablishedtheFederalReserveSystemasthecentralbankoftheUnitedStatesin1913.·AspartofitsplantodecentralizeauthoritywithintheFederalReserveSystem,CongressdividedtheUnitedStatesinto12FederalReservedistricts,eachofwhichhasaFederalReserveBankthatcarriesoutduti

3、esrelatedtotheFed’srolesinthepaymentssystem,controlofthemoneysupply,andfinancialregulation.·ThepresidentappointsandtheSenateconfirmstheBoardofGovernors.Thisboardadministersmonetarypolicyandisalsoresponsibleforsomefinancialregulation.·The12-memberFederalOpen

4、MarketCommittee(FOMC)overseestheFed’sopenmarketoperations.·ThoughtheBoardofGovernorsandtheFOMCexertmostoftheFed’sformalinfluenceonmonetarypolicy,manyFedwatchersbelievethattheinformalauthorityofthechairman,thestaffoftheboard,andtheFOMCpredominates.13.2Howthe

5、FedOperates(pages444–450)ExplaintheFed’srelationshiptothegovernmentandtheargumentsforandagainstitsindependence.·CongressintendedtheFederalReserveSystemtooperatelargelyindependentlyofexternalpressuresfromthepresident,Congress,thebankingindustry,andbusinessgr

6、oups.·Somepolicymakersandeconomistsdebatetheargumentsinfavorofcentralbankindependence.13.3CentralBankIndependenceOutsidetheUnitedStates(pages451–454)Comparetheextentofcentralbankindependenceinothercountries.·Thoughcentralbankindependencefromthepoliticalproc

7、esshasincreasedaroundtheworld,inpractice,thedegreeofactualindependenceintheconductofmonetarypolicyvariesacrosscountries.·Inprinciple,theEuropeanCentralBank(ECB)hasahighdegreeofoverallindependence,withaclearmandatetoemphasizepricestability.Butaggressivemonet

8、arypoliciesthatresultedinnegativeinterestratesonsomegovernmentbondsin2016causedsomeobserverstoquestionECB’sindependence.Copyright©2018PearsonEducation,Inc.Chapter13 TheFederalReserveandCentralBanking