ECON 423 - Federal Reserve Exam - Study Guide.docx

ECON 423 - Federal Reserve Exam - Study Guide.docx - ECON...

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ECON 423 – Spring 2015 – Exam Study Guide Please note: Exam will be multiple choice and short answer. You may use HALF of one sheet (both sides) of paper with notes during the exam. (If you have one full sheet with notes on both sides, you will not be permitted to keep your notes during the exam.) Some of the topics/questions below appear in the lecture slides and some overlap with concepts discussed in specific articles. Please also see each of the three “Study-guide Questions” lists posted on Canvas for questions/concepts from specific articles. 1. Identify the Act (including year) that established the Federal Reserve System. 2. Explain how the Fed is “independent within the government” 3. Why/when did the Fed utilize the “unusual and exigent circumstances” clause in pursuing its goals? 4. What are the general goals of the Fed? Explain the Fed’s “dual mandate.” 5. For the dual mandate, name two macroeconomic measures/indicators that the Fed monitors?
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