econ423courseobjectives7 - o Outline the reasons for and...

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Course Objectives Chapter 7 Econ 423 - Financial Markets Lauren Heller, Summer 2009 Chapter 7: Structure of Central Banks and the Federal Reserve System Objectives By the end of this chapter, you should be able to: o Explain the origins of the Federal Reserve System, including the reasoning behind the Federal Reserve’s distribution of power. o Diagram the relationships between the Board of Governors, the Federal Open Market Committee, the twelve regional Federal Reserve Banks, and member banks. Explain the role of each of these units within the Federal Reserve system. o Describe the purpose and agenda of a typical FOMC meeting, and the reason for the critical role of the Board of Governors chairman.
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Unformatted text preview: o Outline the reasons for and against central bank independence, and be able to apply these arguments to the case of the U.S. Federal Reserve and the European Central Bank. o Compare and contrast the structure of the Federal Reserve System with the European Central Bank. Assigned Reading - Mishkin and Eakins, pp. 147-160 and pp. 163-166 Optional / Recommended Reading - In addition to the assigned reading on the structure of the Federal Reserve System and the European Central Bank, students can find out more about other foreign central banks by reading pages 161-162. Optional Practice Problems o Mishkin and Eakins, pp. 167-168: Questions #1, 7, 13, Web Exercise #1....
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