M07_MISH1438_06_IM_C07

M07_MISH1438_06_IM_C07 - Part III Central Banking and the...

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Part III Central Banking and the Conduct of Monetary Policy
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Chapter 7 Structure of Central Banks and the Federal Reserve System Origins of the Federal Reserve System Inside the Fed Box: The Political Genius of the Founders of the Federal Reserve System Structure of the Federal Reserve System Federal Reserve Banks Inside the Fed Box: Special Role of the Federal Reserve Bank of New York Member Banks Board of Governors of the Federal Reserve System Inside the Fed Box: Role of the Research Staff Federal Open Market Committee (FOMC) The FOMC Meeting Inside the Fed Box: Green, Blue and Beige: What Do These Colors Mean at the Fed Why the Chairman of the Board of Governors Really Runs the Show How Independent is the Fed? Structure and Independence of the European Central Bank Differences Between the European System of Central Banks and the Federal Reserve System How Independent is the ECB? Structure and Independence of Foreign Central Banks Bank of Canada Bank of England Bank of Japan The Trend Toward Greater Independence Explaining Central Bank Behavior Inside the Fed: Federal Reserve Transparency Should the Fed be Independent? The Case for Independence
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Chapter 7 Structure of Central Banks and the Federal Reserve System 35 The Case Against Independence Central Bank Independence and Macroeconomic Performance Throughout the World Overview and Teaching Tips As a first step in learning about the conduct of monetary policy, the student needs to understand how the central bank in the United States—the Federal Reserve System—operates. The basic point that should be driven home in class is that although the Federal Reserve System has a complicated bureaucratic structure, in practice, it functions like a single central bank, headquartered in Washington, D.C. Students should enjoy the discussion of how foreign central banks are structured and how foreign central banks are similar or differ from the central bank in the United States. To help the instructor spice up the discussion of the Federal Reserve, I try to provide an inside view of the Fed by including material on such topics as the political genius of the way the Federal Reserve was set up to preserve its independence, the special role of the Federal Reserve Bank of New York and the research staff in the Federal Reserve System, the role of member banks, how a typical FOMC meeting
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This note was uploaded on 10/17/2011 for the course ECON 317 taught by Professor Guidry during the Spring '11 term at Nicholls State.

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M07_MISH1438_06_IM_C07 - Part III Central Banking and the...

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