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Review III - Acc/ManEc 453 Review III Key Ideas from new...

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Acc/ManEc 453 Review III Key Ideas from new material since Midterm II Chapters in Text 25, 14, 15, 16, 17, 18, 20, Bernanke article Key Ideas Chapter 25 Why inflation is bad for an economy Why deflation is bad for an economy Why volatility output is bad for an economy Velocity Why the aggregate demand curve is downward sloping Keynsian view of aggregate demand Monetariast view of aggregate demand Short run supply curve and what shifts it Natural rate of unemployment/Long run aggregate supply Wage adjustment: Keynsians vs. Monetariasts Monetary policy: Keynsians vs. Monetariasts when o SRS shifts left o AD shifts right or left Chapter 14 Federal Reserve Act of 1913 Banking Act of 1935 Fed Mission Federal Reserve (Regional) Banks: organization and responsibilities Board of Governors: organization and responsibilities Open market operations Reserve requirements Discount rate FOMC Fed independence Eccles and Fed independence Chapters 15 & 16 Central bank balance sheets o Open market purchases/sales o Discount loans o Shifts from deposits into currency Multiple deposit creation Simple deposit multiplier Money Multiplier 1
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Chapter 17 Demand for reserves Supply for reserves Primary and Secondary Credit Effect of open market operations on shifts in supply
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