【正文】 . 137 FIGURE 2 Federal Reserve System Source: Federal Reserve Bulletin. Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 133 Other Goals of Moary Policy ? High employment ? Economic growth（貨幣政策能促進經(jīng)濟增長嗎？） ? Stability of financial markets ? Interestrate stability（有助于穩(wěn)定經(jīng)濟活動和金融市場） ? Foreign exchange market stability Copyright 169。Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 134 Should Price Stability be the Primary Goal? ? In the long run there is no conflict between the goals ? In the short run it can conflict with the goals of high employment and interestrate stability（如經(jīng)濟擴張期，失業(yè)率下降，經(jīng)濟過熱，通脹上升，為穩(wěn)定物價，央行提高利率，該措施會減少就業(yè)和投資） ? Hierarchical mandate階梯目標（只有實現(xiàn)物價穩(wěn)定的情況下才能追求其他目標，如英格蘭銀行、加拿大銀行、新西蘭儲備銀行和歐洲中央銀行） ? Dual mandate（雙重目標）：即將物價穩(wěn)定和就業(yè)最大化兩個目標放在平等的地位上 ? 物價穩(wěn)定應當是貨幣政策首要的長期目標，但由于貨幣政策同樣關(guān)注產(chǎn)出波動，物價穩(wěn)定的目標只有在長期的條件下才被作為首要目標 Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 138 Federal Reserve Banks ? 準公共機構(gòu)，部分私有部分政府所有，股東來自聯(lián)邦儲備體系在各區(qū)的成員私人商業(yè)銀行 Quasipublic institution owned by private mercial banks in the district that are members of the Fed system ? 成員銀行選取 6名聯(lián)邦儲備銀行董事 Member banks elect six directors for each district。 2020 Pearson AddisonWesley. All rights reserved. 1310 Functions of the Federal Reserve Banks ? Clear checks支票清算 ? Issue new currency貨幣發(fā)行 ? Withdraw damaged currency from circulation回收流通中破損貨幣 ? Administer and make discount loans to banks in their districts管理和向本地區(qū)商業(yè)銀行發(fā)放貼現(xiàn)貸款 ? Evaluate proposed mergers and applications for banks to expand their activities評估提出的合并案與銀行擴展業(yè)務的申請 Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1314 Board of Governors of the Federal Reserve System聯(lián)邦儲備委員會 ? 聯(lián)邦儲備體系的最高層 ， 7名董事，華盛頓 Seven members headquartered in Washington, . ? Appointed by the president and confirmed by the Senate總統(tǒng)任命，參議會同意 ? 14year nonrenewable term，任期 14年，不得連任 ? Required to e from different districts ? Chairman is chosen from the governors and serves fouryear term主席從 7位委員中選出，任期為 4年 Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1318 Federal Open Market Committee (FOMC聯(lián)邦公開市場委員會 ) ? 每年 8次會議 Meets eight times a year ? 該委員會由聯(lián)邦儲備委員會的 7位委員、紐約聯(lián)邦儲備銀行行長和其他 4位聯(lián)邦儲備銀行行長組成（其余 7位聯(lián)儲行長列席會議） Consists of seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and the presidents of four other Federal Reserve banks ? 聯(lián)儲委員會主席還擔任聯(lián)邦公開市場委員會的主席 Chairman of the Board of Governors is also chair of FOMC ? 公開市場委員會不實際買賣證券，而是向紐約聯(lián)邦儲備銀行的交易室發(fā)布指令 Issues directives to the trading desk at the Federal Reserve Bank of New York Copyright 169。聯(lián)邦儲備體系具備上述兩種獨立性Instrument and goal independence. ? 獨立的收入來源 Independent revenue ? 規(guī)范美聯(lián)儲結(jié)構(gòu)的法律由國會頒布，并且可以隨時調(diào)整Fed’s structure is written by Congress, and is subject to change at any time. ? Presidential influence – Influence on Congress – Appoints members – Appoints chairman although terms are not concurrent Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1325 ECB Independence ? Most independent in the world ? 執(zhí)行委員會的成員任期很長 Members of the Executive Board have long terms ? Determines own budget ? 《 馬斯特里赫特條約 》 量化貨幣政策的目標是通脹率低于 2%Less goal independent – Price stability ? 歐元體系的章程不能由法律改變，只有修改馬約 Charter cannot by changed by legislation。 2020 Pearson AddisonWesley. All rights reserved. 1328 Case for Independence（支持獨立性的理由） ? Political pressure would impart an inflationary bias to moary policy ? Political business cycle ? Could be used to facilitate Treasury financing of large budget deficits: acmodation ? Too important to leave to politicians—the principalagent problem is worse for politici