金融學中央銀行與貨幣政策(文件)
【正文】 irst vice presidents The Reserve Bank directors also appoint all officers of the Bank. ? Annually, the directors appoint the District39。 the presidents of the other Reserve Banks serve oneyear terms on a rotating basis beginning January 1 of each year. Rotation is such that each year one member is elected to the Committee by the boards of directors of Reserve Banks in each of the following groups: (1) Boston, Philadelphia, and Richmond。 經濟金融 形勢變化 央行認識 到需要改變 政策 央行調整 政策工具 對中介指標 產生作用 對最終目標 產生作用 t0 t1 t2 t3 t4 認識時滯 決策時滯 操作時滯 市場時滯 內在時滯 外在時滯 二、影響貨幣政策效應的因素 ?貨幣政策時滯 ?貨幣流通速度 ?微觀主體預期的抵消作用 ?其他政治、經濟因素的影響 三、貨幣政策效應的衡量 ?看效應發(fā)揮的快慢 ?看發(fā)揮效力的大小 ? Conducting the nation’s moary policy by influencing the moary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate longterm interest rates ? Supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers ? Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets ? Providing financial services to depository institutions, the . government, and foreign official institutions, including playing a major role in operating the nation’s payments system Members of the Board of Governors Ben S. Bernanke, Chairman | Roger W. Ferguson, Jr., Vice Chairman | Susan Schmidt Bies | Mark W. Olson | Donald L. Kohn | Kevin M. Warsh | Randall S. Kroszner ? The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of evennumbered years. A member who serves a full term may not be reappointed. A member who pletes an unexpired portion of a term may be reappointed. All terms end on their statutory date regardless of the date on which the member is sworn into office. ? The Chairman and the Vice Chairman of the Board are named by the President from among the members and are confirmed by the Senate. They serve a term of four years. A member39。 財富變動影響實際經濟活動的途徑： ? 對貨幣市場產生影響 ? 對商品市場產生影響：實際余額效應 ? 對資本市場產生影響 （三）信用供給可能性效應的傳導機制 貸款者信用供給的利率彈性高于借款者信用需求的利率彈性，貸款者信用供給的利率彈性的高低決定信用供給的可能量，也影響借款者的信用需求量，從而影響社會總需求水平。 ? 資產結構的調整行為影響金融資產的價格與收益，從而影響投資需求和消費需求，進而影響整個實際經濟活動。 二、選擇性
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