【正文】 Recently (1998) gained more independence ? The trend toward greater independence Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1323 Differences ? 聯(lián)邦儲(chǔ)備銀行的預(yù)算由聯(lián)邦儲(chǔ)備委員會(huì)控制，而國(guó)內(nèi)銀行可以控制自己的預(yù)算和位于法蘭克福的歐洲 中央銀行的預(yù)算 National Central Banks control their own budgets and the budget of the ECB ? 歐元體系的貨幣政策操作是由各國(guó)國(guó)內(nèi)中央銀行實(shí)施的 Moary operations are not centralized ? 不負(fù)責(zé)監(jiān)管金融機(jī)構(gòu) Does not supervise and regulate financial institutions Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1320 Why the Chairman Really Runs the Show（為什么委員會(huì)主席是實(shí)際的操縱者？） ? Spokesperson for the Fed and negotiates with Congress and the President ? Sets the agenda for meetings ? Speaks and votes first about moary policy ? Supervises professional economists and advisers Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1316 Duties of the Board of Governors (cont’d) ? Approves bank mergers and applications for new activities ? Specifies the permissible activities of bank holding panies ? Supervises the activities of foreign banks operating in the . Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1312 Federal Reserve Banks and Moary Policy ? “確定”貼現(xiàn)率，貼現(xiàn)率最終由聯(lián)儲(chǔ)審查并決定 Directors ―establish‖ the discount rate ? Decide which banks can obtain discount loans ? Directors select one mercial banker from each district to serve on the Federal Advisory Council which consults with the Board of Governors and provides information to help conduct moary policy ? Five of the 12 bank presidents have a vote in the Federal Open Market Committee (FOMC聯(lián)邦公開市場(chǎng)委員會(huì) 對(duì)利率和銀行體系的準(zhǔn)備金規(guī)模施加影響 ) Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 139 Federal Reserve Banks (cont’d) ? Member banks elect six directors for each district。 2020 Pearson AddisonWesley. All rights reserved. 136 FIGURE 1 Structure and Responsibility for Policy Tools in the Federal Reserve System Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 132 The Price Stability Goal（物價(jià)穩(wěn)定目標(biāo)） ? 物價(jià)穩(wěn)定即通脹率保持在穩(wěn)定的低水平 Low and stable inflation ? Inflation – Creates uncertainty and difficulty in planning for the future – Lowers economic growth – 破壞社會(huì)結(jié)構(gòu) Strains social fabric ? 名義錨是鎖定物價(jià)水平以實(shí)現(xiàn)物價(jià)穩(wěn)定目標(biāo)的名義變量，如通脹率或貨幣供給 Nominal anchor to contain inflation expectations ? 名義錨能限制時(shí)間不一致問(wèn)題 Timeinconsistency problem（指建立在自由放任和頻繁調(diào)整基礎(chǔ)上的貨幣政策會(huì)導(dǎo)致長(zhǎng)期的不良后果） ? 名義錨就像行為規(guī)則，通過(guò)約束自由放任政策的預(yù)期，有助于避免貨幣政策中的時(shí)間不一致問(wèn)題 Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. Chapter 13 Central Banks and the Federal Reserve System 中央銀行與聯(lián)邦儲(chǔ)備體系 Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 135 Origins of the Federal Reserve System（聯(lián)邦儲(chǔ)備體系的起源） ? Resistance to establishment of a central bank抵制中央銀行的建立 –恐懼中央集權(quán) Fear of centralized power –對(duì)金融業(yè)持懷疑態(tài)度 Distrust of moneyed interests ? No lender of last resort最后貸款人缺位 – Nationwide bank panics on a regular basis – Panic of 1907 so severe that the public was convinced a central bank was needed ? Federal Reserve Act of 1913 –制約平衡 Elaborate system of checks and balances –分權(quán) Decentralized Copyright 169。 three more are appointed by the Board of Governors – 成員銀行選舉 3名 A類董事 Three A directors are professional bankers – 成員銀行選舉 3名 B類董事 Three B directors are prominent leaders from industry, labor, agriculture, or consumer sector – 3名 C類董事代表公眾利益 Three C directors appointed by the Board of Governors are not allowed to be officers, mploy s, or stockholders of banks Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1311 Functions of the Federal Reserve Banks (cont’d) ? Act as liaisons between the business munity and the Federal Reserve System