【正文】 （充當(dāng)工商界和聯(lián)邦儲(chǔ)備體系之間的媒介） ? Examine bank holding panies and statechartered member banks檢查銀行持股公司和州注冊(cè)的成員銀行 ? Collect data on local business conditions搜集地方商業(yè)狀況數(shù)據(jù) ? Use staffs of professional economists to research topics related to the conduct of moary policy組織課題研究 Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1315 Duties of the Board of Governors ? Votes on conduct of open market operations ? Sets reserve requirements確定準(zhǔn)備金率 ? Controls the discount rate through ―review and determination‖ process通過(guò)“審查和決定”程序控制貼現(xiàn)率 ? Sets salaries of president and officers of each Federal Reserve Bank and reviews each bank’s budget Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1319 FOMC Meeting ? 會(huì)議的第一個(gè)重要議程是由美聯(lián)儲(chǔ)負(fù)責(zé)公開(kāi)市場(chǎng)操作的經(jīng)理作關(guān)于外匯和國(guó)內(nèi)公開(kāi)市場(chǎng)操作的報(bào)告 Report by the manager of system open market operations on foreign currency and domestic open market operations and other related issues ? 討論委員會(huì)研究團(tuán)隊(duì)所作的國(guó)民經(jīng)濟(jì)預(yù)測(cè)報(bào)告，通常稱(chēng)為“綠皮書(shū)” Presentation of Board’s staff national economic forecast ? 委員會(huì)的貨幣事務(wù)部主任陳述“藍(lán)皮書(shū)”中概括的貨幣政策的不同方案Outline of different scenarios for moary policy actions ? Presentation on relevant Congressional actions ? Public announcement about the oute of the meeting Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1322 European Central Bank（歐洲中央銀行的結(jié)構(gòu)和獨(dú)立性） ? Patterned after the Federal Reserve ? Central banks from each country play similar role as Fed banks ? Executive Board – President, vicepresident and four other members – Eight year, nonrenewable terms Copyright 169。 only by revision of the Maastricht Treaty Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1329 Case Against Independence（反對(duì)獨(dú)立性的理由） ? Undemocratic（不民主） ? Unaccountable ? Difficult to coordinate fiscal and moary policy （不能與其他政策如財(cái)政政策相互協(xié)調(diào)） ? Has not used its independence successfully （大蕭條期間，并沒(méi)有很好的承擔(dān)最后借款人的角色） Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1333 Demand in the Market for Reserves ? Since the fall of 2020 the Fed has paid interest on reserves at a level that is set at a fixed amount below the federal funds rate target. ? When the federal funds rate is above the rate paid on excess reserves, ier, as the federal funds rate decreases, the opportunity cost of holding excess reserves falls and the quantity of reserves demanded rises ? Downward sloping demand curve that bees flat (infinitely elastic) at ier Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1337 Affecting the Federal Funds Rate (cont’d) ? Open market operations have no effect on the federal funds rate when intersection occurs at the flat section of the demand curve. Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1341 FIGURE 3 Response to a Change in the Discount Rate Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1345 Discount Policy ? Discount window ? Primary credit: standing lending facility – Lombard facility ? Secondary credit ? Seasonal credit ? Lender of last resort to prevent financial panics – Creates moral hazard problem Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1348 Reserve Requirements ? Depository Institutions Deregulation and Moary Control Act of 1980 sets the reserve requirement the same for all depository institutions ? 3% of the first $ million of checkable deposits。 2020 Pearson AddisonWesley. All rights reserved. 1351 Moary Policy Tools of the European Central Bank (cont’d) ? Reserve Requirements – 2% of the total amount of checking deposits and other shortterm deposits – Pays interest on those deposits so cost of plying is low