【正文】 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. 1341 FIGURE 3 Response to a Change in the Discount Rate 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。 only by revision of the Maastricht Treaty Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1319 FOMC Meeting ? 會議的第一個重要議程是由美聯(lián)儲負(fù)責(zé)公開市場操作的經(jīng)理作關(guān)于外匯和國內(nèi)公開市場操作的報告 Report by the manager of system open market operations on foreign currency and domestic open market operations and other related issues ? 討論委員會研究團(tuán)隊所作的國民經(jīng)濟(jì)預(yù)測報告，通常稱為“綠皮書” Presentation of Board’s staff national economic forecast ? 委員會的貨幣事務(wù)部主任陳述“藍(lán)皮書”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. 1311 Functions of the Federal Reserve Banks (cont’d) ? Act as liaisons between the business munity and the Federal Reserve System（充當(dāng)工商界和聯(lián)邦儲備體系之間的媒介） ? 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. 135 Origins of the Federal Reserve System（聯(lián)邦儲備體系的起源） ? 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。 2020 Pearson AddisonWesley. All rights reserved. 132 The Price Stability Goal（物價穩(wěn)定目標(biāo)） ? 物價穩(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 – 破壞社會結(jié)構(gòu) Strains social fabric ? 名義錨是鎖定物價水平以實現(xiàn)物價穩(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 ? 名義錨能限制時間不一致問題 Timeinconsistency problem（指建立在自由放任和頻繁調(diào)整基礎(chǔ)上的貨幣政策會導(dǎo)致長期的不良后果） ? 名義錨就像行為規(guī)則，通過約束自由放任政策的預(yù)期，有助于避免貨幣政策中的時間不一致問題 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. 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. 1323 Differences ? 聯(lián)邦儲備銀行的預(yù)算由聯(lián)邦儲備委員會控制，而國內(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 bud