【正文】 169。 2020 Pearson AddisonWesley. All rights reserved. 1313 Member Banks ? All national banks （國民銀行，指在通貨監(jiān)理署注冊的商業(yè)銀行） are required to be members of the Federal Reserve System ? Commercial banks chartered by states are not required but may choose to be members ? Depository Institutions Deregulation and Moary Control Act of 1980 subjected all banks to the same reserve requirements as member banks and gave all banks access to Federal Reserve facilities（ 1980年頒布的 《 存款機構放松管制和貨幣控制法 》規(guī)定，到 1987年，所有的存款機構都必須在美聯(lián)儲保有存款，服從相同的準備金要求，該規(guī)定阻止了聯(lián)儲體系成員數(shù)目的持續(xù)下降，縮小了成員銀行和非成員銀行的差別） Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1321 How Independent is the Fed? ? 斯坦利 .費希爾將中央銀行的獨立性分為工具獨立性（中央銀行使用貨幣政策工具的能力）和目標獨立性（中央銀行設定貨幣政策目標的能力）。 2020 Pearson AddisonWesley. All rights reserved. 1327 Central Bank Behavior ? Theory of bureaucratic behavior: objective is to maximize its own welfare which is related to power and prestige – Fight vigorously to preserve autonomy – Avoid conflict with more powerful groups ? Does not rule out altruism Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1335 FIGURE 1 Equilibrium in the Market for Reserves Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1343 Open Market Operations ? Dynamic open market operations ? Defensive open market operations ? Primary dealers ? TRAPS (Trading Room Automated Processing System) ? Repurchase agreements ? Matched salepurchase agreements Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1349 Disadvantages of Reserve Requirements ? No longer binding for most banks ? Can cause liquidity problems ? Increases uncertainty for banks Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1347 Advantages and Disadvantages of Discount Policy ? Used to perform role of lender of last resort – Important during the subprime financial crisis of 20202020. ? Cannot be controlled by the Fed。 2020 Pearson AddisonWesley. All rights reserved. 1339 Affecting the Federal Funds Rate (cont’d) ? When the Fed raises reserve requirement, the federal funds rate rises and when the Fed decreases reserve requirement, the federal funds rate falls. Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1331 Tools of Moary Policy ? Open market operations – Affect the quantity of reserves and the moary base ? Changes in borrowed reserves – Affect the moary base ? Changes in reserve requirements – Affect the money multiplier ? Federal funds rate: the interest rate on overnight loans of reserves from one bank to another – Primary instrument of moary policy Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1324 Governing Council（理事會P313） ? Monthly meetings at ECB in Frankfurt, Germany ? Twelve National Central Bank heads and six Executive Board members ? Operates by consensus ? ECB announces the target rate and takes questions from the media ? To stay at a manageable size as new countries join, the Governing Council will be on a system of rotation Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1317 Chairman of the Board of Governors ? Advises the president on economic policy ? Testifies in Congress ? Speaks for the Federal Reserve System to the media ? May represent the . in negotiations with foreign governments on economic matters Copyright 169。 three more are appointed by the Board of Governors (cont’d) – Designed to reflect all constituencies of the public ? Nine directors appoint the president of the bank subject to approval by Board of Governors Copyright 169。 2020 Pearson AddisonWesley. All rights res