【正文】 穩(wěn)定的情況下才能追求其他目標，如英格蘭銀行、加拿大銀行、新西蘭儲備銀行和歐洲中央銀行） ? Dual mandate（雙重目標）：即將物價穩(wěn)定和就業(yè)最大化兩個目標放在平等的地位上 ? 物價穩(wěn)定應當是貨幣政策首要的長期目標，但由于貨幣政策同樣關(guān)注產(chǎn)出波動，物價穩(wěn)定的目標只有在長期的條件下才被作為首要目標 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 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. 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. 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. 1335 FIGURE 1 Equilibrium in the Market for Reserves 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(shè)定貨幣政策目標的能力）。 2020 Pearson AddisonWesley. All rights reserved. 137 FIGURE 2 Federal Reserve System Source: Federal Reserve Bulletin. Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 138 Federal Reserve Banks ? 準公共機構(gòu)，部分私有部分政府所有，股東來自聯(lián)邦儲備體系在各區(qū)的成員私人商業(yè)銀行 Quasipublic institution owned by private mercial banks in the district that are members of the Fed system ? 成員銀行選取 6名聯(lián)邦儲備銀行董事 Member banks elect six directors for each district。聯(lián)邦儲備體系具備上述兩種獨立性Instrument and goal independence. ? 獨立的收入來源 Independent revenue ? 規(guī)范美聯(lián)儲結(jié)構(gòu)的法律由國會頒布，并且可以隨時調(diào)整Fed’s structure is written by Congress, and is subject to change at any time. ? Presidential influence – Influence on Congress – Appoints members – Appoints chairman although terms are not concurrent Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1336 Affecting the Federal Funds Rate ? Effects of open an market operation depends on whether the supply curve initially intersects the demand curve in its downward sloped section versus its flat section. ? An open market purchase causes the federal funds rate to fall whereas an open market sale causes the federal funds rate to rise (when intersection occurs at the downward sloped section). Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1350 Moary Policy Tools of the European Central Bank ? Open market operations – Main refinancing operations ? Weekly reverse transactions – Longerterm refinancing operations ? Lending to banks – Marginal lending facility/marginal lending rate – Deposit facility Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1338 Affecting the Federal Funds Rate (cont’d) ? If the intersection of supply and demand occurs on the vertical section of the supply curve, a change in the discount rate will have no effect on the federal funds rate. ? If the intersection of supply and demand occurs on the horizontal section of the supply curve, a change in the discount rate shifts that portion of the supply curve and the federal funds rate may either rise or fal