【文章內(nèi)容簡介】 t 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. 1320 Why the Chairman Really Runs the Show（為什么委員會主席是實(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. 1321 How Independent is the Fed? ? 斯坦利 .費(fèi)希爾將中央銀行的獨(dú)立性分為工具獨(dú)立性（中央銀行使用貨幣政策工具的能力）和目標(biāo)獨(dú)立性（中央銀行設(shè)定貨幣政策目標(biāo)的能力）。聯(lián)邦儲備體系具備上述兩種獨(dú)立性Instrument and goal independence. ? 獨(dú)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. 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。 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 budgets and the budget of the ECB ? 歐元體系的貨幣政策操作是由各國國內(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. 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. 1325 ECB Independence ? Most independent in the world ? 執(zhí)行委員會的成員任期很長 Members of the Executive Board have long terms ? Determines own budget ? 《 馬斯特里赫特條約 》 量化貨幣政策的目標(biāo)是通脹率低于 2%Less goal independent – Price stability ? 歐元體系的章程不能由法律改變，只有修改馬約 Charter cannot by changed by legislation。 only by revision of the Maastricht Treaty Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1326 Structure and Independence of Other Foreign Central Banks ? Bank of Canada – Essentially controls moary policy ? Bank of England – Has some instrument independence. ? Bank of Japan – Recently (1998) gained more independence ? The trend toward greater independence Copyright 169。 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. 1328 Case for Independence（支持獨(dú)立性的理由） ? Political pressur