【正文】 acmodation ? Too important to leave to politicians—the principalagent problem is worse for politicians 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. 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。 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)中央銀行實施的 Moary operations are not centralized ? 不負(fù)責(zé)監(jiān)管金融機構(gòu) Does not supervise and regulate financial institutions Copyright 169。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. 1320 Why the Chairman Really Runs the Show（為什么委員會主席是實際的操縱者？） ? 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. 1318 Federal Open Market Committee (FOMC聯(lián)邦公開市場委員會 ) ? 每年 8次會議 Meets eight times a year ? 該委員會由聯(lián)邦儲備委員會的 7位委員、紐約聯(lián)邦儲備銀行行長和其他 4位聯(lián)邦儲備銀行行長組成（其余 7位聯(lián)儲行長列席會議） Consists of seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and the presidents of four other Federal Reserve banks ? 聯(lián)儲委員會主席還擔(dān)任聯(lián)邦公開市場委員會的主席 Chairman of the Board of Governors is also chair of FOMC ? 公開市場委員會不實際買賣證券，而是向紐約聯(lián)邦儲備銀行的交易室發(fā)布指令 Issues directives to the trading desk at the Federal Reserve Bank of New York Copyright 169。 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. 1314 Board of Governors of the Federal Reserve System聯(lián)邦儲備委員會 ? 聯(lián)邦儲備體系的最高層 ， 7名董事，華盛頓 Seven members headquartered in Washington, . ? Appointed by the president and confirmed by the Senate總統(tǒng)任命，參議會同意 ? 14year nonrenewable term，任期 14年，不得連任 ? Required to e from different districts ? Chairman is chosen from the governors and serves fouryear term主席從 7位委員中選出，任期為 4年 Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1312 Federal Reserve Banks and Moary Policy ? “確定”貼現(xiàn)率，貼現(xiàn)率最終由聯(lián)儲審查并決定 Directors ―establish‖ the discount rate ? Decide which banks can obtain discount loans ? Directors select one mercial banker from each district to serve on the Federal Advisory Council which consults with the Board of Governors and provides information to help conduct moary policy ? Five of the 12 bank presidents have a vote in the Federal Open Market Committee (FOMC聯(lián)邦公開市場委員會