【正文】 oint the president of the bank subject to approval by Board of Governors 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. 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. 1315 Duties of the Board of Governors ? Votes on conduct of open market operations ? Sets reserve requirements確定準備金率 ? Controls the discount rate through ―review and determination‖ process通過“審查和決定”程序控制貼現(xiàn)率 ? Sets salaries of president and officers of each Federal Reserve Bank and reviews each bank’s budget 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。 2020 Pearson AddisonWesley. All rights reserved. 1319 FOMC Meeting ? 會議的第一個重要議程是由美聯(lián)儲負責公開市場操作的經(jīng)理作關于外匯和國內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 ? 討論委員會研究團隊所作的國民經(jīng)濟預測報告，通常稱為“綠皮書” Presentation of Board’s staff national economic forecast ? 委員會的貨幣事務部主任陳述“藍皮書”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. 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. 1322 European Central Bank（歐洲中央銀行的結構和獨立性） ? 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. 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。 only by revision of the Maastricht Treaty 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 Co