图书简介

Chapter 1: Background; Why is the Federal Reserve (the Fed) so important to the country?; How in general does the Fed compare with other central banks?; How does a central bank differ from other banks and financial institutions?; If so crucial to national policy, why is the Fed independent of the government?; Chapter 2: The Fed’s Organization for Policy; Where does responsibility for monetary policy decisions reside in the Fed?; What does the FOMC do and how is it organized?; How are other monetary policy instruments controlled?; How is the politically appointed Board of Governors chosen?; How are Reserve Banks governed?; What role do Reserve Banks play in the policy process?; Should the regional structure of the Fed be modified for today’s world?; Should reserve bank presidents be politically appointed?; Do members and directors of Fed banks unduly profit or exert influence?; What happens to the profits from Fed operations?; What is the underlying connection between the government and the Fed?; How does the government keep tabs on the Fed?; What does it mean in practice to say the Fed is independent?; Chapter 3: Basic Monetary Policy Objectives; What are the Fed’s basic objectives?; How does the Fed take account of it economic goals?; What role do Fed chairman play in focusing the institution’s goals?; In what sense are the objectives compatible with each other ?; What does price stability mean?; What makes the Fed prefer a little rather than no inflation as its practical goal?; What inflation rate seems to satisfy the goal of price stability; Has the Fed specified a target rate of inflation?; Chapter 4: Instruments of Monetary Policy; How are the Fed’s monetary instruments employed in the policy process?; Which of the Fed’s instruments are most significant for implementing policy?; How are open market operation employed?; How does the funds rate connect with money market conditions in general?; How does the funds rate decision affect other credit markets and spending?; How do open market operations avoid creating too much money and inflation?; Does the money market itself influence spending or is it mostly a policy conduit?; Are the Fed’s powers also used to influence the government market in particular?

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