Financial Markets and Institutions (2-downloads)


PART FOUR CENTRAL BANKING AND THE CONDUCT OF



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Mishkin Eakins - Financial Markets and Institutions, 7e (2012)


PART FOUR CENTRAL BANKING AND THE CONDUCT OF 

MONETARY POLICY

Chapter 9 Central Banks and the Federal Reserve System

191


Preview

191


Origins of the Federal Reserve System

192


■ INSIDE THE FED

The Political Genius of the Founders of the 

Federal Reserve System

192


Structure of the Federal Reserve System

193


Federal Reserve Banks

194


■ INSIDE THE FED

The Special Role of the Federal Reserve Bank of New York

195

Member Banks

196


Board of Governors of the Federal Reserve System

197


■ INSIDE THE FED

The Role of the Research Staff

198

Federal Open Market Committee (FOMC)

198


The FOMC Meeting

199


■ INSIDE THE FED

Green, Blue, Teal, and Beige: What Do These Colors 

Mean at the Fed?

200


Why the Chairman of the Board of Governors Really Runs the Show

200


■ INSIDE THE FED

How Bernanke’s Style Differs from Greenspan’s

201

How Independent Is the Fed?



202

Structure and Independence of the European Central Bank

203

Differences Between the European System of Central Banks and 

the Federal Reserve System

204


Governing Council

204


How Independent Is the ECB?

205


Structure and Independence of Other Foreign Central Banks

206


Bank of Canada

206


Bank of England

206


Bank of Japan

207


The Trend Toward Greater Independence

207


Explaining Central Bank Behavior

207


Should the Fed Be Independent?

208


The Case for Independence

208


■ INSIDE THE FED

The Evolution of the Fed’s Communication Strategy

209

The Case Against Independence

210


Central Bank Independence and Macroeconomic Performance 

Throughout the World

211



Contents in Detail 

xv

Summary


212

Key Terms

212

Questions and Problems



212

Web Exercises

213

Chapter 10 Conduct of Monetary Policy: Tools, Goals, Strategy



and Tactics

214


Preview

214


The Federal Reserve’s Balance Sheet

214


Liabilities

215


Assets

216


Open Market Operations

216


Discount Lending

217


The Market for Reserves and the Federal Funds Rate

217


Demand and Supply in the Market for Reserves

218


How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate

219


■ INSIDE THE FED

Why Does the Fed Need to Pay Interest on Reserves?

220

■ CASE


How the Federal Reserve’s Operating Procedures Limit Fluctuations

in the Federal Funds Rate 

223

Tools of Monetary Policy



224

Open Market Operations

224


A Day at the Trading Desk

225


Discount Policy

226


Operation of the Discount Window

226


Lender of Last Resort

227


Reserve Requirements

228


■ INSIDE THE FED

Federal Reserve Lender-of-Last-Resort Facilities During 

the 2007–2009 Financial Crisis

229


Monetary Policy Tools of the European Central Bank

230



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