The economics of money, banking, and financial markets

Inside the Fed  The Special Role of the Federal Reserve Bank of New York  298

Member Banks ................................................................................................................... 299

Board of Governors of the Federal Reserve System .............................................................. 300

Federal Open Market Committee (FOMC) ......................................................................... 300

Inside the Fed  The Role of the Research Staff  301

Inside the Fed  The FOMC Meeting  302

Inside the Fed  Green, Blue, Teal, and Beige: What Do These Colors  

Mean at the Fed?  303

Why the Chairman of the Board of Governors Really Runs the Show ................................. 303

Inside the Fed  Styles of Federal Reserve Chairs: Bernanke and Yellen  

Versus Greenspan  304

How Independent Is the Fed? .................................................................................................305

Should the Fed Be Independent? ...........................................................................................307

The Case for Independence ................................................................................................ 307

The Case Against Independence ......................................................................................... 308

Central Bank Independence and Macroeconomic Performance Throughout the World ....... 309

Explaining Central Bank Behavior ..........................................................................................309

Inside the Fed  The Evolution of the Fed’s Communication Strategy  310

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Contents in Detail 

xxi

Structure and Independence of the European Central Bank .........................................311

Differences Between the European System of Central Banks and the  

Federal Reserve System.................................................................................................. 311

Governing Council ............................................................................................................. 312

How Independent Is the ECB? ............................................................................................ 312

Structure and Independence of Other Foreign Central Banks .......................................313

Bank of Canada .................................................................................................................. 313

Bank of England ................................................................................................................. 313

Bank of Japan ..................................................................................................................... 314

The Trend Toward Greater Independence ........................................................................... 315

Summary  315   •   Key Terms  316   •   Questions  316   •   Data Analysis Problems  317   •    

Web Exercises  317   •   Web References  317