金融市场与机构 英文版 第四章.ppt

CHAPTER 4 The Fed and ary Policy ? 2003 South-Western/Thomson Learning Chapter Objectives n Identify the Fed ’ s role in ary policy n Describe the tools the Fed uses to influence ary policy n Explain how changes in regulation in the 1980s affected the Fed and ary policy Federal Reserve System: Third U. S. Central Bank n First Bank of the United States (1791 –1811) n Second Bank of the United States (1816 –1836) n Federal Reserve System (1913 –) Structure of the Federal Reserve System n12 Fed District Banks n mercial Banks n7 Members of Board of Governors n14 year terms for Governors n12 Open mittee (FOMC) Members n mittees to Fed from private sector Functions of the Federal Reserve System n Effect ary Policy n . Central Bank In International Area n Fiscal Agent of . Treasury n Facilitate Efficient Payments System n Regulate Banks and Bank Holding Co. n Enforce Consumer Credit anization of the Federal Reserve n Federal Reserve District Banks l 12 districts l Districts divided by population at 1912 –13 l District bank size related to economic wealth of district l District banks owned by private member banks l Board of Directors of district banks u Three appointed by Board of Governors u Three professional bankers u Three business persons in anization of the Federal Reserve n Member Banks l Must meet requirements of the Federal Reserve Board of Governors to be a member bank l Nationally chartered banks must be member banks l State chartered banks may be member banks l 35% of banks controlling 70% of all deposits are anization of the Federal Reserve n Board of Governors l7 individuals appointed by the . president and confirmed by the Senate l . president appoints one of the 7 chair whose 4-year term is renewable l Offices in Washington, . l Serve nonrenewable 14-year terms l Independence of Federal Reserve u Staggered terms of Governors u Budget separate from anization of the Federal Reserve n Board of Governors has two main functio