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【Federal Reserve System】
1
Overview of the Federal Reserve System..........................1
Background.............................................................................1
Structure of the System.........................................................3
Board of Governors.................................................................4
Federal Reserve Banks............................................................6
Federal Open Market Committee...........................................11
Member Banks........................................................................12
Advisory Committees..............................................................13
2
Monetary Policy and the Economy.....................................15
Goals of Monetary Policy......................................................15
How Monetary Policy Affects the Economy......................16
Limitations of Monetary Policy............................................19
Guides to Monetary Policy....................................................20
Monetary Aggregates..............................................................21
Interest Rates..........................................................................23
The Taylor Rule......................................................................23
Foreign Exchange Rates..........................................................24
Conclusion...............................................................................25
3
The Implementation of Monetary Policy...........................27
The Market for Federal Reserve Balances...........................27
Demand for Federal Reserve Balances.....................................30
Supply of Federal Reserve Balances.........................................32
Controlling the Federal Funds Rate.....................................35
Open Market Operations.......................................................36
Composition of the Federal Reserve’s Portfolio.......................37
The Conduct of Open Market Operations..............................37
A Typical Day in the Conduct of Open Market Operations....40
Securities Lending...................................................................41
Reserve Requirements...........................................................41
Recent History of Reserve Requirements...............................42
Contractual Clearing Balances.............................................44
The Discount Window...........................................................45
Types of Credit........................................................................46
Eligibility to Borrow...............................................................49
Discount Window Collateral...................................................49
4
The Federal Reserve in the International Sphere.............51
International Linkages...........................................................51
ForeignCurrencyOperations...............................................53
Sterilization.............................................................................54
U.S. Foreign Currency Resources...........................................55
International Banking............................................................57
5
Supervision and Regulation.................................................59
Responsibilities of the Federal Banking Agencies.............60
Federal Financial Institutions Examination Council.........62
Supervisory Process................................................................62
Risk-Focused Supervision.......................................................63
Supervisory Rating System......................................................63
Financial Regulatory Reports.................................................63
Off-Site Monitoring................................................................64
Accounting Policy and Disclosure...........................................64
Umbrella Supervision and Coordination
with Other Functional Regulators.......................................65
Anti-Money-Laundering Program..........................................65
Business Continuity.................................................................66
Other Supervisory Activities...................................................66
Enforcement............................................................................66
Supervision of International Operations
of U.S. Banking Organizations............................................67
Supervision of U.S. Activities
of Foreign Banking Organizations.......................................68
Supervision of Transactions with Affiliates..............................69
Regulatory Functions.............................................................70
Acquisitions and Mergers.........................................................71
Other Changes in Bank Control.............................................72
Formation and Activities of Financial Holding Companies......73
Capital Adequacy Standards.....................................................73
Financial Disclosures by State Member Banks.........................74
Securities Credit......................................................................74
6
Consumer and Community Affairs......................................75
Consumer Protection.............................................................75
Writing and Interpreting Regulations.....................................75
Educating Consumers about Consumer Protection Laws.........76
Enforcing Consumer Protection Laws.....................................76
Consumer Complaint Program...............................................77
Community Affairs................................................................77
Consumer Protection Laws...................................................78
7
The Federal Reserve in the U.S. Payments System...........83
Financial Services...................................................................84
Retail Services.........................................................................85
Wholesale Services..................................................................94
Fiscal Agency Services...........................................................97
International Services.............................................................99
Federal Reserve Intraday Credit Policy...............................99
Appendixes
A Federal Reserve Regulations...............................................103
B Glossary of Terms................................................................107
Index..............................................................................................129
【2013 Members of the FOMC（FOMC成员简介）】
MembersBen S. Bernanke, Board of Governors, Chairman
William C. Dudley, New York, Vice Chairman
James Bullard, St. Louis
Elizabeth A. Duke, Board of Governors
Charles L. Evans, Chicago
Esther L. George, Kansas City
Jerome H. Powell, Board of Governors
Sarah Bloom Raskin, Board of Governors
Eric S. Rosengren, Boston
Jeremy C. Stein, Board of Governors
Daniel K. Tarullo, Board of Governors
Janet L. Yellen, Board of Governors
Alternate Members
Richard W. Fisher, Dallas
Narayana Kocherlakota, Minneapolis
Sandra Pianalto, Cleveland
Charles I. Plosser, Philadelphia
Christine M. Cumming, First Vice President, New York
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