Exam 13: Central Banks and the Federal Reserve System

The nine directors of the Federal Reserve Banks are split into three categories: ________ are professional bankers,________ are leaders from industry,and ________ are to represent the public interest and are not allowed to be officers,employees,or stockholders of banks.

Each Fed bank president attends FOMC meetings; although only ________ Fed bank presidents vote on policy,all ________ provide input.

A nominal anchor promotes price stability by

The theory that monetary policy conducted on a discretionary,day-by-day basis leads to poor long-run outcomes is referred to as the

A nominal variable,such as the inflation rate or the money supply,which ties down the price level to achieve price stability is called ________ anchor.

The public's fear of centralized power and distrust of moneyed interests led to the demise of the first two experiments in central banking:

The research document given to the Federal Open Market Committee that contains information on the state of the economy in each Federal Reserve district is called the

When workers voluntarily leave work while they look for better jobs,the resulting unemployment is called

Foreign exchange rate stability is important because a decline in the value of the domestic currency will ________ the inflation rate,and an increase in the value of the domestic currency makes domestic industries ________ competitive with competing foreign industries.

The Federal Reserve Banks are ________ institutions since they are owned by the ________.

Either a dual or hierarchial mandate is acceptable as long as ________ is the primary goal in the ________.

Which of the following are not current duties of the Board of Governors of the Federal Reserve System?

The research document given to the Federal Open Market Committee that contains the forecast of national economic variables for the next two years is called the

Which of the following statements about central bank structure and independence are true?

Banks subject to reserve requirements set by the Federal Reserve System include

The Federal Open Market Committee usually meets ________ times a year.

Which of the following is NOT an entity of the Federal Reserve System?

The case for Federal Reserve independence does not include the idea that

Economists believe that countries recently suffering hyperinflation have experienced

Members of Congress are able to influence monetary policy,albeit indirectly,through their ability to