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This chapter focuses on monetary policy from two perspectives. First, the authors introduce the basic structure of the Federal Reserve, talk about how the Federal Reserve conducts monetary policy in general, and show how monetary policy affects planned aggregate expenditure and short-run equilibrium output. Second, the authors work through the logic of money demand, money supply and the money market, then analyze how monetary policy affects nominal interest rates. | Monetary Policy and the Central Bank Chapter 23 McGraw-Hill/Irwin Copyright © 2015 by McGraw-Hill Education (Asia). All rights reserved. Learning Objectives Describe the structure and responsibilities of the Central Banking System Analyze how changes in the federal funds rate and real interest rate affect planned aggregate expenditure and short-run equilibrium output Show how the demand for money and the supply of money interact to determine the equilibrium nominal interest rate Discuss how the central bank uses its ability to control the money supply to influence nominal and real interest rates Fed Watch Analysts attempt to forecast Fed (the U.S. central bank) decisions about monetary policy Greenspan briefcase indicator Central bank decisions have significant effects on financial markets and the macro economy Monetary policy is a major stabilization tool Quickly decided and implemented More flexible and responsive than fiscal policy Country/Economy Central Bank Australia Reserve . | Monetary Policy and the Central Bank Chapter 23 McGraw-Hill/Irwin Copyright © 2015 by McGraw-Hill Education (Asia). All rights reserved. Learning Objectives Describe the structure and responsibilities of the Central Banking System Analyze how changes in the federal funds rate and real interest rate affect planned aggregate expenditure and short-run equilibrium output Show how the demand for money and the supply of money interact to determine the equilibrium nominal interest rate Discuss how the central bank uses its ability to control the money supply to influence nominal and real interest rates Fed Watch Analysts attempt to forecast Fed (the U.S. central bank) decisions about monetary policy Greenspan briefcase indicator Central bank decisions have significant effects on financial markets and the macro economy Monetary policy is a major stabilization tool Quickly decided and implemented More flexible and responsive than fiscal policy Country/Economy Central Bank Australia Reserve Bank of Australia Canada Bank of Canada China People’s Bank of China Hong Kong Hong Kong Monetary Authority Indonesia Bank Indonesia Japan Bank of Japan Malaysia Bank Negara Malaysia Singapore Monetary Authority of Singapore South Korea Bank of Korea United Kingdom Bank of England United States Federal Reserve System (Fed) Central Banks of Selected Economies The Central Banking System and the Federal Reserve Responsibilities of the central bank: Conduct monetary policy Oversee and regulate financial markets Central to solving financial crises The Federal Reserve System began operations in 1914 Does not attempt to maximize profit Promotes public goals such as economic growth, low inflation, and smoothly functioning financial markets www.federalreserve.gov/ The Federal Reserve Organization 12 Federal Reserve Bank districts Assess economic conditions in their region Provide services to commercial banks in their region Leadership is provided by the Board of Governors Seven governors are .
