金融學（第四版）課件：The Overseer The Federal Reserve System

TheOverseer:TheFederalReserveSystem

2OrganizationalStructureoftheSystemTheFederalReserveSystemwascreatedbyCongressin1913createdasacentralbankthatcouldlendfundstocommercialbanksduringemergenciestohelpthemavoidinsolvencyandbankruptcylenderoflastresort3OrganizationalStructureoftheSystemInthemidstoftheGreatDepression,itwasclearthattheFederalReservewasnotabletohandlebankfailuresintheBankingReformActsof1933and1935,CongressprovidedmanyoftheadditionalpolicytoolsandregulationtheFedneededthemostsignificantchangeinvolvedtheFed’spurposeandobjectives4OrganizationalStructureoftheSystemTheFed’snewresponsibilitiesinvolvedeffortstoattainthenation’seconomicanfinancialgoalsfosterasmooth-running,efficient,competitivefinancialsystempromotetheoverallhealthandstabilityoftheeconomythroughitsabilitytoinfluencetheavailabilityandcostofmoneyandcredit5OrganizationalStructureoftheSystemThecoreoftheFederalReserveSystemintheBoardofGovernors7membersappointedbythePresidentwiththeconsentoftheU.S.Senatethefulltermofamemberis14yearsarrangedsothat1expiresevery2years1memberisappointedaschairand1isappointedasvice-chairtermis4yearschairisthe“officialspokesperson”fortheFed6OrganizationalStructureoftheSystemThenationisdividedinto12districtseachdistrictisservedbyaReserveBankthe3largestareNewYork,Chicago,andSanFranciscothe12ReserveBankshaveatotalof26branchesmembercommercialbankswithinadistrictelect6ofthe9directorsoftheReserveBanktheother3areappointedbytheBoardofGovernors7OrganizationalStructureoftheSystem8OrganizationalStructureoftheSystemTheFederalOpenMarketCommittee(FOMC)istheprincipalpolicy-makingbodywithintheFederalReserveSystemformulatespolicyandoverseesitsimplementation12members7membersoftheBoardofGovernors5ofthe12DistrictBankpresidents(1isalwaysthepresidentoftheNewYorkDistrictBank)bytradition,thechairhasbeentheFedchair9OrganizationalStructureoftheSystemTheFOMCmeetsinWashington8timesperyear(approximatelyevery6weeks)issueapolicydirectivewhichsetsforththeoperatinginstructionstotheFederalReserveBankofNewYorkregardingtheconductofmonetarypolicytheFedusestheNewYorkDistrictBankbecauseNewYorkisthecenteroftheU.S.financialsystemeconomists,financialinvestors,andportfoliomanagersfollowtheoperationsoftheNewYorkDistrictBankclosely10TheOrganizationalStructureoftheFederalReserveSystemBoardofGovernorsSevenmembersappointedbythepresidentoftheUnitedStatesandconfirmedbytheSenatefor14-yearterms.OneofthesevengovernorsisappointedchairbythePresidentoftheUnitedStatesandconfirmedbytheSenatefora4-yearterm.TheBoardofGovernorsappointsthreeoftheninedirectorstoeachReserveBank.TwelveFederalReserveBanksEachwithninedirectorswhoappointtheReserveBankpresidentandotherofficersoftheReserveBanks.FederalOpenMarketCommittee(FOMC)SevenmembersoftheBoardofGovernorsplusthepresidentoftheNewYorkFedandpresidentsoffourotherReserveBanks.Nearly5,000MemberCommercialBanksElectsixoftheninedirectorstoeachReserveBank.11TheFunctionsoftheFedFUNCTIONSOFTHEFEDActionstakentoimprovethehealthoftheeconomyFormulatesMonetaryPolicyActionstakentoensurethesafetyandsoundnessofthefinancialsystemFacilitatesthePaymentsMechanismsActionstakentoensurethesafeandefficienttransferoffundsincludingcheckclearingandprovidingsufficientcurrencyandcoinSupervisesandRegulatestheFinancialSystemMaintainstheTreasury’stransactionsaccountActsasFederalAgentfortheU.S.Government122objectivestoensurethatsufficientmoneyandcreditareavailabletoallowtheeconomytoexpandalongitslong-termpotentialgrowthtrendwithlittleornoinflationtominimizethefluctuationsaroundthelong-runtrendFormationandImplementationofMonetaryPolicy13TheFedtakesactionstoaffectthecostandavailabilityoffundsinthefinancialsystemItsdecisionsmay,inturn,affectthespending,producing,borrowing,lending,pricing,andhiringdecisionsmadeintherestoftheeconomyFormationandImplementationofMonetaryPolicy14PromotingthesafetyandsoundnessofdepositoryinstitutionsformingspecificrulesthatgovernbankingbehaviorensuringthatbanksareoperatedprudentlyandinaccordancewithstatutesandregulationsTruthinLendingActFairCreditBillingActEqualCreditOpportunityActCommunityReinvestmentActSupervisionandRegulationoftheFinancialSystem15DevelopingandmaintainingsafeandefficientmeansfortransferringfundsprovidingcurrencyandcoinclearingchecksFacilitationofthePaymentsMechanism16TheCheck-ClearingSystemcheckcanceledMary’sbankDad’sbankDadreceivesanddepositscheckcheckdepositedMarywriteschecktoDadcheckFederalReserveBankcheckforwarded17FurnishesbankingservicestothegovernmentmaintainstheU.S.TreasurytransactionsaccountclearsTreasurychecksissuesandredeemsgovernmentsecuritiesactsasthefiscalagentofthegovernmentinfinancialtransactionswithforeigngovernmentsandforeigncentralbanksOperationasFiscalAgentfortheGovernment18TheFed’sMajorPolicyToolsOpenMarketOperationsTheDiscountRateReserveRequirements19OpenMarketOperationsThemostimportantmonetarypolicytoolavailabletotheFedTheseinvolvethebuyingandsellingofU.S.governmentsecuritiesbytheFedwhentheFedbuyssecurities,reservesrisewhentheFedsellssecurities,reservesfallchangesinreservesaffecttheabilityofdepositoryinstitutionstomakeloansandtoextendcreditthus,changesinreservesalsoaffectthemoneysupply20TheDiscountRateTheFedoperatesadiscountwindowthroughwhichdepositoryinstitutionscanborrowreservesfromtheFedinJanuary2003,anewpolicywasimplementedthatestablishedthreecreditprogramsfordiscountwindowborrowingprimarysecondaryseasonal21ThePrimaryCreditProgramLoansaremadetodepositoryinstitutionsthatareinahealthyandsoundfinancialconditionforaveryshorttimeusuallyovernighttheprimarycreditrateisset1percentaboveanotherkeyshort-terminterestrateonwhichtheFedexertsagreatdealofinfluenceWhenwerefertothe“discountrate”,wearegenerallytalkingabouttheprimarycreditrate22TheSecondaryCreditProgramShort-termloansaremadetodepositoryinstitutionsthatarehavingfinancialdifficultiesthesecondarycreditrateisgenerallyset?percenthigherthantheprimarycreditrate23TheSeasonalCreditProgramSeasonalcreditisextendedtoasmallnumberofdepositoryinstitutionsthathaverecurringseasonalfundingneedsbanksinagriculturalorseasonalresortcommunitiestheseasonalcreditrateisanaverageofvariousmarketrates24TheDiscountRatePriorto2003,changesinthediscountrateoftenlaggedchangesinotherinterestratesNowthediscountrateautomaticallychangesinresponsetochangesinothershort-termrates25TheDiscountRateChangesinthediscountratecanhaveseveralpossibleeffectsondepositoryinstitutionbehaviorandtheeconomyaltersthecostofborrowingreservesfromtheFedTheFedurgesdepositoryinstitutionstoborrowfromtheFedonlywhenotheralternativesarenotavailableshouldbetemporaryandnotpersistent26TheDiscountRateIncaseswherethesafetyandsolvencyoftheinstitutionexist,theFedstandsreadytoserveaslenderoflastresortitsmainconcernistominimizetherisktothepublicinterestandthefinancialsystemwantstopreservethepublic’sconfidenceinthesafetyandsoundnessofthecountry’sdepositoryinstitutions27ReserveRequirementsTheFedrequiresdepositoryinstitutionstoholdrequiredreservesequaltoaproportionofcheckabledepositliabilitiesiftheFedwantstoencouragebanklending,itcouldlowertherequiredreserveratiocanhaveapowerfuleffectonthesupplyofmoneyandthecostandavailabilityofcreditTheFeddoesnotchangetherequiredreserveratioveryoften28DivisionofResponsibilitywithintheFederalReserveSystem29TheIndependenceoftheFedCongressestablishedtheFedasanindependentagencytoshielditfromthepoliticalprocess14-yeartermsofthemembersoftheboardensurethattheydonothavetodefendtheirpoliciestoCongressorthePresidenttheFeddoesnotdependonCongressforitsfundingtheFedisexemptfrommanyoftheprovisionsoftheFreedomofInformationAct30TheIndependenceoftheFedTheFedisnotcompletelyoutsideofgovernmentintheshortrun,theFeddoesnottakeordersfromanyoneintheexecutiveorlegislativebranchofgovernmentinthelongrun,CongresscanpassnewlawsthattheFedmustobey31TheIndependenceoftheFedEversincetheFedwascreated,therehasbeenadebateconcerningthedesirabilityofitsindependencethedegreetowhichtheFedshouldalteritspolicyinresponseto“suggestions”fromCongressorthePresidentthemoreresponsivetheFedis,thelessindependentitwillbe32TheIndependenceoftheFedThosewhosupportindependencedosoonthegroundsthatanythinglesswillinjectpoliticsintomonetarypolicyoperationspoliticiansmaybeshort-runmaximizers,onlyinterestedingettingelectedandreelected33TheIndependenceoftheFedThosewhodonotsupportindependencearguethattheindependenceoftheFedisinconsistentwithdemocracythePresidentandCongressareheldaccountableforeconomicconditionstheyshouldhaveallpolicytoolsavailabletothemmonetarypolicyshouldbecontrolledbypeopledirectlyresponsibletotheelectorate34TheIndependenceoftheFedOpponentsoftheFed’sindependencewouldliketoseereformsachangeinthestatusofReserveBankpresidentsontheFOMCbankpresidentsrepresenttheinterestsofthebankingcommunityandnotthepublicatlargeabroadeningoftheauthorityoftheGeneralAccountingOffice(GAO)toaudittheFedthedeliberationsregardingmonetarypolicy,thetransactionsdirectedbytheFOMC,andthetransactionsinvolvingforeignexchangeoperations35TheIndependenceoftheFedInresponsetoconcernsabouttoomuchFedautonomy,theFedhasbecomemoreopeninrecentyearsreleaseseditedminutesofitsdeliberationsafewweeksaftertheFOMCmeetsseveralpolicychangesareannouncedimmediatelyafterFOMCmeetings36SummaryofMajorPointsTheFederalReserveSystemwasestablishedbyanactofCongressin1913theoriginalFederalReserveActwasmodifiedandstrengthenedin1933and1935followingtheeconomicandfinancialcollapseoftheGreatDepression37SummaryofMajorPointsTheFedischargedwithregulatingandsupervisingtheoperationofthefinancialsystemsoastopromoteasmooth-running,efficient,competitivefinancialsystemandwithpromotingtheoverallhealthandstabilityoftheeconomythroughitsabilitytoinfluencetheavailabilityandcostofmoneyandcredit38SummaryofMajorPointsTheBoardofGovernors,locatedinWashington,D.C.,isthecoreoftheFederalReserveSystemitiscomposedofsevenmembersappointedbythepresident,withtheapprovaloftheSenate,for14-yeartermsthetermsarestaggeredsothatoneexpireseverytwoyearsthePresidentappointsoneofthegovernorsaschairforafour-yearterm39SummaryofMajorPointsThecountryisdividedinto12districtseachdistrictisservedbyaReserveBanklocatedinalargecitywithinthedistricttheframersoftheoriginalFederalReserveActhopedtodecentralizepolicy-makingauthoritywithintheFedthroughthecreationofReserveBanks40SummaryofMajorPointsTheFederalOpenMarketCommittee(FOMC)isthechiefpolicy-makingbodywithintheFeditiscomposedof12membersthe7membersoftheBoardofGovernors5ofthe12presidentsoftheReserveBanksthepresidentoftheNewYorkFederalReserveBankisapermanentvotingmembertheotherfourslotsrotateyearlyamongtheremaining11ReserveBankpresidents41SummaryofMajorPointsTheFed’sfunctionscanbeclassifiedintofourmainareasformulatingandimplementingmonetarypolicysupervisingandregulatingthefinancialsystemfacilitatingthepaymentsmechanismactingasafiscalagentforthegovernment42SummaryofMajorPointsTheFOMCdirectsopenmarketoperations,themajortoolforimplementingmonetarypolicytheseoperationsinvolvethebuyingorsellingofgovernmentsecuritiestheseoperationsaffectthevolumeofreservesinthebankingsystemaswellasinterestrateswhentheFedbuyssecurities,bankreservesrisethisencouragesbankerstoexpandloansandthemoneysupply43SummaryofMajorPointsTheFOMCmeetseighttimeseachyearinclosedmeetingsinWashingtonpolicychangesareannouncedimmediatelyafterthemeetingstheminutesofthemeetingsarereleasedtothepublicimmediatelyafterthenextFOMCmeetingtheycontainthepolicydirective,whichisthesetofinstructionsregardingtheconductofopenmarketoperation