United States Monetary Policy

Paper Summary:

This paper examines the Federal Reserve System's management of monetary independence policy in terms of efficiency, efficacy and equity. The paper also examines the political independence of the Federal Reserve, as well as the tools utilized to accomplish and control monetary policy.

Outline:
Background of Federal Reserve
Federal Monetary Control Tools
The Federal Open Market Committee
Efficiency, Efficacy and Equity

From the Paper:

"The Federal Reserve was created by Congress of the United States and first enacted in December of 1923 (Wikipedia, 2004). The Federal Reserve System is made up of a central Board of Governors based in Washington, D.C., and twelve regional Federal Reserve banks located throughout the nation. The twelve regional Federal Reserve banks are located in: New York, New York; Richmond, Virginia; Boston, Massachusetts; Philadelphia, Pennsylvania; Cleveland, Ohio; Chicago, Illinois; St. Louis, Missouri; Atlanta, Georgia; Dallas, Texas; Minneapolis, Minnesota; Kansas City, Missouri, and San Francisco, California. The current Chairman of the Board of Governors of the Federal Reserve is Ben Shalom Bernanke (Wikipedia, 2006)."

Sample of Sources Used:

• Board of Governors of the Federal Reserve System. Monetary Policymaking: Federal
• Open Market Committee. Last update: May 6, 2004. 10 June 2004. http://www.federalreserve.gov/fomc/default.htm
• Federal Reserve Bank of New York. Federal Open Market Committee. 10 June 2004. http://www.ny.frb.org/aboutthefed/fedpoint/fed48.html
• Hetzel, Robert L. 1984. The Formulation of Monetary Policy, working paper 84-2.
• Federal Reserve Bank of Richmond, May 1984. 10 June 2004. http://ideas.repec.org/p/fip/fedrwp/84-02.html

More papers on United States Monetary Policy:

• Essay # 52188 : "United States Monetary Policy"
• Analytical Essay # 131607 : "Analysing Monetary Policy"
• Term Paper # 119187 : "The United States Federal Reserve System"

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