Macroeconomics

Paper Summary:

This document discusses two macroeconomics questions relating to the Federal Reserve and inflation. The paper examines the Federal Reserve by its general structure and then through its monetary policy, and control and oversight thereof. The paper then examines inflation in relation to monetary policy as well as to the effect of unions upon inflation in that they are not the only cause of inflation but one of many potential causes.

From the Paper:

"The Federal Reserve is the central banking authority of the United States. The Federal Reserve System was created with the Federal Reserve Act of 1913 with idea of centralizing the control of the monetary currency of the country (Cleaver, 2004, 102). In that sense the Federal Reserve is a centralized system of monetary control. However, because of its structure, the Federal Reserve acts as a decentralized regime. The Federal Reserve consists of a Board of Governors of the Federal Reserve System, the 12 Federal Reserve Banks, the Federal Open Market Committee, the Federal Advisory Council, and the Consumer Advisory Council as well as several thousand member banks that form the nexus of the Federal Reserve System (Cleaver, 2004, p.102-03). "

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