Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics

Chapter 8 Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics

Chapter Preview ,[object Object]

Chapter Preview ,[object Object],[object Object],[object Object],[object Object]

Chapter Preview (cont.) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Chapter Preview (cont.) ,[object Object],[object Object],[object Object],[object Object]

The Federal Reserve’s Balance Sheet ,[object Object]

The Federal Reserve’s Balance Sheet: Liabilities ,[object Object],[object Object],[object Object]

The Federal Reserve’s Balance Sheet: Assets ,[object Object],[object Object],[object Object]

Open Market Operations ,[object Object],[object Object],[object Object],[object Object]

The Federal Reserve Balance Sheet ,[object Object],Result  R  $100, MB $100

Supply and Demand in the Market for Reserves ,[object Object]

Supply and Demand in the Market for Reserves ,[object Object],[object Object],[object Object]

Supply and Demand in the Market for Reserves ,[object Object],[object Object]

Supply and Demand in the Market for Reserves ,[object Object],[object Object],Figure 8.3, panel (a) Response to a Change in the Discount Rate

Supply and Demand in the Market for Reserves ,[object Object],[object Object],Figure 8.3, panel (b) Response to a Change in the Discount Rate

Tools of Monetary Policy ,[object Object]

Tools of Monetary Policy: Open Market Operations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Information about the FOMC http:// www.federalreserve.gov/fomc

Tools of Monetary Policy: Open Market Operations at the Trading Desk ,[object Object],[object Object],[object Object],[object Object],[object Object]

Tools of Monetary Policy: Open Market Operations at the Trading Desk ,[object Object],[object Object],[object Object]

Tools of Monetary Policy: Discount Loans ,[object Object],[object Object],[object Object],[object Object]

Tools of Monetary Policy: Discount Loans ,[object Object],[object Object]

Tools of Monetary Policy: Discount Loans ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Tools of Monetary Policy: Discount Loans ,[object Object],[object Object],[object Object],[object Object],[object Object]

Inside the Fed ,[object Object],[object Object],[object Object],[object Object]

Reserve Requirements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],FOMC calendar and meeting minutes http:// www.federalreserve.gov/fomc/#calendars

Monetary Policy Tools of the ECB ,[object Object]

ECB Open Market Operations ,[object Object],[object Object],[object Object],[object Object]

ECB Lending to Banks ,[object Object],[object Object],[object Object]

ECB Reserve Requirements ,[object Object],[object Object]

Price Stability Goal & the Nominal Anchor ,[object Object],[object Object],[object Object],[object Object]

Price Stability Goal & the Nominal Anchor ,[object Object],[object Object]

Other Goals of Monetary Policy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Should Price Stability be the Primary Goal? ,[object Object],[object Object]

Should Price Stability be the Primary Goal? ,[object Object],[object Object],[object Object]

Should Price Stability be the Primary Goal? ,[object Object],[object Object],[object Object],[object Object]

Monetary Targeting ,[object Object]

U.S. Monetary Targeting ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Japanese Monetary Targeting ,[object Object],[object Object],[object Object]

German Monetary Targeting ,[object Object],[object Object],[object Object],[object Object]

Monetary Targeting: Pros and Cons ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Global: the ECB’s Strategy ,[object Object],[object Object],[object Object],[object Object]

Inflation Targeting ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Inflation Targeting ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Inflation Targeting ,[object Object],[object Object],[object Object],[object Object],[object Object]

Inflation Targeting: Pros and Cons ,[object Object],[object Object],[object Object],[object Object],[object Object]

Inflation Targeting: Pros and Cons ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Inflation Targeting: Pros and Cons ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Inside the Fed: Ben Bernanke and Inflation Targeting ,[object Object],[object Object],[object Object]

Tactics: Choosing the Instrument ,[object Object],[object Object]

Tactics: Choosing the Instrument ,[object Object]

Nonborrowed Reserves Target ,[object Object],[object Object]

Federal Funds Rate Target ,[object Object],[object Object]

Criteria for Choosing Policy Instruments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Using a Fed Watcher ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Chapter Summary ,[object Object],[object Object],[object Object]

Chapter Summary (cont.) ,[object Object],[object Object],[object Object]

Chapter Summary (cont.) ,[object Object],[object Object]

Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics

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Chapter 08_Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics