Download e-book for iPad: The Federal Reserve System Discussed: A Comparative Analysis by M M Fase, W F Vanthoor

By M M Fase, W F Vanthoor

ISBN-10: 3902109025

ISBN-13: 9783902109026

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A possible solution might be corporate bonds which could be used for open-market purposes. 6 Relative size of San Francisco Geographically, the San Francisco district is the largest of the twelve, covering some 35 % of the surface area of the United States. Its regional importance is estimated at about 20 % of the countryÕs gross national product. 2 % of the total), with 238 member banks (including 160 national banks) and 454 state non-member banks with, in addition, 124 branches of foreign banks.

If so, the phenomenon is included in the national discussion. The presidents often do not know their regional inflation data, partly because the figures do not exist. Under Mr Greenspan, the inflation target has been set in vague terms and so the FRS has some leeway. What about the sharp rise in labour productivity? The president of the Minneapolis Bank admits that to the extent that this translates into downward pressure on prices, an inflation target might be dangerous since meeting it invites an expansionist monetary policy.

5 Issue of targets Some economists would be happy with a quantitative target. There are, however, members of the Board of Governors who oppose this since announcing a target could be seen as being in conflict with the Congressional mandate that forbids such a statement. The current Ôvaguely defined objectivesÕ often lead to Ôfuzzy languageÕ so that commenting on district policy is difficult. In this connection, every Reserve Bank president has to be very involved in his district to keep as closely in touch as possible with what is going on there.

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The Federal Reserve System Discussed: A Comparative Analysis by M M Fase, W F Vanthoor

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