Fiscal and Monetary Policy

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Presentation transcript:

Fiscal and Monetary Policy Macroeconomics Fiscal and Monetary Policy

I. Goals Explain the history of central banking. Describe the structure of the Federal Reserve. Describe the causes of the 2008 recession and the action of the federal government and the Federal Reserve.

II. History of Central Banking Original Bank of the United States (1791 – 1811) Second Bank of the United States (1816 – 1837) Era of Free-banking (1837 – 1864) National Banks (1864 – 1913) The Federal Reserve System (1913 - ) The Panic of 1907 illustrated a need for a regulated banking system.

III. Structure of the FED Board of Governors Seven Members 14 year terms. Appointed by President and approved by Senate. Chairman of the Board Appointed by President and confirmed by Senate. Serves 4 year terms.

III. Structure of the FED Federal Reserve District Banks 12 District banks. Provides banking and regulatory services. Each bank and run by a board of directors. Federal Open Market Committee Board of Governors + five regional bank presidents. One of the five presidents is always the president of the New York Branch. New York Branch carries out Open Market Operations. Milton Friedman “Purpose of the FED”: https://www.youtube.com/watch?v=9V5OP-VmXgE

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