centralbanksandthefederalreservesystem(编辑修改稿)

centralbanksandthefederalreservesystem(编辑修改稿)内容摘要：

t 169。 2020 Pearson AddisonWesley. All rights reserved. 1319 FOMC Meeting • 会议的第一个重要议程是由美联储负责公开市场操作的经理作关于外汇和国内公开市场操作的报告 Report by the manager of system open market operations on foreign currency and domestic open market operations and other related issues • 讨论委员会研究团队所作的国民经济预测报告，通常称为“绿皮书” Presentation of Board’s staff national economic forecast • 委员会的货币事务部主任陈述“蓝皮书”中概括的货币政策的不同方案Outline of different scenarios for moary policy actions • Presentation on relevant Congressional actions • Public announcement about the oute of the meeting Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1320 Why the Chairman Really Runs the Show（为什么委员会主席是实际的操纵者。 ） • Spokesperson for the Fed and negotiates with Congress and the President • Sets the agenda for meetings • Speaks and votes first about moary policy • Supervises professional economists and advisers Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1321 How Independent is the Fed? • 斯坦利 .费希尔将中央银行的独立性分为工具独立性（中央银行使用货币政策工具的能力）和目标独立性（中央银行设定货币政策目标的能力）。 联邦储备体系具备上述两种独立性Instrument and goal independence. • 独立的收入来源 Independent revenue • 规范美联储结构的法律由国会颁布，并且可以随时调整Fed’s structure is written by Congress, and is subject to change at any time. • Presidential influence – Influence on Congress – Appoints members – Appoints chairman although terms are not concurrent Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1322 European Central Bank（欧洲中央银行的结构和独立性） • Patterned after the Federal Reserve • Central banks from each country play similar role as Fed banks • Executive Board – President, vicepresident and four other members – Eight year, nonrenewable terms Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1323 Differences • 联邦储备银行的预算由联邦储备委员会控制，而国内银行可以控制自己的预算和位于法兰克福的欧洲 中央银行的预算 National Central Banks control their own budgets and the budget of the ECB • 欧元体系的货币政策操作是由各国国内中央银行实施的 Moary operations are not centralized • 不负责监管金融机构 Does not supervise and regulate financial institutions Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1324 Governing Council（理事会P313） • Monthly meetings at ECB in Frankfurt, Germany • Twelve National Central Bank heads and six Executive Board members • Operates by consensus • ECB announces the target rate and takes questions from the media • To stay at a manageable size as new countries join, the Governing Council will be on a system of rotation Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1325 ECB Independence • Most independent in the world • 执行委员会的成员任期很长 Members of the Executive Board have long terms • Determines own budget • 《 马斯特里赫特条约 》 量化货币政策的目标是通胀率低于 2%Less goal independent – Price stability • 欧元体系的章程不能由法律改变，只有修改马约 Charter cannot by changed by legislation。 only by revision of the Maastricht Treaty Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1326 Structure and Independence of Other Foreign Central Banks • Bank of Canada – Essentially controls moary policy • Bank of England – Has some instrument independence. • Bank of Japan – Recently (1998) gained more independence • The trend toward greater independence Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1327 Central Bank Behavior • Theory of bureaucratic behavior: objective is to maximize its own welfare which is related to power and prestige – Fight vigorously to preserve autonomy – Avoid conflict with more powerful groups • Does not rule out altruism Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1328 Case for Independence（支持独立性的理由） • Political pressur。