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1、Chapter 12,Structure of Central Banks and the Federal Reserve System （中央银行的结构与联邦储备体系）,12-2,央行简史,最早的央行：瑞典中央央行（1656） 英格兰银行 1694年获得特许状，民间拥有的股份有限公司 拿破仑战争期间，英格兰银行停止用黄金赎回该行发行的票据 1844年，英国会立法，英格兰银行一分为二：银行部门和发行部门 1946年，英格兰银行收归国有,12-3,央行简史,法兰西银行（1800） 货币发行银行：以法国大革命期间没收的贵族和天主教会财产发行纸币。 法兰西一直是民间拥有的国家机构，民股每年可得到6的
2、股利加上2/3的利润,12-4,Origins of the Federal Reserve System（联邦体系的起源,Resistance to establishment of a central bank Fear of centralized power Distrust of moneyed interests（金融界的不信任） First U.S. experiments with a central bank terminated in 1811 and in 1836 No lender of last resort（最后贷款人） Nationwide bank panic
3、s on a regular basis Panic of 1907 so severe that the public was convinced a central bank was needed Federal Reserve Act of 1913 Elaborate system of checks and balances（制约和平衡的系统） Decentralized,12-5,12-6,12-7,Federal Reserve Banks,Quasi-public institution owned by private commercial banks in the dist
4、rict that are members of the Fed system Member banks elect six directors for each district; three more are appointed by the Board of Governors Three A directors are professional bankers Three B directors are prominent leaders from industry, labor, agriculture, or consumer sector Three C directors ap
5、pointed by the Board of Governors are not allowed to be officers, employees, or stockholders of banks,12-8,Federal Reserve Banks,Member banks elect six directors for each district; three more are appointed by the Board of Governors Designed to reflect all constituencies （选民）of the public Nine direct
6、ors appoint the president of the bank subject to approval by Board of Governors,12-9,Functions of the Federal Reserve Banks,Clear checks支票清算 Issue new currency货币发行 Withdraw damaged currency from circulation回收流通中破损的货币 Administer and make discount loans to banks in their districts 管理和发放本地区银行的贴现贷款 Eval
7、uate proposed mergers and applications for banks to expand their activities 评估提出的合并案与银行扩张业务的申请,12-10,Functions of the Federal Reserve Banks (contd),Act as liaisons between the business community and the Federal Reserve System 充当工商界和联邦储备体系之间的媒介 Examine bank holding companies and state-chartered membe
8、r banks 检查银行持股公司和州注册的成员银行 Collect data on local business conditions 搜集地方商业状况数据 Use staffs of professional economists to research topics related to the conduct of monetary policy,12-11,Federal Reserve Banks and Monetary Policy,Directors “establish” the discount rate Decide which banks can obtain disc
9、ount loans Directors select one commercial banker from each district to serve on the Federal Advisory Council which consults with the Board of Governors and provides information to help conduct monetary policy Five of the 12 bank presidents have a vote in the Federal Open Market Committee (FOMC),12-
10、12,Member Banks（成员银行）,All national banks are required to be members of the Federal Reserve System Commercial banks chartered by states are not required but may choose to be members Depository Institutions Deregulation and Monetary Control Act （存款机构放松管制和货币控制法）of 1980 subjected all banks to the same r
11、eserve requirements as member banks and gave all banks access to Federal Reserve facilities,12-13,Board of Governors of the Federal Reserve System,Seven members headquartered in Washington, D.C. Appointed by the president and confirmed by the Senate 14-year non-renewable term Required to come from d
12、ifferent districts Chairman is chosen from the governors and serves four-year term,12-14,Duties of the Board of Governors,Votes on conduct of open market operations Sets reserve requirements Controls the discount rate through “review and determination” process（审查和决定程序） Sets margin requirements（保证金比率
13、要求） Sets salaries of president and officers of each Federal Reserve Bank and reviews each banks budget,12-15,Duties of the Board of Governors (contd),Approves bank mergers and applications for new activities Specifies the permissible activities of bank holding companies（规定银行持股公司的业务范围） Supervises the
14、 activities of foreign banks operating in the U.S.,12-16,Chairman of the Board of Governors,Advises the president on economic policy Testifies in Congress（国会听证） Speaks for the Federal Reserve System to the media May represent the U.S. in negotiations with foreign governments on economic matters,12-1
15、7,Federal Open Market Committee (FOMC),Meets eight times a year Consists of seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and the presidents of four other Federal Reserve banks Chairman of the Board of Governors is also chair of FOMC Issues directives
16、 to the trading desk at the Federal Reserve Bank of New York（向纽约联邦储备银行交易室发出交易指令）,12-18,FOMC Meeting,Report by the manager of system open market operations on foreign currency and domestic open market operations and other related issues 公开市场操作经理关于外汇和国内公开市场操作以及其他相关主题的报告。 “Green Book” forecast Go-round Current monetary policy and domestic policy directive（政策方针） “Blue book” Presentation on relevant Congressional actions Public announcement about the outcome of the meeting,12-19,How Independent is the Fed?,
