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1、Chapter SeventeenThe U.S. Central Bank (FRS) Learning objectivesAfter studying this chapter you should be able to understand:1. The meaning of a central bank2. The reason for studying a central bank3. The structure of U.S. central bank and its main responsibilities4. The chief tools used by the Fed
2、in conducting its monetary policyNotesI. New Words1. operation n. （业务上的）经营/操作2. confirmation n. 确认3. the Senate （美）参议院=the upper house 上院 of the U.S. Congress4. state-chartered a. 州特许的5. to supervise vt. 监督Notes6. to regulate vt. （依法）监管，管控7. to oversee vt. 监督8. to effect vt. 造成，产生 e.g. to transfers
3、of funds 进行资金转让9. subservient a. 附属性的 10. aggregate a. 合计的，总的NotesII. Useful and Idiomatic Expressions1. to have impact on sth. 对产生影响2. to diffuse power along regional lines 随地区分散权力3. to result in 导致4. to pose a problem 提出问题5. to extend credit to. 向提供信贷Notes6. to discharge other functions 履行/发挥其他功能（
4、此处discharge=perform）7. to disrupt the market 使市场变得混乱8. at ones discretion 由某人决定（处理）=according to sbs decision9. to insulate.from. 将与隔离开/孤立开来NotesIII. Key Terms1.Federal Reserve System (the Fed) （美）联邦储备系统（实为美国的中央银行）=the central banking authority responsible for monetary policy in the United States2.F
5、ederal Reserve Act of 1935 一九三五年联邦储备法（It was made in 1935 which strengthened and centralized control of the Federal Reserve in Washington D.C., and ensured that the Fed would be a reliable source of liquidity to troubled banks.）3.the Federal Reserve Board of Governors （美）联邦储备委员会4.the Federal Open Ma
6、rket Committee (FOMC)美国联邦公开市场委员会=the committee that makes decisions regarding the conduct of open market operations; composed of the seven members of the Board of Governors of the Fed, the president of the Federal Reserve Bank of New York, and the presidents of four other Federal Reserve Banks on a
7、rotating basis5.the Federal Advisory Council （美）联邦顾问/咨询事理会6.affiliated banks 附属的银行Notes7.member banks 美联储的成员银行 8.the U.S. Treasury Department （美）财政部 （英国用the Treasury表示同样的意思）9.mint n. 铸币厂；造币厂a place, esp. a government building in which official coins are made10. gold bullion 金块，金条11. discount loans 贴
8、现贷款（美）discount leading12. discount rate 贴现率rate charged by Federal Reserve banks for loans at the Federal Reserve window which means Federal Reserve facility for direct loans to a financial institution with deficiency in its reserve account13. reserve requirements 存款准备金规定，法定存款准备金规定Main TextDefinitio
9、n of a Central Bankto control the credit amount;to supervise the operations of commercial banks;to carry out the banking business of the government and maintain its accounts;to control the banknote issue and the countrys reserves, andto preserve the value of the countrys currency on the foreign exch
10、anges.Main TextReason for Studying Central Banking This is because the central bank of a country is the most important financial institution in its financial system which is responsible for the conduct of the countrys monetary policy. This is because the central bank is the most important player in
11、financial markets throughout the world. This is because central banks actions affect interest rates, the amount of credit, and the money supply, all of which have direct impacts not only on financial markets but also on aggregate output, inflation and the overall economy. Main TextThe Organizational
12、 Structure of the Federal Reserve SystemMain TextThe Organizational Structure of the Federal Reserve System1. The (Federal Reserve) Board of Governors2. The Federal Open Market Committee (FOMC)3. The Federal Advisory Council4. The 12 District Federal Reserve Banks5. Member BanksMain TextThe Major Fu
13、nctions or Responsibilities of the Fed To supervise the 12 regional Federal Reserve Banks; To regulate money supply of the United States; To determine the legal reserve of member banks; To oversee the mintbureau of the U.S. Treasury that manufactures coins, and holds the U.S. Treasury Departments go
14、ld bullion reserves in safe keeping; To effect transfers of funds; To promote and facilitate the clearance and collection of checks; To examine member banks, and discharge other functions.Main TextPrincipal Tools of U.S. Monetary Policy1. Open Market Operations2. Discount Loans3. Reserve Requirements1. How do you define central bank?2. Why must we study central banks?3. Can you tell how is the Fed structured and its major responsibilities?4. What are chief tools used by the Fed for implementing monetary policy?Questions for Chapter 17This is the end of Chapter 17Thank you for your attention
