z004 The Federal Reserve Cuts Rates to Calm Financial Markets
The Federal Reserve
The Federal ReserveHan ZhangThe Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.Today, the Federal Reserve’s duties fall into four general areas:1. Conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates2. Supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers3. Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets4. Providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operatin g the nation’s payments systemMost developed countries have a central bank whose functions are broadly similar to those of the Federal Reserve. The oldest, Sweden’s Riksbank, has existed since 1668 and the Bank of England since 1694. Napoleon I established the Banque de France in 1800, and the Bank of Canada began operations in 1935. The German Bundesbank was reestablished after World War II and is loosely modeled on the Federal Reserve. More recently, some functions of the Banque de France and the Bundesbank have been assumed by the European Central Bank, formed in 1998.BackgroundDuring the nineteenth century and the beginning of the twentieth century, financial panics plagued the nation, leading to bank failures and business bankruptcies that severely disrupted the economy. The failure of the nation’s banking system to effectively provide funding to troubled depository institutions contributed significantly to the economy’s vulner ability to financial panics. Short-term credit is an important source of liquidity when a bank experiences unexpected and widespread withdrawals during a financial panic. A particularly severe crisis in 1907 prompted Congress to establish the National Monetary Commission, which put forth proposals to create an institution that would help prevent and contain financial disruptions of this kind. After considerable debate, Congress p assed the Federal Reserve Act “to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.” President Woodrow Wilson signed the act into law on December 23, 1913.Soon after the creation of the Federal Reserve, it became clear that the act had broader implications for national economic and financial policy. As time has passed, further legislation hasclarified and supplemented the original purposes. Key laws affecting the Federal Reserve have been the Banking Act of 1935; the Employment Act of 1946; the Bank Holding Company Act of 1956 and the amendments of 1970; the International Banking Act of 1978; the Full Employment and Balanced Growth Act of 1978; the Depository Institutions Deregulation and Monetary Control Act of 1980; the Financial Institutions Reform, Recovery, and Enforcement Act of 1989; the Federal Deposit Insurance Corporation Improvement Act of 1991; and the Gramm-Leach-Bliley Act of 1999. Congress has also adopted legislation defining the primary objectives of national economic policy, including the Employment Act of 1946; the Federal Reserve Reform Act of 1977; and the Full Employment and Balanced Growth Act of 1978, which is sometimes called the Humphrey-Hawkins Act, after its original sponsors. These objectives include economic growth in line with the economy’s potential to expand; a high level of employ ment; stable prices (that is, stability in the purchasing power of the dollar); and moderate long-term interest rates.The Federal Reserve System is considered to be an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive branch of government. The System is, however, subject to oversight by the U.S. Congress. The Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government; therefore, the description of the System as “independent within the government” is more accurate.Structure of the SystemCongress designed the structure of the Federal Reserve System to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is a federal system, composed of a central, governmental agency—the Board of Governors—in Washington, D.C., and twelve regional Federal Reserve Banks. The Board and the Reserve Banks share responsibility for supervising and regulating certain financial institutions and activities, for providing banking services to depository institutions and the federal government, and for ensuring that consumers receive adequate information and fair treatment in their business with the banking system.A major component of the System is the Federal Open Market Committee (FOMC), which is made up of the members of the Board of Governors, the president of the Federal Reserve Bank of New York, and presidents of four other Federal Reserve Banks, who serve on a rotating basis. The FOMC oversees open market operations, which is the main tool used by the Federal Reserve to influence overall monetary and credit conditions.The Federal Reserve implements monetary policy through its control over the federal funds rate—the rate at which depository institutions trade balances at the Federal Reserve. It exercises this control by influencing the demand for and supply of these balances through the following means:Open market operations—the purchase or sale of securities, primarilyU.S. Treasury securities, in the open market to influence the level of balances that depository institutions hold at the Federal Reserve BanksReserve requirements—requirements regarding the percentage of certain deposits that depository institutions must hold in reserve in the form of cash or in an account at a Federal Reserve BankContractual clearing balances—an amount that a depository institution agrees to hold at itsFederal Reserve Bank in addition to any required reserve balanceDiscount window lending—extensions of credit to depository institutions made through the primary, secondary, or seasonal lending programsTwo other groups play roles in the functioning of the Federal Reserve System: depository institutions, through which monetary policy operates, and advisory committees, which make recommendations to the Board of Governors and to the Res erve Banks regarding the System’s responsibilities.The End or a “New Start”Since we know all the stuff of the Federal Reserve System, and how it works. The problem that it works good or bad is quite important. I think firstly it’s not really bad, because it still exists, it did not disappear in the history. But secondly, it also does not work that good at least nowadays.Many people complained that The Federal Reserve has revealed itself as deeply flawed economic forecasters, now. In a transcript of Fed 2006 deliberations released, it's clear that the elite economists of the land met shortly before housing turned into a global financial crisis in 2007 but didn't see the calamity coming. It's a shocking revelation for Americans who presume Fed officials routinely see into the depths of the economy, spot trouble when it's brewing and apply medicine to improve the outcome.Instead of having the foresight, many members of the Fed missed late warning signs of a housing bubble. They didn't appreciate the fact that mortgages packaged in securities could bring the globe's financial system to its knees. Although Americans have sensed since 2008 that the nation's political and economic leaders were caught flat-footed in the worst financial disaster since the Great Depression, it was not until the release of this transcript that errors in perception were clearly revealed.During the housing bubble, prices soared to unrealistic levels because individuals, even economists, believed prices would keep rising. And the 2008 market crash and recession were set off, in part, by a panic and web of global financial relationships that left the world's economy in a fragile state.And now s ome economists have criticized the Fed’s decision to pursue “quantitative easing” (expansion in the Fed’s balance sheet through large-scale asset purchases) on the grounds that it will lead to high inflation. In normal conditions, extended quantitative easing would be inconsistent with price stability, but the Fed believes that because of problems in the economy and financial markets, quantitative easing is needed for a timely economic recovery and to reduce the threat of deflation. The Fed also believes that quantitative easing will support mortgage markets and assist a recovery in the housing market.When the Fed buys Treasury securities, it essentially eliminates the burden of that much of the federal debt from the economy. It’s as if that debt simply ceased to exist because, in effect, the Fed created money out of nothing to pay for the securities. At the end of June 2011, the Fed held $1.7 trillion of Treasury securities, an increase of $823 billion over one year earlier. Over that same period, the gross federal debt increased by $1.1 trillion. Thus the Federal Reserve financed 72 percent of it, which helps explain the extraordinarily low level of interest rates and the lack of complaints about Treasury crowding out private borrowers from financial markets.Conservatives like GOP presidential candidate Ron Paul, R-Texas, have long complained that financing government through money creation is fundamentally dishonest. But the alternatives are to massively cut spending, which will reduce the well-being of those who lose government jobs or benefits; raise taxes to cover more of federal spending; or take resources from financial markets through additional Treasury borrowing that would preempt private borrowers, raise interest rates, and reduce private consumption and investment. As long as the Fed’s money creation doesn’t cause inflation, it is essentially a free lunch.Of course, historically, central bank money creation eventually causes the price level to rise. That is the reason governments don’t simply print money to finance their expenditures. Inflation then acts as a tax on cash balances, among other things. But if kept within bounds, money creation—seigniorage broadly construed — may be a better way of financing government than the alternatives.In any case, the fiscal relationship between the Fed and Treasury is a complex one that needs to be better understood by those who operate primarily in the area of fiscal policy.Reference1. CRS Report R41540, Quantitative Easing and the Growth in the Federal Reserve’s Balance Sheet, by Marc Labonte.2. “An Open Letter to Ben Bernanke”, November 15, 2010, downloaded at /commentary/e21s-open-letter-ben-bernanke.3. Federal Open Market Committee, press release, March 18, 2009. In this case, government agencies refer to Fannie Mae, Freddie Mac, Ginnie Mae, and the Federal Home Loan Banks.4. Treasury Bulletin, (Sept. 2011), at 40.5. Elmus R. Wicker, “the World War II Policy of Fixing a Pattern of Interest Rates”, J. of Fin. (June 1969)6. Board of Governors, .。
金融学(双语)复习资料第5章
Chapter 5错误！未指定书签。
THE FEDERAL RESERVETRUE/FALSEF 1. The power to create money is given by the Constitution to theFederal Reserve.创造货币的权力是宪法赋予美联储T 2. When corporations retire (pay off) loans from commercial banks, excess reserves are increased.当企业退休从商业银行（支付）的贷款，超额准备金增加。
F 3. When the general public uses money in checking accountsto purchase stock issued by corporations, the required reserves of banks are reduced.当一般公众使用的钱在支票账户购买公司发行的股票，所需要的银行的准备金就会减少F 4. Only large commercial banks are subject to the regulation ofthe Federal Reserve.只有大型商业银行受到美联储的监管F 5. When the Federal Reserve sells securities, the money supplyis increased.当美联储出售证券，货币供应量增加T 6. When the Federal Reserve buys securities, the reserves of banks are increased.当美联储购买证券，银行的准备金增加T 7. Open market operations is a more flexible tool of monetary policy than the reserve requirements.公开市场操作是货币政策的一个更灵活的工具，比准备金要求T 8. Reserve requirements are infrequently changed to affect commercial bank lending.准备金要求频繁改变会影响商业银行贷款T 9. The Open Market Committee has twelve members that include the Board of Governors.公开市场委员会有十二名成员，其中包括理事会F 10. The presidents of the District Banks elect the Board ofGovernors of the Federal Reserve.该地区银行的总统选举联邦储备理事会F 11. The federal funds rate is the interest rate the FederalReserve charges banks when they borrow reserves.联邦基金利率是利率联邦储备银行收费时，他们借入储备F 12. If the Treasury borrows from the Federal Reserve, thelending capacity of banks is reduced.如果财政部从美联储借，银行的放贷能力降低T 13. If the Treasury sells debt that is purchased by corporations and uses the funds to purchase military equipment, theexcess reserves of the banking system are not affected.如果财政部出售债券是由公司购买并使用的资金购买军事装备，多余的银行体系储备不受影响T 14. Deflation is a period of declining prices.通货紧缩是一个时期价格下跌F 15. During a period of recession, the Fed sells securities.在衰退期，美联储出售证券T 16. The Consumer Price Index (CPI) is a measure of inflation.居民消费价格指数（ CPI）是衡量通货膨胀的T 17. The Federal Reserve is independent of the U.S. Treasury and is owned by commercial banks.美联储是独立于美国财政部，由商业银行所拥有F 18. The President of the United States appoints the Federal OpenMarket Committee.美国总统任命的联邦公开市场委员会F 19. Since the reserves of commercial banks earn interest, thereis an incentive to hold excess reserves.由于商业银行的准备金赚取利息，还有持有超额准备金的奖励T 20. Open market operations is a more flexible tool of monetary policy than the discount rate.公开市场操作是货币政策的一个更灵活的工具比贴现率T 21. Commercial banks may buy and sell reserves in the federal funds market.商业银行可以在联邦基金市场上购买和出售储备T 22. If the Treasury issues new bonds that are purchased by the general public, the money supply is reduced if the Treasurydeposits the funds in the Federal Reserve.如果财政部发布了由广大市民购买新的债券，货币供应量减少，如果国库存款资金在美联储F 23. Recession is a period of falling prices.经济衰退是一个时期的价格下跌F 24. When commercial banks grant loans to the public, theirtotal reserves are reduced.当商业银行发放贷款的市民，他们的总储量减少MULTIPLE CHOICEa 1. Withdrawing cash from a checking account does not decrease 从支票帐户提取现金不减少a. the money supply货币供应量b. demand deposits活期存款c. total reserves总储量d. excess reserves超额准备金d 2. Excess reserves are affected by超额准备金受1. reserve requirements准备金要求2. the repayment of existing bank loans现有偿还银行贷款3. cash withdrawals现金提款d. 1, 2, and 3b 3. When commercial banks grant loans,当商业银行发放贷款a. the money supply is reduced货币供应量减少b. the money supply is increased货币供应量增加c. total reserves increase总储量增加d. total reserves decrease总储量减少b 4. If deposits are withdrawn from a commercial bank, it mayobtain reserves by如果存款从商业银行撤出，它可能是由获得储备a. acquiring an asset收购资产b. borrowing in the federal funds market在联邦基金市场借款c. lending funds in the federal funds market在联邦基金市场资金d. liquidating a liability清算负债a 5. When a commercial bank receives a cash deposit,当商业银行收到的现金存款1. its required reserves increase其所需的储备增加2. its required reserves decrease其所需的储备减少3. its total reserves increase其总储量增加4. its total reserves decrease其总储量减少a. 1 and 3b 6. Commercial banks lend excess reserves for one day in the商业银行放贷超额储备为一天中的a. stock market股市b. federal funds market联邦基金市场c. reserves market储备市场d. over-the-counter market过？的？柜台市场b 7. The Federal Reserve increases reserves by美国联邦储备局增加储备a. selling securities出售证券b. buying securities买证券c. raising reserve requirements提高存款准备金率d. raising the discount rate提高贴现率b 8. The Federal Reserve美国联邦储备委员会a. is part of the U.S. Treasury是美国财政部的一部分b. is owned by member banks由成员银行拥有c. is the nation's largest commercial bank是全国最大的商业银行d. lends funds to corporations借出资金的公司b 9. By lowering the discount rate, the Federal Reserve通过降低贴现率，美联储a. discourages commercial banks from lending鼓励商业银行从贷款b. encourages commercial banks to borrow reserves鼓励商业银行借入储备c. discourages depositors from withdrawing funds鼓励存户提款d. contracts the money supply收缩货币供应量d 10. The purpose of the Federal Reserve is to美联储的目的是a. finance government operations金融政府运作b. protect investors from bank failures保护投资者免受银行倒闭c. protect deposits from bank failures保护存款银行倒闭d. control the supply of money and credit控制货币信贷总量c 11. The structure of the Federal Reserve includes美联储的结构包括1. all commercial banks各商业银行2. the twelve district banks在12家地方银行3. the Board of Governors 理事会c. 2 and 3c 12. The members of the Board of Governors area. elected by the member banksb. appointed by the Senatec. appointed by the President of the United Statesd. elected by the Federal Open Market Committeec 13. During a period of recession, a federal government surplusshould retire debt oweda. the Federal Reserveb. commercial banksc. the general publicd. the Federal Deposit Insurance Corporationa 14. The Federal Reserve may contract the money supply by1. selling securities2. buying securities3. raising reserve requirements4. lowering reserve requirementsa. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4理事会的成员是由成员银行推选由参议院任命由美国总统任命联邦公开市场委员会选举产生在衰退期，联邦政府的盈余应该退休欠下的债美联储商业银行广大市民美国联邦存款保险公司美联储可能通过收缩货币供应量出售证券买证券提高存款准备金率降低准备金要求如果联邦政府经营赤字，并从商业银行借入，总存款不受影响总存款增加超额准备金减少超额准备金均有所下降d 15. If the federal government runs a deficit and borrows fromcommercial banks,1. total deposits are not affected2. total deposits are increased3. excess reserves are reduced4. excess reserves are decreaseda. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4c 16. If the federal government runs a deficit and finances thedeficit by borrowing from the Federal Reserve,1. the reserves of commercial banks are reduced2. the reserves of commercial banks are increased3. the required reserves of commercial banks areincreased4. the required reserves of commercial banks arereduceda. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4b 17. Anticipation of inflation discourages1. saving2. borrowing3. lending4. purchasing goodsa. 1 and 2b. 1 and 3c. 2 and 3d. 3 and 4b 18. If the federal government runs a surplus,a. expenditures exceed taxesb. receipts exceed disbursementsc. debt must be issuedd. the Federal Reserve buys bondsb 19. Recession is a period ofa. declining pricesb. declining employmentc. declining unemploymentd. rising interest ratesb 20. The Board of Governorsa. manages the nation's stock of goldb. has the substantive control over the money supplyc. controls the U. S. Treasuryd. is appointed by the U. S. Treasurera 21. If commercial banks grant loans,a. the money supply is increasedb. total reserves are increasedc. excess reserves are increasedd. the money supply is reducedd 22. Commercial banks may borrow reserves from each other in thea. reserves marketb. stock marketc. bank marketd. federal funds marketa 23. By selling securities to the general public, the FEDa. reduces the money supplyb. raises commercial banks' depositsc. increases the money supplyd. increases banks' excess reservesa 24. The tools of monetary policy includea. open market operationsb. the purchase of corporate stockc. the federal government deficitd. taxationb 25. If the federal government runs a deficit,a. taxes exceed expendituresb. expenditures exceed taxesc. receipts exceed taxesd. taxes exceed revenuesb 26. Anticipation of inflation encouragesa. lendingb. borrowingc. retiring debtd. savingc 27. During a period of recession the Federal Reserve1. increases the federal funds rate2. buys government securities3. sells government securities4. lowers the federal funds area. 1 and 2b. 1 and 3c. 2 and 4d. 3 and 4SUPPLEMENTARY QUESTIONS1. If the reserve requirement for demand deposits is 10 percent,what is the maximum change in the money supply that thebanking system can create ifa. the Federal Reserve puts $1,000,000 of new reserves inthe banking systemb. $1,000,000 in cash is deposited in checking accountsc. General Motors borrows $1,000,000 from an insurancecompany?Answers:a. new excess reserves: $1,000,000maximum possible expansion in the money supply:$1,000,000/.1 = $10,000,000b. new excess reserves: $1,000,000 - 100,000 = $900,000maximum possible expansion in the money supply:$900,000/.1 = $9,000,000c. new excess reserves: $0maximum possible expansion in the money supply:$0/.1 = $0(Borrowing from the non-bank public does not affect thebanking system's ability to create new money.)2. What is the effect on (1) demand deposits, (2) requiredreserves, and (3) excess reserves of banks given thefollowing transactions?a. The general public builds up its holdings of cash bywithdrawing funds in checking accounts.b. After Christmas the general public deposits cash in checkingaccounts in commercial banks. (How may seasonal changes in the public's need for cash alter banks' ability to lend?)c. Corporations borrow from commercial banks.d. State and local governments issue debt securities that arepurchased by commercial banks.e. Homeowners borrow from commercial banks to finance homeimprovements. (Are there any differences on the expansion ofthe money supply in questions (c), (d), and (e)?)f. A bank in California with excess reserves lends these fundsthrough the federal funds market to a bank in Maine that hasinsufficient reserves.g. Corporations issue short-term securities that are purchased bythe general public.h. Corporations retire (i.e., pay off) loans from commercial banks.i. The Federal Reserve buys Treasury bills that are sold by thegeneral public.j. The Federal Reserve raises the discount rate, and banks retire debt owed the Federal Reserve.k. The Federal Reserve raises the reserve requirement on demand deposits.l. The Treasury borrows from the banks to finance payments.m. The federal government runs a deficit and borrows the funds from the general public.n. The federal government runs a deficit and borrows the funds from the Federal Reserve.Answers:a. Demand deposits - lowerRequired reserves - lowerExcess reserves - lowerb. Demand deposits - higherRequired reserves - higherExcess reserves - higherThese two questions illustrate that a seasonal flow of deposits into or out of the banking system will affect the reserves of the banking system. Unless the banks are able to find liquidity elsewhere (e.g., the Federal Reserve), such seasonal changes in reserves may produce fluctuations in the supply of credit.c. Demand deposits - higherRequired reserves - higherExcess reserves - lowerd. Demand deposits - higherRequired reserves - higherExcess reserves - lowere. Demand deposits - higherRequired reserves - higherExcess reserves - lowerThese three questions illustrate that from the viewpoint of the banking system, it does not matter if the banks acquire debt issued by firms, governments, or households. To acquire the debt, the banks must have excess reserves. After they have used their excess reserves, the money supply is expanded, and the excess reserves become required reserves.f. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changeUnlike in the previous questions, the lending of excess reserves from one bank to another does not in the aggregate increase or decrease the reserves of the banking system.g. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changeLoans between members of the non-bank general public do not affect banks' reserves and thus do not affect their capacity to lend.h. Demand deposits - lowerRequired reserves - lowerExcess reserves - higherWhile the creation of new loans uses the banks' excess reserves and creates new money, the retiring of loans from commercial banks reduces demand deposits and restores excess reserves (i.e., increases excess reserves).i. Demand deposits - higherRequired reserves - higherExcess reserves - higherj. Demand deposits - no changeRequired reserves - no changeExcess reserves - lowerk. Demand deposits - no changeRequired reserves - higherExcess reserves - lowerQuestions j and k illustrate two major monetary tools, the reserve requirement and the discount rate. Notice that changing the discount rate and the reserve requirements do not in themselves change demand deposits. Their impact is on reserves, and theeffect of this impact may lead to a change in the supply of money. l. Demand deposits - higherRequired reserves - higherExcess reserves - lowerm. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changen. Demand deposits - increaseRequired reserves - increaseExcess reserves - increaseDuring a period of inflation, a policy that contracts the money supply and the capacity of banks to lend is desirable. Theopposite situation would apply during a recession. If there were a deficit during a period of recession, it is desirable to increase the money supply and the capacity of the banks to lend. Hence n is better than m.。
衍生品Ch04翻译
19
Example (Table 4.2, page 81)
Maturity (years) 0.5 1.0 1.5 2.0
例子
Zero rate (cont. comp. 5.0 5.8 6.4 6.8
20
Bond Pricing 债券定价
Annual (m=1) Semiannual (m=2)
Value of $100 in one year at 10%
110.00 110.25
Quarterly (m=4) Monthly (m=12)
Weekly (m=52) Daily (m=365)
110.38 110.47
110.51 110.52
7
LIBOR and LIBID
英国银行同业拆出（入）利率
LIBID is the rate which a AA bank is prepared to pay on deposits from anther bank LIBID是AA评级银行向其它银行存款支付的利 率
欧洲市场利率 （不容易受某个国家操纵）
10
隔夜指数互换利率 （OIS）
Overnight Indexed Swaps Rates
是一种将隔夜利率交换成为若干固定利率的利率互换 OIS 的期限通常不会超过一年，也有一个月、一周甚 至几天。 “在正常的市场情况下”，隔夜指数掉期往往低于 Libor(英国银行间同业拆借利率)。Libor-OIS利差反应 信贷市场困难程度。2008年10月
To calculate the cash price of a bond we discount each cash flow at the appropriate zero rate
商业银行管理彼得S罗斯英文原书第8版英语试题库Chap002知识讲解
商业银⾏管理彼得S罗斯英⽂原书第8版英语试题库Chap002知识讲解商业银⾏管理彼得S 罗斯英⽂原书第8版英语试题库C h a p002Chapter 2The Impact of Government Policy and Regulation on the Financial-Services IndustryFill in the Blank Questions1. The _____________________ was created as part of the Glass Steagall Act. In the beginningit insured deposits up to $2,500.Answer: FDIC2. The________________________ is the law that states that a bank must get approved from theirregulatory body in order to combine with another bank.Answer: Bank Merger Act3. One tool that the Federal Reserve uses to control the money supply is _________________ .The Federal Reserve will buy and sell T-bills when they are using this tool of monetary policy.Answer: open market operations4. The__________________________ was created in 1913 in response to a series of economicdepressions and failures. Its principal role is to serve as the lender of last resort and to stabilizethe financial markets.Answer: Federal Reserve5. The __________________________ prevented banks from crossing state lines and made nationalbanks subject to the branching laws of their state. This act was later repealed by the Riegle Neal Interstate Banking law. Answer: McFadden-Pepper Act6. Because the FDIC levies fixed insurance premiums regardless of risk, this leads to a problemcalled the ____________________ among banks. The fixed premiums encourage all banks to accept greater risk. Answer: moral hazard7. In 1980, __________________________ was passed and lifted government ceilings on depositinterest rates in favor of free market interest rates.Answer: DIDMCA8. One tool that the Federal Reserve uses to control the money supply is _________________.The Federal Reserve will change the interest rate they charge for short term loans when they are using this tool of monetary policy.Answer: changing the discount rate9. The first major federal banking law in the U.S. was the __________________________. Thislaw was passed during the Civil War and set up a system for chartering national banks andcreated the OCC.Answer: National Banking Act10. The_________________________ was passed during the Great Depression. It separatedinvestment and commercial banks and created the FDIC.Answer: Glass-Steagall Act11. The__________________________ brought bank holding companies under the jurisdiction ofthe Federal Reserve.Answer: Bank Holding Company Act12. The__________________________ allows bank holding companies to acquire banks anywherein the United States. However, no one bank can control more than 30 percent of the deposits in any one state or more than 10 percent of the deposits across the country.Answer: Riegle-Neal Interstate Banking Act13. The allows banks to affiliate with insurance companies andsecurities firms either through a holding company or as a subsidiary.Answer: Gramm-Leach-Bliley Act (Financial Services Modernization Act)14. Customers of financial-service companies may _____________________ of having their privateinformation shared with a third party such as a telemarketer. However, in order to do this they must tell the financial-services company in writing that they do not want their personalinformation shared with outside parties.Answer: opt out15. The federal bank regulatory agency which examines the most banks is the ______________.Answer: FDIC16. The _________________ requires financial service companies to report suspicious activity incustomer accounts to the Treasury Department.Answer: U.S. Patriot Act17. The central bank of the new European Union is known as the _______________________.Answer: European Central Bank or ECB18. The _____________________ Act prohibits banks and other publicly owned firms frompublishing false or misleading financial performance information.Answer: Sarbanes-Oxley19.One of the main roles of the Federal Reserve today is . They have three toolsthat they use today to carry out this role; open market operations, the discount rate and legalreserve requirements.Answer: monetary policy20.The is the center of authority and decision making within theFederal Reserve. It consists of seven members appointed by the president for terms notexceeding 14 years.Answer: Board of Governors21.The main regulators of insurance companies are .Answer: state insurance commissions22.Federal Credit Unions are regulated and examined by .Answer: the National Credit Union Administration.23.The makes it easier for victims of identity theft to file fraudalerts and allows the public to apply for a free credit report once a year.Answer: Fair and Accurate Credit Transactions Act (FACT Act)24.The makes it faster and less costly for banks to clear checks.It allows for banks to electronically send check images instead of shipping paper checks across the country.Answer: Check 21 Act25.The was created by the National Banking Act and is part ofthe Treasury Department. It is the primary regulator of National Banks.Answer: Office of the Comptroller of the Currency (OCC)26.The _________________________ proposes various regulations applying to the financialmarkets to combat the recent credit crisis. This “bail-out” bill granted the US Treasury the means to purchase troubled loans, allowed the FDIC to temporarily increase deposit insurance, andpermitted the government to inject additional capital into the banking system.Answer: The Emergency Economic Stabilization Act of 2008True/False QuestionsT F 27. Federal Reserve Act authorized the creation of the Federal Deposit Insurance Corporation.Answer: FalseT F 28. In the United States, fixed fees charged for deposit insurance, regardless of how risky a bank is, led to a problem known as moral hazard.Answer: TrueT F 28. Government-sponsored deposit insurance typically encourages individual depositors to monitor their banks' behavior in accepting risk.Answer: FalseT F 29. The Federal Reserve changes reserve requirements frequently because the affect of these changes is so small. Answer: FalseT F 30. The Bank Merger Act and its amendments requires that Bank Holding Companies be under the jurisdiction of the Federal Reserve.Answer: FalseT F 31. National banks cannot merge without the prior approval of the Comptroller of the Currency.Answer: TrueT F 32. The Truth in Lending (or Consumer Credit Protection) Act was passed by the U.S.Congress to outlaw discrimination in providing bank services to the public.T F 33. The federal law that states individuals and families cannot be denied a loan merely because of their age, sex, race, national origin or religious affiliation is known as theCompetitive Equality in Banking Act.Answer: FalseT F 34. Under the terms of the 1994 Riegle-Neal Interstate Banking law bank holding companies can acquire a bank anywhere inside the United States, subject to Federal Reserve Boardapproval.Answer: TrueT F 35. The 1994 federal interstate banking bill does not limit the percentage of statewide ornationwide deposits that an interstate banking firm is allowed to control.Answer: FalseT F 36. The term "regulatory dialectic" refers to the dual system of banking regulation in the United States and selected other countries where both the federal or central governmentand local governments regulate banks.Answer: FalseT F 37. The moral hazard problem of banks is caused by the fixed insurance premiums paid by banks and causes banks to accept greater risk.Answer: TrueT F 38. When the Federal Reserve buys T-bills through its open market operations, it causes the growth of bank deposits and loans to decrease.Answer: FalseT F 39. When the Federal Reserve increases the discount rate it generally causes other interest rates to decrease. Answer: FalseT F 40. The National Bank Act (1863) created the Federal Reserve which acts as the lender of last resort.Answer: FalseT F 41. FIRREA (1989) allowed bank holding companies to acquire nonblank depository institutions and, if desired, convert them into branch offices.Answer: TrueT F 42. The Sarbanes-Oxley Act allows banks, insurance companies, and securities firms to form Financial Holding Companies (FHCs).Answer: FalseT F 43. The Gramm-Leach-Bliley Act of 1999 essentially repeals the Glass-Steagall Act passed in the 1930s.Answer: TrueT F 44. Passed in 1977, the Equal Credit Opportunity Act prohibits banks from discriminating against customers merely on the basis of the neighborhood in which they live.Answer: FalseT F 45. The tool used by the Federal Reserve System to influence the economy and behavior of banks is known as moral hazard.T F 46. One of the principal reasons for government regulation of financial firms is to protect the safety and soundness of the financial system.Answer: TrueMultiple Choice Questions47.Banks are regulated for which of the reasons listed below?A) Banks are leading repositories of the public's savings.B) Banks have the power to create money.C) Banks provide businesses and individuals with loans that support consumption andinvestment spending.D) Banks assist governments in conducting economic policy, collecting taxes and dispensinggovernment payments.E) All of the above.Answer: E48.An institutional arrangement in which federal and state authorities both have significant bankregulatory powers is referred to as:A) Balance of PowerB) FederalismC) Dual Banking SystemD) Cooperative RegulationE) Coordinated ControlAnswer: C49.The law that set up the federal banking system and provided for the chartering of national bankswas the:A) National Bank ActB) McFadden-Pepper ActC) Glass-Steagall ActD) Bank Merger ActE) Federal Reserve ActAnswer: A50.The federal law that prohibited federally supervised commercial banks from offering investmentbanking services on privately issued securities is known as:A) The Glass-Steagall ActB) The Bank Merger ActC) The Depository Institutions Deregulation and Monetary Control ActD) The Federal Reserve ActE) None of the AboveAnswer: A51.The Gramm-Leach-Bliley Act (Financial Services Modernization Act) calls for linkinggovernment supervision of the financial-services firm to the types of activities that the firmundertakes. For example the insurance portion of the firm would be regulated by stateinsurance commissions and the banking portion of the firm would be regulated by bankingregulators. This approach to government supervision of financial services is known as:A) Consolidated regulation and supervision.B) Functional regulation.C) Services oversight.D) Umbrella supervision and regulation.E) None of the above.Answer: B52.The Federal Reserve policy tool under which the Fed attempts to bring psychological pressure tobear on individuals and institutions to conform to the Fed's policies, using letters, phone calls, and speeches, is known as:A) Margin requirementsB) Moral suasionC) Discount window supervisionD) Conference and compromiseE) None of the above.Answer: B53.The 1994 law that allowed bank holding companies to acquire banks anywhere in the U.S. is:A) The Glass-Steagall ActB) The Federal Deposit Insurance Corporation Improvement ActC) The National Bank ActD) The Riegle-Neal Interstate Banking and Branching Efficiency Act.E) None of the above.Answer: D54.The federal law that allowed the Federal Reserve to set margin requirements is:A) The National Banking Act.B) The McFadden-Pepper Act.C) The Glass Steagall Act.D) The Federal Reserve Act.E) None of the above.Answer: C55.Of the principal reasons for regulating banks, what was the primary purpose of the National Banking Act (1863)?A) Protection of the public's savingsB) Control of the money supplyC) Providing support for government activitiesD) Maintaining confidence in the banking systemE) Preventing banks from realizing monopoly powersAnswer: C56.Of the principal reasons for regulating banks, what was the primary purpose of the Federal Reserve Act of 1913?A) Protection of the public's savingsB) Control of the money supplyC) Preventing banks from realizing monopoly powersD) Ensuring an adequate and fair supply of loansE) None of the above.Answer: B57.The law that allows lifted government deposit interest ceilings and allowed them to pay a competitive interest rate is:A) The National Banking Act.B) The Glass Steagall Act.C) The Bank Merger Act.D) DIDMCAE) None of the above.Answer: D58.The law that allows banks to affiliate with insurance companies and security brokerage firms to form financial services conglomerates isA) The National Banking ActB) The Glass Steagall ActC) The Garn St. Germain ActD) The Riegle Neal Interstate Banking ActE) The Gramm-Leach-Bliley Act (Financial Services Modernization Act)Answer: E59.Of the principal reasons for regulating banks, what was the primary purpose of the Truth in Lending Law?A) Protection of the public's savingsB) Control of the money supplyC) Preventing banks from realizing monopoly powersD) Ensuring an adequate and fair supply of loansE) None of the above.Answer: D60.Which of the following is an unresolved issue in the new century?A) What should be done about the regulatory safety net set up to protect small depositors?B) If financial institutions are allowed to take on more risk, how can taxpayers be protected from paying the bill when more institutions fail?C) Does functional regulation actually work?D) Should regulators allow the mixing of banking and commerce?E) All of the above are unresolved issuesAnswer: E61.The law that made bank and nonbank depository institutions more alike in the services they could offer and allowed banks and thrifts to more fully compete with other financial institutions is:A) The National Banking ActB) The Federal Reserve ActC) The Garn-St. Germain ActD) The Riegle-Neal Interstate Banking and Branching Efficiency ActE) The Gramm-Leach-Bliley Act (Financial Services Modernization Act)Answer: C62.The law that allowed bank holding companies to acquire nonbank depository institutions and convert them to branches is:A) The National Banking ActB) The Garn-St. Germain ActC) FIRREAD) The Riegle-Neal Interstate Banking and Branching Efficiency ActE) None of the AboveAnswer: C63.The equivalent of the Federal Reserve System in Europe is known as the:A) European UnionB) Bank of LondonC) Basle GroupD) European Central BankE) Swiss Bank CorporationAnswer: D64.The new financial organization created by Gramm-Leach-Bliley is theA) Financial Holding CompanyB) Bank Holding CompanyC) European Central BankD) Financial Service CorporationE) Financial Modernization OrganizationAnswer: A65.The act which requires financial institutions to share information about customer identities withgovernment agencies is:A) The Sarbanes-Oxley ActB) The U.S. Treasury Department ActC) The 9/11 ActD) The USA Patriot ActE) The Gramm-Leach-Bliley ActAnswer: D66.The 1977 law tha t prevents banks from “redlining” certain neighborhoods, refusing to serve thoseareas is:A) The National Banking ActB) The Garn-St. Germain ActC) FIRREAD) The Riegle-Neal Interstate Banking and Branching Efficiency ActE) Community Reinvestment Act (CRA)Answer: E/doc/8675d23f58cfa1c7aa00b52acfc789eb172d9e2d.html mon minimum capital requirements on banks in leading industrialized nations that are basedon the riskiness of their assets is imposed by:A) The National Banking ActB) FIRREAC) The International Banking ActD) The Basel AgreementE) None of the AboveAnswer: D68.The fastest growing crime in the U.S. is:A) Financial statement misrepresentationB) Bank robberiesC) Individual privacy violationsD) Credit card fraudE) Identity theftAnswer: E69.The oldest federal bank agency is the:A) OCCB) FDICC) FRSD) FHCE) BHCAnswer: A70.The federal agency that regulates the most banks is the:A) OCCB) FDICC) FRSD) FHCE) BHCAnswer: B71.Which federal banking act requires that financial service providers establish the identity of anycustomers opening new accounts?A) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: B72.Which federal banking act prohibits publishing false or misleading information about thefinancial performance of a public company and requires top corporate officers to vouch for the accuracy of their company’s financial statements?A) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: A73.Which federal banking act reduces the need for banks to transport paper checks across theA) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: C74.Which federal banking act forces more individuals to repay at least part of what they owe andwill push higher-income borrowers into more costly forms of bankruptcy?A) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: E75.Which federal banking act requires the Federal Trade Commission to make it easier for victims of identity theft to make theft reports and requires credit bureaus to help victims resolve the problem?A) Sarbanes-Oxley ActB) USA Patriot ActC) Check 21 ActD) The FACT ActE) Bankruptcy Abuse Prevention and Consumer Protection ActAnswer: D76.The _________ allows adequately capitalized bank holding companies to acquire banks in any state.A)Riegle-Neal Interstate Banking and Branching Efficiency ActB)Competitive Equality Banking ActC)Financial Institutions Reform, Recovery and Enforcement ActD)Federal Deposit Insurance Corporation Improvement ActE)Depository Institutions Deregulation and Monetary Control ActAnswer: A77.One of the earliest theories regarding the impact of regulation on banks was developed by George Stigler. He contends that:A) Firms in regulated industries actually seek out regulations because they bring monopolisticB) Regulations shelter firms from changes in demand and cost, lowering its risk.C) Regulations can increase consumer confidence which increases customer loyalty to regulated firms.D) Depository institutions should be regulated no differently than any other corporation with no subsidies or special privileges.E) None of the aboveAnswer: A78.Samual Peltzman had an opposing view to George Stigler on the impact of regulation on banks. He contends that:A) Firms in regulated industries actually seek out regulations because they bring monopolistic rents.B) Regulations shelter firms from changes in demand and cost, lowering its risk.C) Regulations can increase consumer confidence which increases customer loyalty to regulated firms.D) Depository institutions should be regulated no differently than any other corporation with no subsidies or special privileges.E) None of the aboveAnswer: B79.There is an important debate raging today regarding whether banks should be regulated at all. George Benston contends that:A) Firms in regulated industries actually seek out regulations because they bring monopolistic rents.B) Regulations shelter firms from changes in demand and cost, lowering its risk.C) Regulations can increase consumer confidence which increases customer loyalty to regulated firms.D) Depository institutions should be regulated no differently than any other corporation with no subsidies or special privileges.E) None of the aboveAnswer: D80.The European Central Bank has the main goal of:A) Ensuring the economy grows at an adequate rate.B) Keeping unemployment low.C) Ensuring price stability.D) Ensuring an adequate and fair supply of loans.E) All of the aboveAnswer: C81.Which of the following has become the principal tool of central bank monetary policy today?A) Open market operationsB) Changing the discount rateC) Changing reserve requirementsD) Using moral suasionE) None of the aboveAnswer: A82.The Federal Reserve buys Treasury Bills in the open market. This will tend to:A) Cause interest rates in the market to riseB) Cause interest rates in the market to fallC) Cause reserves held at the Federal Reserve to decreaseD) Cause a decrease in the growth of deposits and loansE) All of the aboveAnswer: B83.Which federal banking act extends deposit insurance coverage on qualified retirement accountsfrom $100,000 to $250,000 and authorizes the FDIC to periodically increase deposit insurance coverage to keep up with inflation?A) Sarbanes-Oxley ActB) The Gramm-Leach-Bliley ActC) Check 21 ActD) The FACT ActE) Federal Deposit Insurance Reform ActAnswer: E84.The Financial Services Regulatory Relief Act of 2006 does the following:A) Adds selected new service powers to depository institutionsB) Loosens regulations on depository institutionsC) Grants the Federal Reserve authority to pay interest on depository institutions’ legal reservesD) All of the aboveE) None of the aboveAnswer: D85.The Emergency Economic Stabilization Act passed in 2008 during the global credit crisis allowedthe following:A) An emergency sale of “bad assets”B) Temporary increase of FDIC deposit insurance to $250,000 for all depositsC) Injections of capital by the government into banks and other qualified lendersD) Closer surveillance of the mortgage market participants, such as brokers and lendersE) All of the aboveAnswer: E。
英语精读21单元
课文翻译：美联储制定和实施货币政策,全国,提供各种各样的金融服务,负责监督bank-holding公司。
这三个角色是设计来充分实现美联储的主要目标、稳定经济,其特点是更高的就业和生产、稳定增长和整体稳定的价格。
美联储的基础在于对国家开发与实施一个稳健的货币政策,其主要的重点是物价稳定。
联邦公开市场委员的成员会做出那些会影响金融市场的,无论他们是在美国及世界各地的决定。
其决策影响经济可用的金钱和信用。
美联储的货币政策的目标是稳定国家的货币供给和信贷,防止通货膨胀和经济衰退。
美联储做的主要方式就是买卖政府证券、证券的形式的国库券和债券,代表在美国本土投资的政府。
联邦公开市场委员会为在开放的市场销售和购买这些证券设置指南。
它的一个角色是为美国作为财政代理或作为银行,维护美国财政部的帐目,为财政部支付支票,便于征收联邦税赋,负责发放、技术服务和救赎国债。
美联储同时监督银行和银行控股公司,那就是,公司几乎控制一个或更多的银行,并且美国经营外资银行。
联邦考官看一些诸如财务记录的潜在风险的银行的投资。
他们也去看看银行是否处于适用的法律。
银行收到一个等级。
如果一个潜在的问题被发现,美联储将要求银行采取纠正行动。
从一开始,美联储已经对我国金融机构提供了大量的服务。
在国家的支付体系,美联储起着至关重要的作用,即转帐付款银行或从一个到另一个地方。
这是做或者作为现金或者支票和电子转账。
转让的价值从一个银行帐户到其他银行的账户上被称为结算。
因为这个角色,美联储被称为银行家的银行。
美联储需要确保总是有足够的钱在流通。
这意味着发行货币,硬币给银行并且和银行合作,以确保在流通货币是真的,并且情况良好。
1.the federal reserve：美联储，银行，联储，联邦储备银行。
短语The US Federal Reserve美联储The Philadelphia Federal Reserve宾夕法尼亚州联邦储蓄委员会The Philadephia Federal Reserve Bank费城联邦储备银行The Federal Reserve System联邦储备系统；美国联邦储备体系；美国联邦储备系统The Federal Reserve Act联邦储备法；联邦储备法案The Federal Reserve Banks联邦储备银行The Federal Reserve Chairman美联储主席And The Federal Reserve与中央银行The Federal Reserve Said美联储称2.monetary policy：货币政策。
芬斯特拉版《国际宏观经济学》课后习题答案第7章
See the following figures.
a. Foreign output decreases. Answer: IS shifts left, DR shifts down: Y ↓, i ↓, E ↑, C ↓, I ↑, TB ↑
Exogenous increase in investment demand when investment demand is interest elastic (more sensitive to change in interest rates)
D DY
D2 D1 B i2
i1
A
Y1 Y2
Y
b. Now assume that domestic investment is very responsive to the interest rate so that U.S. firms will cancel their new investment plans if the interest rate rises. How will this affect the answer you gave previously?
a. How will this increase in investment affect output, interest rates, and the current account? Answer: This is an exogenous increase in investment demand. This leads to an increase in the demand for goods, shifting the IS curve to the right.This leads to an increase in output and the interest rate. The increase in the interest rate implies an appreciation in the Home currency that decreases the current account. This is illustrated in the following figure.
IN THE NEWS - Federal Reserve
IN THE NEWS - June 30, 2001: Federal ReserveBy Nancy SteinbachThis is Steve Ember with the VOA Special English program IN THE NEWS.Earlier this week, the United States Federal Reserve Board announced another cut in the amount banks pay to borrow money for a short term. The Federal Reserve Board is a part of America’s central bank.The United States Congress established the Federal Reserve System in Nineteen-Thirteen when it approved the Federal Reserve Act. The legislation created Federal Reserve banks in twelve areas of the country. They are supervised by the Board of Governors of the Federal Reserve System. All national banks must be members of the system. State banks can be members if they meet federal requirements.Seven people serve on the Board of Governors. The group is usually known as the Federal Reserve Board. Each member is appointed by the President of the United States to a fourteen year term. The Senate must approve the appointments of the board members.The President names one member to serve as chairman for four years. The current chairman of the Federal Reserve Board is Alan Greenspan. He took office for a fourth term as Federal Reserve Chairman on June twentieth of the year Two-Thousand. Mister Greenspan has been named chairman by presidents Reagan, Bush and Clinton.The main responsibility of the Federal Reserve Board is to influence the economy of the United States to avoid inflation and support continuing growth. It does this by controlling the nation’s banking system and money supply. The Federal Reserve also sets important interest rates. Interest is the money people or businesses pay to banks for borrowing money.The Federal Reserve establishes interest rates for loans that banks in the federal banking system make to each other. This is the federal funds rate. This rate influences interest rates for all other kinds of loans in the country.About two-thirds of the economic activity in the United States depends on personal spending. Lower interest rates set by the Federal Reserve Board are supposed to increase personal spending by reducing the cost of borrowing.The Federal Reserve Board has been reducing the federal funds interest rate all year. It started with a half-point cut on the second business day in January. It continued to cut a half-point at each of the three Board meetings since then. The Board even cut another half-point between meetings on April eighteenth. This reduced the rate from six and one-half percent in January to four percent. Then on Wednesday, the Board cut the interest rate by one quarter percent. So the federal funds rate is now three and three quarters percent. Experts say the series of interest rate cuts this year is the most aggressive action taken by the American central bank in nineteen years.This VOA Special English program IN THE NEWS was written by Nancy Steinbach. This is Steve Ember.Email this article to a friendPrinter Friendly Version。
Fed Gets Ready to Pump 600 Billion More Into US Economy
Fed Gets Ready to Pump 600 Billion More Into US EconomyThe Federal Reserve美联储calls America's economic recovery "disappointingly slow." 缓慢得“令人失望So the Federal Reserve decided Wednesday to add six hundred billion dollars to the financial system by the middle of next year. To do this, the central bank will buy Treasury securities 美国国债from dealers商人.The action is known as quantitative easing.量化宽松The goal is to reduce long-term interest rates利率. The hope is to create conditions where businesses will invest more and people will spend more.Buying longer-term Treasury securities will make less government debt available to investors. This will raise the price. As bond prices rise, their rates fall.Long-term securities affect rates on home mortgages住房抵押贷款and other loans. Lower rates on corporate bonds企业贷款could lead businesses to invest in more equipment and jobs.Lowering short-term interest rates is the Federal Reserve's main way to get banks to increase lending. But those rates are already near zero.The Fed earlier bought one trillion万亿seven hundred fifty billion dollars of Treasuries and other securities. That program ended in March.Fed Chairman Ben Bernanke, writing in The Washington Post, said "Easier宽松的financial conditions will promote促进economic growth." But interest rates are already low. And critics say further cuts are unlikely to create much growth.Inflation also is low -- so low that some economists worry more about the risk of falling prices and wages. But others say pumping more money into the economy will weaken the value of the dollar. They say it could raise inflation to dangerous levels -- and not just in America.Interest rates in the United States and Europe are lower than in Asia and Latin America. As a result, Asian and Latin American economies are already struggling with an overflow过剩of investments.Large flows of capital热钱can raise currency货币values and make export-based economies less competitive. Several nations are considering limits on capital.The Fed's action this week had been expected. But it comes as the heads背景of twenty leading economies prepare for talks会晤in South Korea next week. And it came a day after the Republican Party retook control of the House of Representatives from the Democrats.President Obama has invited leaders of both parties to meet on November eighteenth. One immediate issue紧迫问题: what to do with tax cuts that are set to end next month.And that's the VOA Special English Economics Report. I'm Steve Ember.。
英文词汇
1安全软着陆艰难应对经济再次下滑的前景之际阻止中国经济过快猛增遏制不断飙升的消费价格宏观调控的取向不能变出炉又一套庞大的刺激计划经济相当稳健经过近一年的收紧货币政策降低了经济过热及通胀失控的几率担心西方出现双底衰退的全球需求下降很可能压低大宗商品价格中国经济对投资的依赖度仍然过高中国在楼市调控上拿出了出人意料的决心说到中国楼市的重要性，无论怎么强调都不为过。
房地产建设在中国国内生产总值(GDP)中所占的直接比重接近15%，由于房地产市场出现泡沫迹象，中国政府出台了一系列政策抑制房价，包括提高按揭利率和限制个人购房数量。
这些措施终于开始奏效了目前市场正处于一个转捩点。
由于待售房存量巨大并呈上升趋势，未来几个月，各大城市房价可能一路走低，放松楼市调控当时，政府刚放松调控措施没几天，房价就开始大幅上涨。
If US and European growth slowould prompt a collapse in Chinese expo and investment also to slump, and raise landing that would be exacerbated by re secure soft landingstruggle with the prospect ostop their domestic economy freining in soaring consumer pmacro-control and adjustmentunleash another enormous stithe economy is robustAfter nearly a year of monetareduces the chances of overhefears of a double-dip recessithe decline in global demandthe economy is still far tooBeijing is showing unexpecteonce-sizzling property market,The importance of the ChineseProperty construction directly accounts ’s gross domestic productwith the real estate market l government introduced a series of polic higher mortgage rates to restrictions o can buy.these measures are finally stthe United States and Europe are on thethe market is at a tipping po inventories, housing prices in major ci declines in the coming months,relax its grip on the propertHousing prices soared days aftime.这次政府在楼市调控上毫不松动，重树了威信。
双语阅读美联储升息25基点至425%
双语阅读:美联储升息25基点至4.25% 美联储升息25基点至4.25%Fed lifts rates 25 points to 4.25%美联储(Fed)将隔夜利率提高0.25个百分点至4.25%，并表示未来可能还会升息，但可能正接近其25个基点连续升息周期的终点。
The Federal Reserve increased overnight rates by a quarter point to 4.25 per cent and signalled there may be more rises to come but that it may be nearing the end of its cycle of automatic quarter point increases.联邦公开市场委员会(FOMC)在周二声明中表示，“可能需要进一步有节制地收紧政策，以保持实现经济可持续增长和物价稳定两者的风险基本平衡”。
In its statement on Tuesday, the Federal Open Market Committee said “some furth er measured policy firming is likely to be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance”.这是自美联储去年6月开始其紧缩战略以来第13次升息，而目前经济增长强劲，通胀压力也得到了控制。
It is the 13th consecutive rate rise since Fed began itsstrategy of tightening in June last year amid robust economic growth and contained inflationary pressures.美联储主要担忧的是，假如企业开始将上升的`成本转嫁给消费者，则能源成本上升可能对通货膨胀造成影响。
考研英语阅读 _ 0319-考研同源外刊精析解读
翻译打卡In any case, leniency from lenders will help some of those most disrupted by the epidemic, but not all.Small firms, which are more likely to rely on bank finance, will benefit. But only 15% of Italian households have mortgages.The neediest, says Tito Boeri, a former head of the social-security administration, cannot take out loans in the first place.无论如何，放贷机构的宽容会帮助一些受疫情影响最严重的人，但不是所有人。
更倾向于依靠银行融资的小企业将从中受益。
但是只有15%的意大利家庭有房屋贷款。
社会保障署前署长表示，最需要帮助的人一开始就无法获得贷款。
今日文章Italy's membership of the euro means that tackling the epidemic depends not just on ministers in Rome.The European Central Bank (ECB) could help lenders continue to provide liquidity.意大利的欧元区成员国身份意味着，应对这一流行病不仅取决于罗马的部长们。
欧洲央行（ECB）可以帮助放贷机构继续提供流动性。
As this newspaper went to press, the ECB was expected to loosen policy,either by cutting interest rates or offering banks cheap funding to lend to companies.But, with its interest rates already at-0.5%, it cannot cut rates much further.本刊付印时，欧洲央行有望放松政策，要么降息，要么向银行提供廉价资金，以便向企业放贷。
萨缪尔森《宏观经济学》(第19版)习题详解(含考研真题)(第10章--货币政策与经济)
萨缪尔森《宏观经济学》（第19版）第10章货币政策与经济课后习题详解跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
一、概念题1．银行准备金（bank reserves）答：银行准备金是指为安全起见，银行需要提留一定比例的存款以保证储户提款，其余的存款才能用于放贷或投资，这部分提留的存款称之为银行准备金。
2．联邦基金利率（federal funds rate）答：联邦基金利率是银行之间相互借贷，交易在联储准备金账户余缺资金时所支付的利率。
它是一种以美元计价的短期（隔夜）无风险985/211历年真题解析,答案,核心考点讲义,你想要的都在这→经济学历年考研真题及详解利率。
3．联储储备资产负债表（Federal Reserve balance sheet）答：联邦储备资产负债表是指美联储在特定时间内编制的非金融资产和金融资产的存量价值表。
该表左方记录美联储的资产，右方记录美联储的负债和净值。
资产负债表是按照复式记账原则记录的。
4．公开市场业务：买和卖（open-market：purchases and sales）答：公开市场业务指中央银行在金融市场上出售或购入财政部和政府机构的证券，特别是短期国库券以影响基础货币的活动。
公开市场业务作为最主要的货币政策工具，具有以下几个明显的优越性：（1）中央银行能够运用公开市场业务影响银行准备金，从而直接影响货币供应量。
（2）公开市场业务使中央银行能够随时根据金融市场的变化，进行经常性、连续性的操作。
（3）通过公开市场业务，中央银行可以主动出击，不像贴现政策那样处于被动地位。
BEC阅读
By the end of September there were 60 banking institutions in China offering individual wealth management services such as mutual funds, insurance products and offshore investments.
许多分析师认为，此轮农业大宗商品的上涨才刚刚开始。
Many analysts believe the rally for agricultural commodities is only just beginning.
（3）
中国理财产品销售量大幅飙升
中国银行业监管机构昨日表示，随着各银行扩大产品种类，2007年最后一个季度中国个人理财产品销售额大幅飙升。
BEC商务英语中级阅读练习精选（1）
降息不是解决信贷市场动荡的办法
亿万富翁基金经理雷伊o戴利奥(Ray Dalio)表示，降息不是解决目前信贷市场动荡问题的方法。戴利奥是最近数月为美国联邦储备委员会(Federal Reserve)提供建议的专家之一。
Ray Dalio, the billionaire fund manager who was among the experts to advise the US Federal Reserve in recent months, has said interest rate cuts are not the solution to the turmoil in the credit markets.
Central Banks and the Federal Reserve System
agriculture, or consumer sector – Three C directors appointed by the Board of Governors
• Report by the manager of system open market operations on foreign currency and domestic open market operations and other related issues
• Presentation of Board’s staff national economic forecast
• Commercial banks chartered by states are not required but may choose to be members
• Depository Institutions Deregulation and Monetary Control Act of 1980 subjected all banks to the same reserve requirements as member banks and gave all banks access to Federal Reserve facilities
for banks to expand their activities
Functions of the Federal Reserve Banks (cont’d)
九年级英语经济政策单选题50题
九年级英语经济政策单选题50题1. The government decides to cut taxes to stimulate economic growth. This is an example of _____ policy.A. monetaryB. fiscalC. tradeD. industrial答案：B。
解析：fiscal policy（财政政策）主要涉及政府的税收和支出等方面，政府削减税收属于财政政策范畴。
monetary policy（（货币政策）主要由中央银行控制货币供应量等。
trade policy（（贸易政策）侧重于国际贸易相关的规则和措施。
industrial policy（产业政策）关注特定产业的发展等，所以A、C、D选项错误。
2. In a free - market economy, prices are mainly determined by _____.A. the governmentB. producersC. consumersD. supply and demand答案：D。
解析：在自由市场经济中，价格主要由供给和需求（supply and demand）决定。
政府（（the government）在自由市场经济中一般较少直接干预价格。
生产者（（producers）和消费者（（consumers）会影响供给和需求，但不是直接决定价格的因素，所以A、B、C选项错误。
3. Which of the following is an example of a protectionist trade policy?A. Free trade agreementB. TariffC. Export subsidy for all industriesD. Encouraging foreign direct investment答案：B。
解析：关税（（Tariff）是一种典型的保护主义贸易政策，通过对进口商品加征关税来保护本国产业。
经济学原理宏观经济学分册英文原版课件29monetarysystem复习课程
The Fed’s Organization
The Federal Reserve System is made up of the Federal Reserve Board in Washington, D.C., and twelve regional Federal Reserve Banks.
The Fed’s OrganizationThe Fede
The Federal Reserve System
The Federal Reserve SystemCopy
The Fed’s Organization
The Federal Reserve BanksThe New York Fed implements some of the Fed’s most important policy decisions.
The Functions of Money
Money has three functions in the economy:Medium of exchangeUnit of accountStore of value
The Functions of MoneyMoney ha
The Functions of Money
The Fed’s OrganizationThe Fed
The Fed’s Organization
The Board of GovernorsSeven members Appointed by the president Confirmed by the SenateServe staggered 14-year terms so that one comes vacant every two years.President appoints a member as chairman to serve a four-year term.
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The Federal Reserve Cuts Rates to Calm Financial
Markets
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This is IN THE NEWS in VOA Special English.
News of the American central bank's interest rate cut this week was the top story in financial markets around the world. In a surprise announcement Tuesday, the Federal Reserve lowered the federal funds rate to three and one-half percent. This is the rate that banks charge each other to borrow money overnight.
The announcement came one day after foreign stock markets suffered heavy losses. Losses between three and seven percent were reported in Japan, China, India, South Korea and across Europe.
Financial markets dropped as concern grew that an American recession could hurt the economies in countries that trade with the United States. Many markets suffered losses again Tuesday before the Fed lowered the interest rate.
Several foreign markets regained some of their losses in the days following the American interest rate cut. Stock prices rose almost eleven percent in Hong Kong on Wednesday. The main index in Mumbai, India increased more than seven percent. European and Asian markets also closed higher on Friday. Tokyo's Nikkei Index gained more than four percent. Share prices were also higher in Shanghai, Manila, Seoul, Kuala Lumpur and Bangkok.
Lower interest rates make it easier for businesses and people to borrow money for purchases and other activities that help the economy.
Financial experts expect the Federal Reserve will cut the interest rate another quarter of a percentage point at its official meeting next week. That would bring the federal funds rate to three and one-quarter percent.
As concerns of a possible recession in the United States grow, the Bush administration and congressional leaders agreed on an economic growth plan. In Davos, Switzerland, political, economic and government leaders are attending the yearly meeting of the World Economic Forum. More than two
thousand economic policy-makers are discussing the world's economic and social problems.
Opinion has been mixed on the future of the financial situation in the United States and how it will affect the rest of the world. Secretary of State Condoleezza Rice told the Forum the American economy has a strong structure and would remain an engine of growth.
But others are not so sure. Joseph Stiglitz is an economics professor at Columbia University in New York City and a winner of the Nobel Prize in economics. He said the current market trouble is far from over.
Bill Gates, the head of Microsoft, also spoke at the World Economic Forum. He said capitalism as an economic system may need some changes. Mister Gates proposed an idea he calls creative capitalism. He called on companies to think more about how their products can help society. Mister Gates said he believes capitalism should help the poor as well as the rich.
And that's IN THE NEWS in VOA Special English, written by Brianna Blake. I'm Steve Ember.
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