Federal reserve and monetary policy
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7 Terms
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board of governors
7 governors
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how many federal reserve banks
12
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federal open market committee
main policy making body
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monetary policy
major process by which the fed normally impacts the economy is through setting the target fed funds rate
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fed funds rate
rate changed by banks on short-term (overnight) loans of reserves
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required reserves
reserves that banks must hold by law to back a portion of their customer deposits.
Typically, it has been 10%.
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excess reserves
reserves held by banks at the fed that exceed the minimum requirements
Note 
Flashcards (117)