Federal Reserve Structure and Business Cycles

Vocabulary flashcards reviewing key Federal Reserve numerical facts, structural components, and business cycle phases.

Expansion

A business cycle phase characterized by higher aggregate demand ($\text{AD}$).

Contraction

A business cycle phase characterized by lower aggregate demand.

Regional Federal Reserve Banks

The $12$ regional banks comprising the Federal Reserve System.

Regional FR Bank Presidents Attending FOMC Meetings

The $12$ regional Federal Reserve bank presidents who attend Federal Open Market Committee meetings.

Interval Between Scheduled FOMC Meetings

The approximate number of weeks between regularly scheduled FOMC meetings, which is $6$ weeks.

Branches of the FR Bank of Dallas

The $3$ branch locations belonging to the Federal Reserve Bank of Dallas.

Maximum Full Years on the FR Board of Governors

The maximum number of full years a person can serve on the Federal Reserve Board of Governors, listed as $27$.

Voting Members of the FOMC

The $12$ members who have voting status on the Federal Open Market Committee.

Typical FOMC Meeting Duration

The typical duration of a scheduled FOMC meeting, which is $2$ days.

Total FR Banks Plus FR Bank Branches

The combined total count of regional Federal Reserve banks and their branches, which equals $36$.