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The Federal ReserveWhat Everyone Needs to Know$
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Stephen H. Axilrod

Print publication date: 2013

Print ISBN-13: 9780199934485

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199934485.001.0001

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The Fed’s Organization For Policy

The Fed’s Organization For Policy

(p.10) 2 The Fed’s Organization For Policy
The Federal Reserve

Stephen H. Axilrod

Oxford University Press

This chapter provides an overview of the Fed's policy structure. It addresses the following questions: Where does responsibility for monetary policy decisions reside in the Fed? What does the Federal Open Market Committee do and how is it organized? And how are other monetary policy instruments controlled? It also looks at how the politically appointed Board of Governors is chosen, how the Reserve Banks is governed, and the role of the Reserve Banks in the policy process. It also asks: should the regional structure of the Fed be modified for today's world? Should Reserve Bank presidents be politically appointed? Do member banks and directors of Federal Reserve Banks unduly profit or exert influence? It also examines what happens to the profits from Fed operations, the underlying connection between the government and the Fed, and how the government keeps tabs on the Fed. What does it mean in practice to say the Fed is independent?

Keywords:   Federal Reserve System, monetary policy, Federal Open Market Committee, Federal Reserve Banks

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