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National Monetary Policy by Regional Design: The Evolving Role of the Federal Reserve Banks in Federal Reserve System Policy

  • David C. Wheelock
Part of the ZEI Studies in European Economics and Law book series (ZEIS, volume 1)

Abstract

The Governing Council of the European System of Central Banks (ESCB) has been charged with determining and implementing the monetary policy of the European Community. The Council will include the six members of the European Central Bank’s Executive Committee and the central bank governors of the European Community’s eleven member states. The Federal Open Market Committee (FOMC) of the U.S. Federal Reserve System has similar duties and structure. Like the ESCB’s Governing Council, the FOMC is the principal monetary policymaking committee of the Federal Reserve System. It consists of the seven members of the Board of Governors of the Federal Reserve System and the presidents of the twelve regional Federal Reserve Banks (though only five presidents may vote on policy at any one time).

Keywords

Monetary Policy Federal Reserve Money Supply Government Security Federal Reserve System 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 2000

Authors and Affiliations

  • David C. Wheelock
    • 1
  1. 1.Federal Reserve Bank of St. LouisUSA

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