欧洲中央银行体系的组织与运作.PPTVIP

* * * * * * * 在馬斯垂克條約中，歐洲央行的最重要任務是維繫物價穩定 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Copyright ? 2010 Pearson Education. All rights reserved. 13-* Copyright ? 2010 Pearson Education. All rights reserved. Chapter 13 Central Banks: A Global Perspective Low and stable inflation Inflation Creates uncertainty(不確定性) and difficulty in planning for the future (難以計畫未來) Lowers economic growth Strains social fabric (扭曲社會架構) Nominal anchor to contain inflation expectations(名目定位會包含通膨預期) The Time-inconsistency problem(時間不一致問題) The Price Stability Goal And The Nominal Anchor(名目定位) Other Goals of Monetary Policy High employment(高就業) Economic growth(經濟成長) Stability of financial markets(金融市場穩定) Interest-rate stability(利率穩定) Stability in foreign exchange market(外匯市場穩定) Should Price Stability be the Primary Goal ?(價格穩定最重要嗎？ ) In the long run there is no inconsistency between the goals(長期來說這些目標並不衝突) In the short run it can conflict with the goals of high employment and interest-rate stability(短期來說高就業、 利率穩定與價格穩定相衝突) Hierarchical mandate(高層命令) Dual mandate(雙元命令) Origins of the Federal Reserve System Resistance to establishment of a central bank Fear of centralized power (害怕中央集權) Distrust of moneyed interests (不信任有錢人的利益) No lender of last resort(無最後貸款者) Nationwide bank panics on a regular basis Panic of 1907 so severe that the public was convinced a central bank was needed Federal Reserve Act of 1913 Elaborate system of checks and balances(精心設計的查核與平衡系統) Decentralized(分權) Structure of The Federal Reserve System(聯準會架構) The writers of the Federal Reserve Act wanted to diffuse power along regional lines Federal Reserve System include the following entities The 12 Federal Reserve banks (聯邦準備銀行) The Board of Governors of the Federal Reserve System (聯邦準備理事會) The Federal Open Market Committee (FOMC) (聯邦公開市場操作委員會) The Federal Advisory Council (聯邦諮詢委員會) Around 2,900 member commercial banks(會員銀行) FIGURE 2 Federal Reserve System Source: Federal Reserve Bulletin