巴德 宏观经济学原理（英文版·第8版）Chapter 17 PowerPoint.pptxVIP

Did the Fed save us from another Great Depression? 17When you have completed your study of this chapter, you will be able to1 Describe the objectives of U.S. monetary policy, the framework for achieving those objectives, and the Fed’s monetary policy actions.2 Explain the transmission channels through which the Fed influences real GDP and the inflation rate.3 Explain and compare alternative monetary policy strategies.CHAPTER CHECKLISTMonetary Policy 17.1 HOW THE FED CONDUCTS MONETARY POLICYMonetary Policy ObjectivesThe objectives of monetary policy are ultimately political.The objectives are set out in the mandate of the Board of Governors of the Federal Reserve System.The mandate is defined by the Federal Reserve Act of 1913 and its subsequent amendments.The objectives have two distinct parts: a statement of goals and a prescription of the means by which to pursue them. 17.1 HOW THE FED CONDUCTS MONETARY POLICYThe Federal Reserve ActThe Federal Reserve Act amendment passed by Congress in 2000 states that:The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long-run growth of the monetary and credit aggregates commensurate with the economy’s long-run potential to increase production, …so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. 17.1 HOW THE FED CONDUCTS MONETARY POLICYGoals: The Dual MandateThe Fed’s goals, often called the “dual mandate,” are to achieve stable prices and full employment.The goal of “stable prices” means keeping the inflation rate low. The goal of “maximum employment” means attaining the maximum sustainable growth rate of potential GDP, keeping real GDP close to potential GDP and the unemployment rate close to the natural unemployment rate. 17.1 HOW THE FED CONDUCTS MONETARY POLICYMeans for Achieving the GoalsThe 2000 law instructs the Fed to pursue its goals. The “economy’s long-run potential to increase producti