Council of Economic Advisers

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federal reserve

(most important) develops monetary policy

budget process begins

18 months prior to implementation

members of federal reserve

appointed by president and senate confirms

president

appoints members of CEA

open market operations

buying and selling of government bonds

why implementation 18 months prior is a problem

conditions could change within that time period which would make their recommendations invalid

senate

confirms members of CEA

employment act of 1945

created the council of economic advisors

selling of bonds

decreases money supply

joining federal reserve

deposit a percent of cash as collateral

functions of CEA

economic analysis/forecasting, policy advice, education

another function of OMB

evaluates all other government agencies

what is in each state?

federal reserve bank

discount rate

federal reserve charges banks that borrow

buying of bonds

increases money supply

selling of bonds attacks

inflation

major function of the office of management and and budget (OMB)

makes budget

adjust reserve requirements

money bank has to put up as collateral to federal reserve

federally chartered banks

must belong to federal reserve

1

number of board chairmen

12

number of districts nation is divided into

7

number of federal reserve members

weapons of federal reserve

open market and adjusting reserve requirements

state chartered banks

optional to belong to federal reserve

budget

plan of income and expenses

buying of bonds attacks

recession

deficit spending

recommended to stimulate economy

main function of federal reserve

supply cash and keep economy stable

14

term length of federal reserve members

independent

type of agency of federal reserve


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