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Compares & contrasts the roles of the New York Federal Reserve Bank with the St. Louis Federal Reserve Bank.
Paper Introduction: A Comparison of Two Federal Reserve Banks Introduction: Federal Reserve Functions The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system.
Over the years, its role in banking and the economy has expanded. Today, the federal Reserve's duties fall into fall into four general areas: 1. Conducting the nation's monetary policy by influencing the money and credit conditions in the economy in pursuit of full employment and stable prices; 2.
Supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial FRED files are grouped into twelve categories: Daily/Weekly U. S. In this sense, the differencesbetween the Reserves enhance and make the reserve system stronger. Supervising and regulating banking institutions to ensure thesafety and soundness of the nation's banking and financial system and toprotect the credit rights of consumers; 3.
These components share responsibility forsupervising and regulating certain financial institutions and activities;for providing banking services to depository institutions and to thefederal government; and for ensuring that consumers receive adequateinformation and fair treatment in their business with the banking system(Overview, 1997). The Beige Book, as it has come to be called, is published eight timesa year. government securities in the secondarymarket in order to adjust the level of reserves in the banking system. Open market operations enable the Federal Reserve to manage money supplygrowth and reach other monetary policy targets (Open market operations,1997). Available:http://www.
Ny. frb. org/pihome/fedpoint/fed44.htm.
(1997). The St. The Beige Book summarizes this information by Districtand sector (FRED, 1997). Over the years, its role in banking and the economy has expanded. [On-line].
Through open market operations, theFederal Reserve buys and sells U.
S. Available: http://www.
Stls. frb. org.
Public information. Louis. Louis Federal Reserve Bank takes a lead in gathering andpresenting this information (Purposes and functions, 1997).Functions of the New York City Federal Reserve The manager of the System Open Market Account at the New York Fed, whoexecutes open market operations on behalf of the entire Federal ReserveSystem, uses the directive as a guide in making decisions about the day-to-day sale or purchase of securities (Open market operations, 1997). Today, the federalReserve's duties fall into fall into four general areas: 1.
The Federal Reserve Bank of St. Louis. The sale or purchase ofU. S.
The open market staff also receives information from the Treasuryabout its balances at Federal Reserve Banks through a telephone call eachmorning at about 1 :3 a.
On many occasions the New York Fed acts as agent on behalf of othercentral banks and international organizations wishing to participate in theFX market in the United States, with funds kept for those organizations inFederal Reserve custody accounts and with no money of U. S. Louis Federal Reserve The St. It oversees the value ofmoney, within and without the U. S.
Monetaryauthorities involved (Intervening in open market operations, 1997). Available: http://www. stls. frb. org/pubinfo.
Purposes and functions. A Comparison of Two Federal Reserve BanksIntroduction: Federal Reserve Functions The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, moreflexible, and more stable monetary and financial system.
The Federal Reserve Bank of New YorkCity.
Providing certain financial services to the U. S.
Economicand financial data, including daily U. S.
Overview. economy and makes decisions that helpmaintain the stability of those economies. When the RPs mature, the added reserves are automatically drained. However, when there is a temporary need to drain reserves, matched sale-purchase transactions with dealers are executed.
Interest rates, monetary andbusiness indicators, exchange rates, and regional economic data forArkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee.
In some sense, the New YorkFederal Reserve acts as broker on national and international levels, concerning the value and availability of money. These transactionsinvolve a contract for immediate sale of Treasury bills to, and a linkedmatching contract for subsequent purchase from, each participating dealer(Open market operations, 1997).
The St. Louis Federal Reserve acts as a focus for valuable financial informationfrom all the other Federal Reserves.
In addition to the monetary services indexes, the database containsdual user cost indexes, measures of potential aggregation error in themonetary services indexes, measures of the stock of monetary wealth andrelated indexes. The Federal Reserve Bank of St.
FRED (Federal Reserve Economic Data) provides historical U. S. When intervening on behalf of U. S.
Monetary authorities, the New YorkFed uses varied intervention techniques, depending on the circumstances andgoals of the operation. This information is used by theFederal Open Market Committee (FOMC) and the Board of Governors in reachingmajor decisions about monetary policy. [On-line]. This directive indicates the approach to monetary policythat the FOMC considers appropriate for the time period between itsmeetings, which are held approximately every six to eight weeks (Openmarket operations, 1997). Louis.
Louis, the Beige Book, Summaries of Current Economic Conditions by Federal Reserve District, andFRED (Federal Reserve Economic Data) which is an historical database ofeconomic and financial data (Statistical information, 1997).
Federal Reserve Board.
The Monetary Services Index (MSI) for theUnited States measures the flow of monetary services received each periodby households from their holdings of monetary assets. Maintaining the stability of the financial system and containingsystemic risk that may arise in financial markets; and 4. Each Federal Reserve Bank gathers anecdotal information on currenteconomic conditions in its District through reports from Bank and Branchdirectors and interviews with key businessmen, economists, market experts, and other sources. In addition, traders at the New York Fed observe market trends anddevelopments to provide information to policy makers.
(1997). (1997). Boards of directors of the Reserve Banks and Branches provide theFederal Reserve System with a wealth of information on economic conditionsin virtually every corner of the nation. Open market operations. Open market operations are the Federal Reserve's most flexible meansof carrying out monetary policy.
Available:http://www. ny. frb. org/pihome/fedpoint/fed32.
Htm. Reserve forecasters in the New York Fed's research department and atthe Board of Governors in Washington compile data on bank reserves from theprevious day and on factors that could change their projections for futuredays.
Federal Reserve Board.
It acts as a kind of gathering and exchange point foreconomic information, factual and anecdotal. It is a federal system, composed basically of acentral, governmental agency, the Board of Governors in Washington, D. C.,and twelve regional Federal Reserve Banks, located in major citiesthroughout the nation.
Louis Federal Reserve includes (butis not limited to) annual reports, news releases, speeches by Thomas C. Melzer President, Federal Reserve Bank of St. Levels of theindexes are often referred to as Divisia monetary aggregates (Statisticalinformation, 1997). Being closer to historicseats of power and European markets, the New York branch of the FederalReserve has assumed a kind of natural role.
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