University of Illinois Four Main Responsibilities of The Federal Reserve Questions

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Use powerpoint to answer below questions.

1. List and briefly describe the four main responsibilities of the Federal
2. What is the FOMC, who serves on the committee and what important
decision does this committee make that affects every American?
3. What are the three possible goals of central bank monetary policy? Is
it possible that a central bank that aims at more than one goal could
face conflicts between the two goals that it is considering? Explain.
4. Describe in only a few sentences the central idea behind monetary
5. Describe a central bank’s role as lender of last resort during a financial
6. The financial crisis of 2007-09 resulted in immediate action by the Fed
to cut interest rates. Two or three months later some economic
commentators complained that the Federal Reserve’s policies had
obviously failed to turn the economy around because things were still
getting worse. Was this a fair complaint against the Fed? Why or why
7. Decide if the following statement is true or false, and explain your
choice: “the advantage of monetary policy is that it always works: a rise
in rates reduces spending and growth of GDP, and a fall in rates
increases spending and growth of GDP”.

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