美联储如何执行货币政策(英文).docVIP

美联储如何执行货币政策(英文) 3 The Implementation of Monetary Policy The Federal Reserve exercises considerable control over the demand for and supply of balances that depository institutions hold at the Reserve Banks. In so doing, it influences the federal funds rate and, ultimately, employment, output, and prices. The Federal Reserve implements U.S. monetary policy by affecting con-ditions in the market for balances that depository institutions hold at the Federal Reserve Banks. The operating objectives or targets that it has used to effect desired conditions in this market have varied over the years. At one time, the FOMC sought to achieve a specific quantity of balances, but now it sets a target for the interest rate at which those balances are traded between depository institutions—the federal funds rate. (See “Op-erational Approaches over the Years” on page 28.) By conducting open market operations, imposing reserve requirements, permitting depository institutions to hold contractual clearing balances, and extending credit through its discount window facility, the Federal Reserve exercises con-siderable control over the demand for and supply of Federal Reserve bal-ances and the federal funds rate. Through its control of the federal funds rate, the Federal Reserve is able to foster financial and monetary condi-tions consistent with its monetary policy objectives. The Market for Federal Reserve Balances The Federal Reserve inf luences the economy through the market for balances that depository institutions maintain in their accounts at Federal Reserve Banks. Depository institutions make and receive payments on behalf of their customers or themselves in these accounts. The end-of-day balances in these accounts are used to meet reserve and other bal-ance requirements. If a depository institution anticipates that it will end the day with a larger balance than it needs, it can reduce that balance in several ways, depending on how long it expects the surplus to persist