SS 141 Lecture Notes - Lecture 7: Federal Open Market Committee, Monetary Policy, Citizens Financial Group

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17 Apr 2016
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Chapter 14 money, banking, & financial insituions. Medium of exchange: used to buy/sell services. Unit of account: goods valued in dollars. Store of value: hold some wealth in money form. Money is liquid: doesn"t have to be in dollar or coin form. M1: currency (hard cash: checkable deposits. Insituions ofering checkable deposits: commercial banks, savings and loans associaions, mutual saving banks. M1 + near monies (interest paid on currency when deposit is made) Savings deposits including money market deposit accounts (mmda) Money market mutual fund (mmmf: extra money earned by m1. Established by congress as an independent agency. Board of governors: monetary policy they set for country. Federal open market commitee: helps the board of governors in seing monetary policy. Banks commercial banks thrist instrucions the public (households and businesses) 12 federal reserve banks: serve as the central bank. Act as a iscal agent for u. s. government.

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