Financial Institutions and Markets Ch. 4
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| Beige Book | A consolidated report of regional economic conditions in each of the 12 Federal Reserve districts.
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| Board of Governors | A body made up of seven individual members; also called the federal reserve board.
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| Defensive Open Market Operations | Operations that offset the impact of other conditions on the level of reserves.
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| Depository Institutions Deregulation and Monetary Control Act (DIDMCA) | A legal bill that deregulated some aspects of depository institutions and enhanced the Fed's ability to control the money supply.
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| Discount Rate | The interest rate charged on Fed district bank loans to depository institutions.
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| Dynamic Open Market Operations | Operations implemented to increase or decrease the level of reserves.
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| Federal Funds Rate | The interest rate charged by banks on short term loans to each other.
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| Federal Open Market Committee (FOMC) | A body made up of seven members of the Board of Governors and presidents of five district banks.
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| Federal Reserve District Banks | Components of the Federal Reserve System; each bank is allowed to trade government securities.
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| M1 | The most narrow form of money, including currency held by the public and checking deposits.
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| Policy Directive | The document passed from the FOMC to the Trading Desk stating the FOMC's decision on the target money supply level.
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| Repurchase Agreement | The purchase of securities with an agreement to sell them back at a specified date in the near future.
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| Reserve Requirement Ratio | The proportion of depository institutions accounts that must be held as reserves.
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| Trading Desk (Open Market Desk) | Open market operations are carried out here.
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