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Economics

Vocab Ch 10 & 16

QuestionAnswer
Bank Holding Company - company that owns more than one bank
Board of Govenors - The 7 member board that oversees the Federal Reserve System
Check Clearing - The process by which banks record whose account gives up money and whose accont receives money when a customer writes a check
Commodity Money - Objects that have value in themselves as well as for use as money
Discount Rate - The rate the Federal Reserve charges for loans to commercial banks
Easy Money Policy - Monetary policy that increases the money supply
European System of Central Banking - (ESCB) - As Europe moved toward a single currency, they created the ESCB to handle the European community's monetary policy. It is similar to the U.S. Federal Reserve.
Excess Reserves - In Banking, reserves of cash more that the required amounts
Federal Advisory Council - (FAC) - The research arm of the Federal Reserve
Federal Deposit Insurance Corporation - (FDIC) - The Govt, Agency that insures customer deposits if a bank fails.
Federal Funds Rate - The interest rate banks charge each other for loans
Federal Reserve Districts - The 12 banking districts created by the Federal Reserve Act
Federal Reserve System - The Nations central banking system
Fiat Money - Money that has value because the Govt. has ordered that it is an acceptable means to pay debts.
FOMC - (Federal Open Market Commttee) - Federal Reserve Committee that makes key decisions about interest rates and growth of the U.S. Money supply
Fractional Reserve Banking - A banking system that keeps only a fraction on hand and lends out the remainder
Gold Standard - A monetary system in which Paper money and coins are equal to a certain amount of Gold
Greenback - Paper currency issued by the north during the civil war.
Inside Lag - Delay in implementing monetary policy. (Instead of acting immediately,They wait to see what is going to happen)
Leading Economic Indicators - Key economic variables that economists use to predict a new phase of the business cycle. Ex. Unemployment Report & GDP.
Monetary Policy - The actions the Federal Govt takes to influence the level of Real GDP and the rate of inflation in the Economy.
Moneterism - The belief that the money supply is the MOST IMPORTANT Factor in Macroeconomic performance
Money Creation - The process by which money enters into circulation
Money Multiplier Formula - Amount of new money that will be created with each demand deposit; 1 divided by the RRR
Money Supply - All of the Money available in the United States Economy
Net Worth - Total Assets minus Total liabilities.
Open Market Operations - The buying and selling of Govt.securities to alter (change) the supply of Money
Outside Lag - The time it takes for Monetary policy to have an effect.
Prime Rate - The rate of interest banks charge on short-term loans to their best customers.
Representative Money - Objects that have value because the holder can exchange them for something else of value.
Required Reserve Ratio - (RRR) - The ratio of reserves (Money they have to keep on hand) to deposits required of banks by the federal reserve.
Tight Money Policy - Monetary Policy that reduces the money Supply.
Created by: Ryan Parnell 12
 

 



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