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Fin 122 Midterm 1d

Financial Institutions and Markets Ch. 4

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