Web Links

• p. 393: Go to http://www.federalreserve.gov/fomc/ to learn about the Federal Reserve's current policy regarding open market operations. Click on “Meeting calendar statements and Minutes,” and select the “Minutes” for the most recent month.
• p. 398: Go to http://www.bis.org/cbanks.htm for links to central banks around the globe, provided by the Bank for International Settlements.
• p. 405: Go to http://www.federalreserve.gov/newsevents.htm for Federal Reserve news events announcing its latest monetary policy actions.

Issues and Applications Web Resources:

• To learn about how the central bank of one nation, the Philippines, implements inflation targeting, go to http://www.bsp.gov.ph/monetary/targeting.asp.
• For access to several detailed articles on inflation targeting in various nations, use these links:
  http://www.indiana.edu/~econed/pdffiles/fall02/walsh.pdf
  http://www.bis.org/review/r050128g.pdf
  http://www.worldbank.org/fandd/english/0398/articles/0100398.htm

The Fed's Policy Report to Congress
Congress requires the Fed to make periodic reports on the scope of its recent policymaking activities. In this application, you will study recent reports to learn about what factors affect Fed decisions.

     Title: Monetary Policy Report to the Congress

     Navigation: Go to http://www.federalreserve.gov/boarddocs/hh/ to view the Federal Reserve's Monetary Policy Report to the Congress (formerly called the Humphrey-Hawkins Report).

Application:
Read the report; then answer the following questions.

1. According to the report, what economic events played the most important role in shaping recent monetary policy actions?

2. Based on the report, what are the Fed's current monetary policy goals?