Web Links

Marginal URLs:

• p. 425: Go to http://www.federalreserve.gov/fomc/ learn about the Federal Reserve's current policy regarding open market operations. Scan down the page, and select the "Minutes" for the most recent date.
• p. 430: Go to http://www.bis.org/cbanks.htm for links to central banks around the globe, provided by the Bank for International Settlements.
• p. 436: Go to http://www.federalreserve.gov/newsevents.htm for Federal Reserve news events announcing its latest monetary policy actions.

• For a summary of the FOMC's recent efforts to use open market operations to target the federal funds rate, go to http://www.federalreserve.gov/fomc/fundsrate.htm.
• Read more about how the FOMC seeks to identify the neutral federal funds rate at http://research.stlouisfed.org/publications/mt/. Click on "Past Issues," then click on "2004," and under December, click on "Cover Page" to obtain the PDF document entitled "A Neutral Federal Funds Rate?"

The Fed's Policy Report to Congress

Congress requires the Fed to make periodic reports on its recent 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 were most important in shaping recent monetary policy?

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