Fed Basics
What is the Federal reserve?
This is the central bank of the United States.
Who is the chair of the Federal Reserve?
This is the head of the Federal Reserve Board.
What is monetary policy?
The Fed uses the policy to influence the economy.
Who is Woodrow Wilson?
This U.S. president signed the Federal Reserve Act.
What is a "greenback"?
The nickname for U.S. paper currency.
What is 1913?
The Federal Reserve was created in this year.
What is 12?
The Fed is made up of this many regional Reserve Banks.
What is the Federal funds rate?
The Fed sets this important interest rate to influence lending.
What are financial panics?
The Fed was created in response to this type of recurring event
What is false?
True or False: The Fed prints money?
What is maximum employment?
The main goal of the Fed is to promote this type of employment.
What is the Board of Governors?
This is the central governing body of the Federal Reserve.
What is inflation?
When the Fed raises interest rates, it typically wants to slow this.
What is the Great Depression?
This ecomonic crisis led to major reforms of the Fed in the 1930s.
What is stable prices/inflation?
The Fed's dual mandate includes maximum employment and this.
What is price stability?
This term describes the Fed's role in keeping prices stable.
What is Washington, D.C.?
The Fed's headquarters is located in this U.S. city.
What are open market operations?
Buying and selling government securities is called this.
What are the 1950s?
The Fed gained greater independence after this decade.
What is the FOMC statement?
The Fed communicates policy decisions via this statement.
What is resort?
The Fed is sometimes called a "lender of last__."
What are quasi-public institutions?
These Reserve Banks operate as both public and private institutions.
What is the reserve requirements?
This tool sets the amount Banks must hold in reserve.
Who is Paul Volker?
This chair famously fought inflation in the 1980s.
What s independence?
This term refers to the Fed being free from political pressure.