federal reserve system and monetary policy *history of banking *structure of the fed
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FEDERAL RESERVE SYSTEM FEDERAL RESERVE SYSTEM and MONETARY POLICYand MONETARY POLICY*History of Banking*History of Banking*Structure of the Fed*Structure of the Fed*Nominal v. Real *Nominal v. Real Interest RatesInterest Rates
ECONOMICSECONOMICSWhat Does It Mean To Me?
HISTORY OF BANKING
1780s No national standard; each state responsible for it’s own currency.
1791 Charter signed for FIRST BANK OF THE UNITED STATES. (expired 1811)
1811- 1816
Period of instability; extreme recessions and peaks.
1816 SECOND BANK OF THE UNITED STATES. (expired 1836)
HISTORY OF BANKING
1832 President Andrew Jackson vetoes the recharter of the Second Bank of US
1838-1863
Free Banking Era: Anyone may engage in banking upon compliance with charter requirements (wildcat banking)
1863 & 1864
National Banking Acts of 1863 & 1864: established national currency.
1865 Tax placed on bank notes; all national banks under federal supervision. (some continued under state charters)
HISTORY OF BANKING
1907 Panic of 1907 (et.al.) caused by overexpansion of credit, low bank reserves
1913 The Fed was created after a series of bank failures convinced Congress that the United States needed a central bank to ensure the health of the nation’s banking system.
1929 Great Depression. (lowest = 1933) Over 5000 banks went bankrupt.
1933 President Roosevelt restores confidence in the banking system by passing the FDIC.
HISTORY OF BANKING
Late60s -1970s
New Laws regarding responsibilities of banks and consumers.
1980s Deregulation; S & Ls bankrupt.
mid80s ATM banking; online information gives more stability as 24-hour cash availabilty and account information is available.
1940s- 1960s
Period of government regulation and economic stability.
In 1913, Congress established the In 1913, Congress established the
FEDERAL RESERVE FEDERAL RESERVE SYSTEMSYSTEM
The Federal Reserve system consists of 12 Banks for 12
districts in different parts of the country, each being a
cooperative of the “member” banks.
For most practical purposes, “THE THE
FEDFED” is a government agency,
however,it is set up it is set up
separate and apart separate and apart from the U.S. from the U.S. governmentgovernment.
Research for industrially advanced countries indicates that the more independent the central bank, the lower the average rate of inflation.
L to R: FRB of Boston, Minneapolis, and Dallas.
BB New York
AA Boston
EE Richmond
CC
Philadelphia
DD Cleveland
FF Atlanta
GG Chicago
HH St. Louis
II
Minneapolis
J J Kansas
City
KK Dallas
LL San
Francisco
BOARD OF GOVERNORS
(7)
FEDERAL ADVISORY BOARD
(12)
FEDERAL OPEN MARKET
COMMITTEE (FOMC)
(12)
12 member banks12 member banks
BB New York
AA Boston
EE Richmond
CC
Philadelphia
DD Cleveland
FF Atlanta
GG Chicago
HH St. Louis
II
Minneapolis
J J Kansas
City
KK Dallas
LL San
Francisco
BOARD OF GOVERNORS
(7)
FEDERAL ADVISORY BOARD
(12)
FEDERAL OPEN MARKET
COMMITTEE (FOMC)
(12)
12 member banks12 member banks
BB New York
AA Boston
EE Richmond
CC
Philadelphia
DD Cleveland
FF Atlanta
GG Chicago
HH St. Louis
II
Minneapolis
J J Kansas
City
KK Dallas
LL San
Francisco
BOARD OF GOVERNORS
(7)
FEDERAL ADVISORY BOARD
(12)
FEDERAL OPEN MARKET
COMMITTEE (FOMC)
(12)
12 member banks12 member banks
•The excess profits of the Fed go to the U.S. Treasury.
•The BOARD OF GOVERNORSBOARD OF GOVERNORS are appointed by the President with the consent of Congress.
However, neither the However, neither the President nor Congress has President nor Congress has the power to control the the power to control the actions of the Federal actions of the Federal
Reserve.Reserve.
•A full term is fourteen years
•One term begins every two years on February 1st of even-numbered years. (staggered terms)
•A member who serves a full term may not be reappointed.
For those appointed to the For those appointed to the Fed:Fed:
•Are named by the President from among the members and are confirmed by the Senate.
•They serve four year terms
•A member’s term on the Board is not affected by his or her status as Chairman or Vice-Chairman.
The CHAIRMANCHAIRMAN and VICE-CHAIRMANVICE-CHAIRMAN:
BB New York
AA Boston
EE Richmond
CC
Philadelphia
DD Cleveland
FF Atlanta
GG Chicago
HH St. Louis
II
Minneapolis
J J Kansas
City
KK Dallas
LL San
Francisco
BOARD OF GOVERNORS
(7)
FEDERAL ADVISORY BOARD
(12)
FEDERAL OPEN MARKET
COMMITTEE (FOMC)
(12)
12 member banks12 member banks
•Is composed of the seven members of the Board of Governors and five
Reserve Bank presidents.
•The president of the FRB of New York serves on a continuous basis.
•The president of the other Reserve Banks serve one-year terms on a
rotating basis beginning January 1 of each year.
The FEDERAL OPEN MARKET FEDERAL OPEN MARKET COMMITTEE (FOMC)COMMITTEE (FOMC)
•Traditionally, the Chairman of the Board of Governors is elected Chairman of the FOMC and the president of the FRB of New York is elected Vice-Chairman.
•By law, the FOMC must meet at least four times a year in
Washington DC, however, since 1980, eight regularly scheduled meetings are held per
year.
At least twice per year, the Committee also votes on its long-run policy objectives for growth in key money and debt aggregates.
At each regularly scheduled meeting, the Committee votes on the monetary policy to be
carried out during the interval between meetings. They set policy regarding the
buying and selling of government securities, such as
bills, notes, and bonds.
Twice a year, as required by the Humphrey-Hawkins Act of 1978, the Board submits a written report to Congress on the state of the
economy and the course of monetary policy, and the
Chairman is called on to testify on
this report.
The Purposes and Functions of the Federal The Purposes and Functions of the Federal Reserve System Reserve System
Payments Payments System System
Supervision Supervision & Regulation& Regulation
Monetary &Monetary &Economic PolicyEconomic Policy
Federal Reserve System
Three Primary Functions of the Fed•Regulates banks to ensure they follow federal laws intended to promote safe and sound banking practices.•Acts as a banker’s bank, making loans to banks and as a lender of last resort.•Conducts monetary policy by controlling the money supply.
Federal Reserve Banks serve as bankers’ banks.
In our system, “member” banks have deposits in the
Federal Reserve, and these deposits are part of the member bank’s reserves.
The twelve Federal Reserve Banks
1)Act as fiscal agents for the Federal government;
2) Provide for the collection of checks;
3) Hold the deposits of commercial banks.
The Purposes and Functions of the Federal The Purposes and Functions of the Federal Reserve System Reserve System
Payments Payments System System
Supervision Supervision & Regulation& Regulation
Monetary &Monetary &Economic PolicyEconomic Policy
Federal Reserve System
What Does the Fed Do?
•Bartering (??? BC)
•Precious metals/gems
•Precious coins
•Coins
•Currency
•Checks (1600s)
•Electronic funds transfer (1918)
•Credit cards (1960s)
•Debit cards
•Stored value cards
Payments Payments SystemSystem
The Federal Reserve system The Federal Reserve system assures this by assures this by
controlling the reserves controlling the reserves and and CLEARING CHECKSCLEARING CHECKS and and
deposits among the deposits among the different banks.different banks.
Since we have many banks, a Since we have many banks, a key problem is to assure key problem is to assure
that a check written on one that a check written on one bank will be accepted as a bank will be accepted as a deposit in another bank.deposit in another bank.
CHECK CLEARINGCHECK CLEARING is another is another function of the Federal function of the Federal
Reserve.Reserve.1) Suppose 1) Suppose you write a you write a check in check in Portland, Portland, OregonOregon
2) The 2) The retailer retailer will send will send your your check to check to their their bank.bank.3) The 3) The
bank will bank will send the send the check to check to THEIR THEIR Federal Federal Reserve Reserve Bank, in Bank, in this case, this case, in San in San Francisco.Francisco.
4) The San Francisco Bank 4) The San Francisco Bank sends the check to the sends the check to the Atlanta Bank based on the Atlanta Bank based on the tracking number on the tracking number on the check.check.
5) The Atlanta 5) The Atlanta Federal Reserve Federal Reserve Bank then sends Bank then sends the check to your the check to your bank in Coral bank in Coral Springs.Springs.
What Role Does the Fed Play in the What Role Does the Fed Play in the Payments System?Payments System?
Items Total Amt. Average
(millions) ($billions) Trans Amt
CurrencyCurrency 24,200 $719.9 NA
CheckCheck 14,325 $14,593 $1,018.85
ACHACH 7,427 $15,457 $2,081
FedwireFedwire 126 $469,899 $2,729,000 FundsFunds
*ACH: Automated Clearing House (direct dep, SS paym)
Distribution of the Number of Noncash Payments
Check 45%
Credit Card 23%
ACH11%
Offline Debit13%
EBT1%
Online Debit7%
Check 57%
Credit Card 22%
ACH9%
Offline Debit7%
EBT1%
Online Debit4%
2000 2003
Number of Electronic Payments in 2000 and 2003
15.6
6.29.15.3
10.3
5.3
19.0
3.0
0.8
0.5
2000 2003
EBTOnline DebitOffline DebitACHCredit Card
(Billions of Items)
Check 21
• Substitute checks
• Make sure you have enough money in your account to cover the checks that you write.
• Be sure to read and understand your rights to resolve errors under state and federal laws.
The Purposes and Functions of the Federal The Purposes and Functions of the Federal Reserve System Reserve System
Payments Payments System System
Supervision Supervision & Regulation& Regulation
Monetary &Monetary &Economic PolicyEconomic Policy
Federal Reserve System
There are There are 3 ways3 ways the the Fed conducts monetary Fed conducts monetary policy:policy:
•Raise or lower interest rates
•Raise or lower the reserve requirement
•Buy or sell Treasury bills on the open market
During periods of INFLATIONINFLATION, the Federal Reserve needs to take money OUT of the economy or decrease the money supply, to make the economy SLOW DOWN. To accomplish this, the Fed will
•Raise interest rates
•Raise the reserve requirement
• Sell Treasury Bills
Let’s examine why this tight money tight money policy policy (contractionary)(contractionary) is necessary:
It causes YOU to have less money to spend on other goods.
When you spend less, businesses make less profit.
This removes money and credit from the economy, slowing it down.
RAISING INTEREST RATESRAISING INTEREST RATES will cause YOU to pay more for your mortgage or car loans.
This removes cash and the credit available to spend, lowering profits for businesses, and slowing down the economy.
RAISING THE RESERVE RAISING THE RESERVE REQUIREMENTREQUIREMENT will require banks to hold more cash in reserve instead of loaning it out to the public.
This removes cash and the credit available to spend on goods, lowering profits for businesses, and slowing down the economy.
T-Bills are sold in denominations of $1000, $10,000 and higher.
SELLING TREASURY BILLSSELLING TREASURY BILLS will cause people to spend cash for the investment which will yield them interest.
When the economy is growing too slowly or in a RECESSIONRECESSION, the Fed needs to put money INTO the economy or increase the money supply, to make the economy SPEED UP. To accomplish this, the Fed will•Lower interest rates
•Lower the reserve requirement
•Buy Treasury Bills
It causes YOU to have more money to spend on other goods.
When you spend more, businesses make more profit.
This adds money and credit to the economy, making it grow at a faster pace.
LOWERING INTEREST RATESLOWERING INTEREST RATES will cause mortgages and car loans to make your payments cheaper.
This adds to cash and the credit available to spend, raising profits for businesses, and speeding up the economy.
LOWERING THE RESERVE LOWERING THE RESERVE REQUIREMENTREQUIREMENT will require banks to hold less cash in reserve making more money available for loans to the public.
This adds to cash and the credit available to spend on goods, raising profits for businesses, and speeding up the economy.
T-Bills are bought in denominations of $1000, $10,000 and higher.
BUYING TREASURY BILLSBUYING TREASURY BILLS will cause the Fed to pay cash to the public for the T-bill.
OPEN MARKET OPERATIONSOPEN MARKET OPERATIONS (buying/selling T-bills) as directed by the FOMC
are the major tool used to influence the total amount the total amount
of money and credit of money and credit available in the economy.available in the economy.
The Federal Reserve System regulates the money supply
primarily by altering the reserves of
commercial banks, largely through
sales and purchases of government
bonds.
Developments in Developments in Monetary PolicyMonetary Policy
• Open Market Operations are the predominant Open Market Operations are the predominant tool of monetary policy.tool of monetary policy.
• Think of reserve requirements as a tool for Think of reserve requirements as a tool for limiting systematic risk rather than as a limiting systematic risk rather than as a frequently used monetary policy tool.frequently used monetary policy tool.
• Changes at the discount window have made Changes at the discount window have made it even less important as a tool of monetary it even less important as a tool of monetary policy.policy.
Problems in Controlling the Money Problems in Controlling the Money Supply:Supply:
• The Fed’s control of the money supply is not precise.
• The Fed must wrestle with two problems that arise due to fractional-reserve banking.– The Fed does not control the amount of money
that households choose to hold as deposits in banks.
– The Fed does not control the amount of money that bankers choose to lend.
What happens to the What happens to the PURCHASING POWERPURCHASING POWER
of the dollar when theof the dollar when theFed acts?Fed acts?
An excessive increase in the money supply will decrease the
purchasing power of the dollar.
An excessive decrease in the money supply will increase the purchasing
power of the dollar.
The purchasing power of the dollar is the reciprocal of
the price level.
Year Price Level Value of Dollar
1 1.00 1.00
2 1.25
3 .80
4 .50
Look at the following data:
Year Price Level Value of Dollar
1 1.00 1.00
2 1.25
3 .80
4 .50
What is the
Value of the dollar in year 2?
Value of the dollar in year 3?
Value of the dollar in year 4?
.80 (1/1.25)
1.25 (1/.80)
2.00 (1/.50)
From 1980 through 1984, inflation plunged from 9.2 to 3.7 percent. However, because the nominal rates on Treasury Bills fell only from 11.5 to 9.6 percent over the same period,
the real, inflation-adjusted returns on T-bills actually rose from 2.3 to 5.9 percent. During one of the 1984 campaign
debates, incumbent Ronald Reagan boasted that his administration had successfully lowered interest rates. A few minutes later, his challenger Walter Mondale insisted that interest rates were at their highest points in decades. While these seemingly contradictory claims confused most viewers, economic students around the world know both candidates were correct. Nominal rates were down--just as Reagan had claimed--while real rates were up--just as
Mondale had countered.
--Robert J. Stonebraker, “Is It Real…or Is It Nominal?”
Nominal Interest Rate:Nominal Interest Rate:
*stated as percentage
*price paid for use of money
Real Interest Rate:Real Interest Rate:
*stated as percentage
*constant or inflation-adjusted value
So…..
Nominal rate = real rate + expected rate of inflation
or
Real rate = nominal rate - expected rate of inflation
Nominal rates are determined in the money market.
No
min
al R
ate
of
Inte
res
t (%
)
9%
6%
3%
080 100 120
DDmm
Amount of money demanded and supplied
SSm2m2 Money demanded and money
supplied determines
the equilibrium
interest rate.
No
min
al R
ate
of
Inte
res
t (%
)
9%
6%
3%
080 100 120
DDmm
Quantity of money demanded and supplied
SSm1m1 SSm2m2 SSm3m3
The equilibrium rate of interest in the money market is determined by
the intersection of the supply of
money curve and the total demand for money curve.
In these ways, the Federal Reserve In these ways, the Federal Reserve system controls the American money system controls the American money
supply.supply.
No
min
al R
ate
of
Inte
res
t (%
)
9
6
3
080 100 120
DDmm
Quantity of money demanded and supplied
SSm1m1 SSm2m2 SSm3m3
Because the supply of money is constant at any
one time, it is designated on a graph by a vertical line.
Interest Rates are determined based on the
demand for money.
Notice how the lowering of interest rates causes the supply of money to
increase.
Easy-money policy: supply of money moves to the right and interest rates lowers.
No
min
al R
ate
of
Inte
res
t (%
)
9
6
3
080 100 120
DDmm
Quantity of money demanded and supplied
SSm1m1 SSm2m2 SSm3m3
Tight-money policy: supply of money moves to left and interest rate
rise.
Investment demand is determined by the interest rate. Firms want to know the true cost of borrowing.
If inflation is positive (which it usually is) then the real interest rate is lower than the nominal
interest rate.
If we have deflation, and the inflation rate is negative, then the real interest rate will be larger.
Investment demand is determined by Investment demand is determined by the interest rate. the interest rate.
Ra
te o
f In
tere
st
(%)
9%
6%
3%
080 100 120
DDmm
Quantity of money demanded and supplied
SSm1m1 SSm2m2 SSm3m3
Investment Demand
$40 50 60Investment
Ra
te o
f In
tere
st
(%)
Investment Demand
$20 30 40Investment
12
10
8
6
4
2
0
Pri
ce
Lev
el
Real GDP ($)
AD1 (I=20)
AD2 (I=30)
AD3 (I=40)
Qf
The numbers in parentheses represent investment spending. If the interest rate is 8%, the goal of the Fed is to reach full-employment at Qf, they should:
decrease interest rate from 8 to 6 percent.
Ra
te o
f In
tere
st
(%)
Investment Demand
$40 50 60Investment
12
10
8
6
4
2
0
Pri
ce
Lev
el
Real GDP ($)
AD1 (I=20)
AD2 (I=30)
AD3 (I=40)
Qf
The numbers in parentheses represent investment spending. If the interest rate is 4% and the Fed’s goal is to undo demand-pull inflation, they should:
increase interest rate from 4 to 6 percent.
Ra
te o
f In
tere
st
(%)
Investment Demand
$40 50 60Investment
12
10
8
6
4
2
0
Pri
ce
Lev
el
Real GDP ($)
AD1 (I=20)
AD2 (I=30)
AD3 (I=40)
Qf
The numbers in parentheses represent investment spending. If the interest rate is 6%, amd the Fed’s goal is full-employment at Qf, they should:
maintain the interest rate at 6 percent.
Based on this information, monetary policy is expected to have it’s greatest impact on
which part of the GDP equation?
GDP = C + Ig + G + Xn
The answer is
Multiple ExpansionMultiple Expansion of Moneyof Money
(how the reserve requirement works)(how the reserve requirement works)
Most of the money in the U.S. is created by
commercial and central banks…….NOT by the
Treasury Department or the U.S. Mint.
Commercial banks hold only a small amount of
excess reserves because the FED does
not pay interest on reserves.
Banks can add to their actual reserves by borrowing from a
Federal Reserve Bank.
The interest rate at which the Federal Reserve
Banks lend to commercial banks is called the
DISCOUNT RATE.
1) Bank customers deposit money in their checking accounts, which creates a LIABILITY for the bank since they have the obligation to repay the depositor his funds.
2) Fractional Reserve Banking legally permits financial institutions to hold less than 100 percent of their deposits as currency in their vaults.
3) Banks are required to keep a fraction of their deposits on reserve to cover withdrawals and maintain confidence in monetary system. This is called the RESERVE REQUIREMENT or LEGAL RESERVE.
The ACCOUNTING EQUATIONACCOUNTING EQUATION used for financial institutions is:
Assets = Liabilities + Owner’s Equity
ASSET: something you OWN.
LIABILITY: something you OWE.
OWNER’S EQUITY: is how much NET WORTH or value exists.
Owner’s Equity is also called NET WORTH or CAPITAL.
To explain this concept further:
Suppose you buy a house for $100,000 and you pay off $60,000.
This would mean your BALANCE SHEETBALANCE SHEET would look like this:
ASSETS LIABILITIES + EQUITY
100,000 40,000
60,000What you
own.
What you owe.
What you’re worth.
A bank’s BALANCE SHEETBALANCE SHEET would look like this:
ASSETS LIABILITIES + EQUITY
Legal reserves Demand deposits
Excess reserves
Since a bank can loan out its EXCESS RESERVES, an asset is created since customers must repay the LOAN.
ASSETS LIABILITIES + EQUITY
Legal reserves Demand deposits
Loans
The Money MultiplierThe Money Multiplier
Assets Liabilities
First National Bank
Reserves$10.00
Loans$90.00
Deposits$100.00
Total Assets$100.00
Total Liabilities$100.00
Assets Liabilities
Second National Bank
Reserves$9.00
Loans$81.00
Deposits$90.00
Total Assets$90.00
Total Liabilities$90.00
Money Supply = $190.00!
Let’s assume a 20% reserve requirement set by the Federal Reserve.
This means that all banks must keep a legal reserve equal to 20% of the bank’s own
deposit liabilities.
A member bank must keep these reserves on deposit with the Federal Reserve Bank in its
district or as vault cash.
Deposit Res Req Loan Amt.
JOE $1,000
The bank is required to keep 20% or $200 in reserve.
200
This leaves $800 of the initial deposit available to lend.
800
Deposit Res Req Loan Amt.
JOE $1,000
The $800 is then given to Sally as a loan and she deposits the money into her bank.
200
The reserve requirement on $800 is $160 which leaves $640 available for the bank to lend.
800
SALLY 800 160 640
Deposit Res Req Loan Amt.
JOE $1,000
The $640 is then given to John as a loan and he deposits the money into his bank.
200
The 20% reserve requirement on $640 is $128 which leaves $512 available for the bank to lend.
800
SALLY 800 160 640JOHN 640 128 512
Deposit Res Req Loan Amt.
JOE $1,000
The $512 is then given to Mary as a loan and she deposits the money into her bank.
200
The 20% reserve requirement on $512 is $102.40 which leaves $409.60 available for the bank to lend.
800
SALLY 800 160 640JOHN 640 128 512MARY 512 102.40 409.60
Deposit Res Req Loan Amt.
JOE $1,000
This system of reusing a single deposit continues until the original deposit reaches zero.
200 800
SALLY 800 160 640JOHN 640 128 512MARY 512 102.40 409.60DAVE 409.60 81.92 327.68HELEN 327.68 65.54 262.14SAM 262.14 52.43 209.71RITA 209.71 41.94 167.77DANNY 167.77 33.55 134.22DIANE 134.22 26.84 107.38
Deposit Res Req Loan Amt.
JOE $1,000 200 800
SALLY 800 160 640JOHN 640 128 512MARY 512 102.40 409.60DAVE 409.60 81.92 327.68HELEN 327.68 65.54 262.14SAM 262.14 52.43 209.71RITA 209.71 41.94 167.77DANNY 167.77 33.55 134.22DIANE 134.22 26.84 107.38HENRY 107.38 21.48 85.90DEBBIE 85.90 17.18 68.72DOMINIC 68.72 13.74 54.98
TOTAL $5000.00 $1000.00 $4000.00
The demand-deposit multiplier , or MONETARY MULTIPLIER is similar in concept to the spending-
income multiplier.
The spending-income multiplier exists because as one household spends, another household receives the money as income.
It magnifies a change in initial spending into a larger change in GDP.
The monetary multiplier exists because the reserves and deposits lost by one bank are received by another bank. It
magnifies excess reserves into a larger creation of demand-deposit money.
Monetary multiplier = 1
required reserve ratio
M = 1
R
OR
M represents the maximum amount of new demand-deposit money which can be created by a single dollar of excess
reserves, given the value of R.
By multiplying the excess reserves E by m, we can find the maximum amount of new demand-deposit money, D, which can be created by the banking system.
D = E x m
Maximum
Demand-deposit = excess x monetary
Creation reserves multiplier
OR
If we assume a 20% reserve requirement in a situation where E = $80, then
D = $400 = $80 x 5
M = 5 ( = 1 / .20)
SO
Higher reserve ratios result in lower monetary multipliers and create fewer new
deposit money; smaller reserve ratios result in higher monetary multipliers and
thus, create more deposits via loans.
Remember the money multiplier applies to money
destruction as well as to money creation.
Banks destroy money by Banks destroy money by failing to reissue loans which failing to reissue loans which
are paid off.are paid off.
On an earlier On an earlier presentation, we saw that presentation, we saw that there are 3 basic kinds of there are 3 basic kinds of
money:money:COMMODITYCOMMODITY
FIATFIAT
FIDUCIARYFIDUCIARY
Which kind is modern American Which kind is modern American money?money?
Bank reserves, federal Bank reserves, federal reserve notes, and deposits reserve notes, and deposits
in the Federal Reserve in the Federal Reserve system, are fiat moneysystem, are fiat money..
Checking accounts are Checking accounts are fiduciary money, based on the fiduciary money, based on the faith that the checks will be faith that the checks will be
accepted.accepted.
The answer is a mixture The answer is a mixture of of fiatfiat and and fiduciary fiduciary
money.money.
Compiled by:Compiled by:Virginia H. MeachumVirginia H. Meachum
Coral Springs High SchoolCoral Springs High School
Sources:Sources:Principles, Problems, and PoliciesPrinciples, Problems, and Policies, by Campbell McConnell & , by Campbell McConnell &
Stanley BrueStanley Brue
Exploring EconomicsExploring Economics, by Robert Sexton, by Robert Sexton
Principles of EconomicsPrinciples of Economics, by N. Gregory Mankiw, by N. Gregory Mankiw
Notes and Graphs, by Dr. Andrew Hill, Philadelphia Federal Notes and Graphs, by Dr. Andrew Hill, Philadelphia Federal Reserve Bank. (NCEE 2005)Reserve Bank. (NCEE 2005)
Notes by Florida Council on Economic Education and FAU Notes by Florida Council on Economic Education and FAU Center for Economic EducationCenter for Economic Education
Notes by Foundation for Teaching EconomicsNotes by Foundation for Teaching Economics
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