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    Prepare a response in which you complete the following Web Questions:
    1. Go to the Federal Reserve's home page at www.federalreserve.gov.
    A: Who is the chairman of the board? For how long has he or she served?
    B: Who are the governors of the board?
    C: The site publishes a short biography for each governor. What experience and/or degrees do all members have? What experiences and/or degrees differ among members?

    2. The Federal Reserve Bank publishes a report called the Beige Book eight times a year that summarizes the current economic conditions in each of the 12 bank districts. This report is used by the Federal Open Market Committee when deciding on monetary policy. Go to www.federalreserve.gov/fomc to read the most recent Beige Book and answer the following questions:
    A: Report the recent conditions of consumer spending, labor markets, wages and prices, and industrial activity.
    B: What is the most recent monetary policy action taken by the FOMC?
    C: Based on your answer to a and b, what monetary policy action do you recommend the FOMC take at its next meeting?
    Be sure to analyze how the money multiplier facilitates the creation of money by the banking system and cite resources.

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    Solution Preview

    The response addresses the queries posted in 1519 words with references.

    //Before writing about the recent conditions of market for the Federal Reserve, we will discuss about the chairman and governors of the Board of Federal Reserve. It will assist in understanding the degrees, quality and the experiences that all the members possess. The information about the chairman and governors of the Board of Federal Reserve can be taken from the home page of Federal Reserve. Along with this, the differences among the degrees and experiences of the members will also be discussed.//


    (A) The Federal Reserve Board's chairman is Dr. Ben S. Bernanke. He has been serving the Federal Reserve Board for the last two and half year as a chairman. Dr. Bernanke is the member of the board for a period of 14 years and chairman for 4 years from 1st February, 2006. He has also been serving Federal Open Market Committee as a chairman. Before it, he was serving the board as a member of the board of governors from 2002 to 2005.

    (B) Governors of the board - following members are in the governing body of the Federal

    Chairman, Dr. Ben S. Bernanke,

    Vice chairman, Mr. Donald L. Kohn

    Mr. Kevin M. Warsh is the member of the board.

    Mr. Randall S. Kroszner is the member of the board.

    Mr. Frederic S. Mishkin is the member of the board.

    Ms. Elizabeth A. Duke is the member of the board.

    (C) Bibliography of the each member of the Fed -

    Dr. Ben S. Bernanke - He was born in Augusta, city of Georgia, in December 1953. He has a degree in B.A. from Harvard University and Ph.D. from Massachusetts Institute of Technology in economics. He got first job as an assistant professor of economics at Stanford University from 1979 to 1983. After it he joined as a professor of economics and public affairs in Princeton. Before being the chairman of the Federal Reserve Board, he has served the board as a visiting scholar at different Federal Reserve Banks, member of the Federal Reserve Bank, New York's Advisory Panel and member of the board of governors in the Federal Reserve System. Now he has been working in the board as a chairman since 2006.

    Donald L. Kohn - He was born in Philadelphia, the largest city of Pennsylvania, in 1942. He did his graduation in economics from the College of Wooster in 1964, ...

    Solution Summary

    Federal Reserve Bank is discussed. The solution analyzes how the money multiplier facilitates the creation of money by the banking system and cite resources.