The Fed’s Non-quant: Beige Book November 16, 2007 Toby Madden Federal Reserve Bank of Minneapolis.
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Transcript of The Fed’s Non-quant: Beige Book November 16, 2007 Toby Madden Federal Reserve Bank of Minneapolis.
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The Fed’s Non-quant:Beige Book
November 16, 2007Toby Madden
Federal Reserve Bank of Minneapolis
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Disclaimer
The views expressed here are the presenter's and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System.
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Fed’s Duties• Payments System
• Safety and Soundness
• Monetary Policy
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Beige Book•What
•When
•Who
•How
•Why
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WhatSummary of Commentary on
Current Economic Conditions by Federal Reserve District
•Anecdotal
•Recent
•Economic Sector
•By District
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When
•8x per year
•Released ~ 2 weeks b4 FOMC
•Cut off 9 days b4 release
•Compiled for 2 weeks
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Who
•Each district’s economists
•Part of 3 peoples jobs in Mpls
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How
•Fed Surveys/Polls
•News
•Advisory Councils/BOD
•Contacts
• Associations
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Why
•Timely
•Stats < turning points
•Flexible
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Who Wants to Win Toby’s Money?
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To tighten the money supply, the Federal Reserve a.decreases the reserve ratio. b.purchases government securities in the open market. c.sells government securities in the open market. d.decreases the discount rate.
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To tighten the money supply, the Federal Reserve b.purchases government securities in the open market. c.sells government securities in the open market.
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To tighten the money supply, the Federal Reserve c.sells government securities in the open market.
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A reduction in aggregate demand is likely to result in: a.inflation. b.recession. c.a sudden spurt of growth in production. d.increased consumption of crushed rock for concrete foundations.
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A reduction in aggregate demand is likely to result in: a.inflation. b.recession.
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A reduction in aggregate demand is likely to result in:
b.recession.
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What is the cost of a “Free Lunch”?
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What is the cost of a “Free Lunch”?
Opportunity Cost
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What rank did Minnesota have for high school attainment in
2006?
• A - 1st
• B - 5th
• C - 10th• D - 20th
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What rank did Minnesota have for high school attainment in
2006?
• A - 1st
• B - 5th
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What rank did Minnesota have for high school attainment in
2006?
• A - 1st
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What rank did Minnesota have for total high school spending per
student in 2004?
• A - 6th
• B - 11th
• C - 16th• D – 21st
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What rank did Minnesota have for total high school spending per
student in 2004?
• C - 16th• D – 21st
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What rank did Minnesota have for total high school spending per
student in 2004?
• D – 21st
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What was the 2006 population in Minnesota (according to the U.S.
Census website)?
• A – 5,167,101
• B – 5,476,892
• C – 5,811,739
• D – 6,032,903
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What was the 2006 population in Minnesota (according to the U.S.
Census website)?
• A – 5,167,101
• C – 5,811,739
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What was the 2006 population in Minnesota (according to the U.S.
Census website)?
• A – 5,167,101
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QUESTIONS
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What are the expected changes in your company’s employment in 2008?
UpSameDown