U.S. Federal Reserve Monetary Policy John Doe University of Phoenix ECO 360: Monetary Policy Group MUO6BSM12 March 26, 2007 U.S. Federal Reserve Monetary Policy What is monetary policy? The term "monetary policy" references the actions undertaken by a central bank, such as the Federal Reserve, to influence factors like, cost of money, the availability of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting what we call, monetary policy. The Federal Reserve controls the 3 tools of monetary policy; open market operations, the discount rate, and reserve requirements. (Some sources say: printing money would be a fourth). The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee (FOMC) is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federa......

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