Suppose you are a member of the FOMC and the U.S. economy is entering a recession. Write a directive to the New York Fed about the conduct of monetary policy over the next two months. Your directive should address a target for the rate of growth of the M2 money supply, the federal funds rate, the rate of inflation, and the foreign exchange value of the dollar versus the Japanese yen and euro.

You may refer to the Board of Governors website, www.federalreserve.gov/monetarypolicy, for examples, since this site posts FOMC directives.