22. Differences between the European Central Bank (ECB) and the Federal Reserve include

A. The ECB uses much more open market operations B. The ECB adjusts its required reserve ratio daily C. The ECB does much more lending to banks D. The ECB only lends to government-owned banks E. None of the above

24. When the Federal Reserve initiated a program to purchase commercial paper, one of its primary goals was to

a. prevent financial institutions from holding commercial paper. b. require that financial institutions increase their holdings of commercial paper. c. increase activity in the market for commercial paper and boost the confidence of investors in commercial paper. d. prevent financial institutions from issuing commercial paper in the future e. none of the above

25. Which of the following did the Federal Reserve NOT do during the 2008 credit crisis?

a. purchase mortgage-backed securities b. purchase commercial paper c. reduce the targeted federal funds rate d. prevent depository institutions from obtaining funding through the discount window e. The Federal Reserve did all of the above