Lately Monetary Policy seems to be grabbing significant economic headline news, so let's briefly continue with this topic and identify those individuals, either present and past members, responsible in formulating Monetary Policy. In other words, who are current or past members of the Federal Reserve Board, how is the Fed structured, and how does the Fed implement monetary policy?

Go to the Federal Reserve Board Web site at, www.federalreserve.gov/BIOS which provides detailed biographies of the members of the Board of Governors.

1. Pick one member (either current or past) of the Fed and report a brief biography including her/his age, gender, education, previous employment, ethnic background, and the end of their term on the Fed? (don't limit yourself to the current members--the bio's begin in 1913!). Make sure you pick a current/past Board member that other students haven't reported on.
   1. For instance, someone might want to select the first Chairperson of the Board of Governors; the BOG Chair at the beginning of the Great Depression; the first women to Chair the BOG; etc.
2. Briefly outline the organizational structure of the Fed including the Board of Governors (BOG) and the Federal Reserve Districts. Currently, how many members are on the BOG?
3. What type of monetary policy (expansionary, restrictive, neutral) is the Fed following today and what policy is the Fed expected to follow in the near future? To answer this select using the Fed WEB site find "Monetary Policy." >> "Reports" >> "Monetary Policy Report" to retrieve the current annual report (in particular Part 2).
4. What monetary tools does the Fed use to implement the policy being followed in question '3' above?
5. In general, how would the different economic paradigms view monetary policy? In other words, how would a Neo-Classical,Keynesian, and a Political Economy economists view monetary policy?