Homework #3
Due 10/16 (Thursday) at the end of class
1. (a) Describe the structure and function of the Board of Governors of the Federal Reserve System. (b) Who is on the FOMC? What does the FOMC do?
2. How has the power structure of the Fed changed over time?
3. How independent is the Fed? What factors contribute to independence? What factors work against independence? Discuss arguments for and against the independence of the Fed.
