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This course addresses, via cases dealing with contemporary issues, the role of the Federal Reserve System in stabilizing the U.S. and international economies. The course covers the transmission mechanisms of monetary policy as it influences the cost and availability of credit in financial markets and its impact through financial institutions. The changing linkages, that stress the equity and fixed income markets rather than the banking system, are analyzed. Other topics may include: the Fed’s role in international crisis management; the complexities of globalization and linked capital markets; the growing international emphasis on price stability as the primary goal of central banks; and the difficulties of dealing with an economy that is evolving toward a new, high-productivity paradigm characterized by government surpluses and private sector savings shortfalls.
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