Below is a short video from The Dead Poets Society starring Robin Williams where he instructs his
students to rip out pages from their poetry book which should happen to many of the pages in
economics textbooks that relate to monetary policy of the past. Also, it is quite ironic that Robin
Williams draws a graph about poetry on the blackboard, as graphs tell important stories in
economics.
students to rip out pages from their poetry book which should happen to many of the pages in
economics textbooks that relate to monetary policy of the past. Also, it is quite ironic that Robin
Williams draws a graph about poetry on the blackboard, as graphs tell important stories in
economics.
Money Market Graph from the 2022 CED
Ample Reserves Market from the 2022 CED
2023 Federal Open Market Committee (FOMC) Committee Members
• Jerome H. Powell, Board of Governors, Chair
• Michael S. Barr, Board of Governors
• Michelle W. Bowman, Board of Governors
• Lael Brainard, Board of Governors (resigned February 14)
• Lisa D. Cook, Board of Governors
• Philip N. Jefferson, Board of Governors
• Christopher J. Waller, Board of Governors
• John C. Williams, New York, Vice Chair
• James Bullard, St. Louis
• Susan M. Collins, Boston
• Esther L. George, Kansas City
• Loretta J. Mester, Cleveland
• Jerome H. Powell, Board of Governors, Chair
• Michael S. Barr, Board of Governors
• Michelle W. Bowman, Board of Governors
• Lael Brainard, Board of Governors (resigned February 14)
• Lisa D. Cook, Board of Governors
• Philip N. Jefferson, Board of Governors
• Christopher J. Waller, Board of Governors
• John C. Williams, New York, Vice Chair
• James Bullard, St. Louis
• Susan M. Collins, Boston
• Esther L. George, Kansas City
• Loretta J. Mester, Cleveland
2023 Board of Governors of the Federal Reserve System (FRB)
• Jerome H. Powell, Board of Governors, Chair
• Michael S. Barr, Board of Governors, Vice Chair for Supervision
• Michelle W. Bowman, Board of Governors
• Lael Brainard, Board of Governors, Vice Chair
(resigned on February 14, 2023 to become the Director of the
National Economic Council at the White House)
• Lisa D. Cook, Board of Governors
• Philip N. Jefferson, Board of Governors
• Christopher J. Waller, Board of Governors
• Jerome H. Powell, Board of Governors, Chair
• Michael S. Barr, Board of Governors, Vice Chair for Supervision
• Michelle W. Bowman, Board of Governors
• Lael Brainard, Board of Governors, Vice Chair
(resigned on February 14, 2023 to become the Director of the
National Economic Council at the White House)
• Lisa D. Cook, Board of Governors
• Philip N. Jefferson, Board of Governors
• Christopher J. Waller, Board of Governors
| Fireside Chat 5 |
The maximum number of members who sit on the Federal Open
Market Committee (FOMC) consists of 12 members. Notice above
that the FOMC had this maximum number as of February 13:
7 members of the Board of Governors of the Federal Reserve
System as of February 13, 2023.
1 President of the Federal Reserve Bank of New York always
sits on the FOMC
4 of the remaining eleven Reserve Bank presidents, who serve
one-year terms on a rotating basis. (See district bank map below)
Market Committee (FOMC) consists of 12 members. Notice above
that the FOMC had this maximum number as of February 13:
7 members of the Board of Governors of the Federal Reserve
System as of February 13, 2023.
1 President of the Federal Reserve Bank of New York always
sits on the FOMC
4 of the remaining eleven Reserve Bank presidents, who serve
one-year terms on a rotating basis. (See district bank map below)
| MACRO -- Unit 4, Topic 4.6: Monetary Policy |
The maximum number of governors who sit on The Board of
Governors of the Federal Reserve is 7 governors.
Notice above as of February 13, 2023 the Board had the maximum
number.
The members of the Board of Governors of the Federal Reserve
System are nominated by the President and confirmed
by the Senate. A full term is 14 years.
The Chair and the Vice Chair of the Board, as well as the Vice
Chair for Supervision, are nominated by the President from among
the members and are confirmed by the Senate. They serve a term
of four years.
Governors of the Federal Reserve is 7 governors.
Notice above as of February 13, 2023 the Board had the maximum
number.
The members of the Board of Governors of the Federal Reserve
System are nominated by the President and confirmed
by the Senate. A full term is 14 years.
The Chair and the Vice Chair of the Board, as well as the Vice
Chair for Supervision, are nominated by the President from among
the members and are confirmed by the Senate. They serve a term
of four years.
Opening Monologue -- OUT with the OLD and
IN with the NEW
IN with the NEW
The interest rate on reserve balances (IORB rate) and the primary
credit rate (formerly known as the discount rate) are determined
by the FRB). IORB is the primary tool for the Federal Reserve's
monetary policy.
credit rate (formerly known as the discount rate) are determined
by the FRB). IORB is the primary tool for the Federal Reserve's
monetary policy.
| The Board of Governors meet every other Monday. |
| The Federal Open Market Committee (FOMC) that meets 8 times each year. Remember this Committee also includes the members of the Board of Governors. |
None of this is made possible without my standing on the shoulders of giants -- The College Board®,
Scott Wolla at the Federal Reserve of St. Louis, Jane Ihrig, Senior Economist at the FED, and the
websites by FRED® from the Federal Reserve of St. Louis. None of these individuals and entities
endorse this Fireside Chat. The use of their outstanding resources hopefully only enhances the
teaching of their great work.
Scott Wolla at the Federal Reserve of St. Louis, Jane Ihrig, Senior Economist at the FED, and the
websites by FRED® from the Federal Reserve of St. Louis. None of these individuals and entities
endorse this Fireside Chat. The use of their outstanding resources hopefully only enhances the
teaching of their great work.
Lael Brainard Resignation Letter
| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award |
| Forward Guidance for the May Exam! Forward Guidance and the May Exam Link |