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1a) "Monetary policy is concerned with actions taken by central banks to influence the availability and cost of money and credit by controlling some measure(s) of the money supply and/or the level and structure of interest rates"1 In this essay I will concentrate on how the Federal Reserve implements their monetary policy. The Feds' monetary policy affects, growth, prices and employment by influencing the availability of money and interest rates. The availability of money and interest rates affects the way consumers and businesses consume goods and services. The Fed has four monetary policy tools to influence interest rates. They are Open Market Operations, Discount rate, reserve requirements and Term Auction Facility. The Federal open market committee (FOMC) sets the Feds monetary policy, which is carried out through the trading desk of the Federal Reserve Bank of New York. The FOMC is made up of 7 members of the Board of Governors and 5 reserve bank presidents. The...

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