Prepare a response in which you complete the following Web Questions:
Task 1. Go to the Federal Reserve's home page at www.federalreserve.gov.
A: Who is the chairman of the board? For how long has he or she served?
B: Who are the governors of the board?
C: The site publishes a short biography for each governor. What experience and/or degrees do all members have? What experiences and/or degrees differ among members?
Task 2. The Federal Reserve Bank publishes a report called the Beige Book eight times a year that summarizes the current economic conditions in each of the 12 bank districts. This report is used by the Federal Open Market Committee when deciding on monetary policy. Go to www.federalreserve.gov/fomc to read the most recent Beige Book and answer the following questions:
A: Report the recent conditions of consumer spending, labor markets, wages and prices, and industrial activity.
B: What is the most recent monetary policy action taken by the FOMC?
C: Based on your answer to a and b, what monetary policy action do you recommend the FOMC take at its next meeting?
Be sure to analyze how the money multiplier facilitates the creation of money by the banking system and cite resources.