What is meant when economists say that the federal reserve, Econometrics

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What is meant when economists say that the federal reserve

1. How is the chairperson of the Federal Reserve System selected? Describe the relationship between the Board of Governors of the Federal Reserve System and the 12 Federal Reserve Banks. What are the composition and purpose of the Federal Open Market Committee (FOMC)?

2. What is meant when economists say that the Federal Reserve Banks are central banks, quasi-public banks, and bankers' banks? What are the seven basic functions of the Federal Reserve System?

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