Textbook Questions Paper - Essay Example

However, his degree is qualified as an economics-related course since his A.B. degree in public policy is described as being focused in the economic context. Furthermore, all of them have also completed postgraduate degrees in Economics. Aside from these similarities, it is notable that the governors share similar experiences. Most of them have worked in the academe for manifold years. Thus, holding a position requiring the knowledge of subjects they used to teach is very relevant to their previous work experiences.

Additionally, prior to their tenure as members of the Board of Governors of the Federal Reserve, all of them held significant positions in different public and private organizations, where they were able to specialize in their own fields. However, it is remarkable how the five governors chanced to work with each other as each of them specialize in their own different fields. Interestingly, their specializations comprise the most fundamental aspects in financial economy, making the Board of Governors of the Federal Reserve a good combination of mixed knowledge.

Based on the biographies listed on the FederalReserve.gov site, the specializations of the five governors are as follows: Chairman Bernanke, monetary policy and macroeconomics; Vice Chairman Kohn, monetary policies as implemented by financial markets and systems; Governor Kroszner, conflicts of interest in financial services firms, international financial crises, corporate governance, debt restructuring and bankruptcy, and monetary economics; Governor Mishkin, impact of monetary policies on financial markets and the aggregate economy; and Governor Warsh, domestic finance, banking and securities regulatory policy, and consumer protection. 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