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FEDERAL RESERVE DISTRICT BANK: One of 12 Federal Reserve Banks, each in charge of banking activity within its Federal Reserve District. The 12 Districts are centered in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Mineapolis, Kansas City, Dallas, and San Francisco. Presidents from 5 of these 12 Banks serve on the powerful Federal Open Market Committee that conducts monetary policy.

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Lesson 15: Aggregate Market | Unit 5: Policy Preview Page: 21 of 22

Topic: Time of Adjustment <=PAGE BACK | PAGE NEXT=>

There is no specific, absolute time period that separates short run from long run.

Time factors:

  • First: The size of the gap between short-run real production and long-run real production. Bigger gaps take longer to close.
  • Second: Because prices are less rigid going up than down, inflationary gaps tend to close more quickly than recessionary gaps.
  • Third: Adjustment speed depends on the underlying structure of the economy, including things like size, government laws, resource endowments, and culture.
These change over time and differ among countries. But adjustment is usually months not days.

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FEDERAL RESERVE DISTRICTS

The 12 geographic areas of the United States that form the administrative division of the Federal Reserve System. Each of the 12 Districts is headed by a Federal Reserve District Bank and is generally designated by the Reserve Bank City--Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Federal Reserve Branch Banks are located in 10 of the 12 Districts.

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Today, you are likely to spend a great deal of time at an auction hoping to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for pencil sharpeners with an attitude.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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