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IMF: The abbreviation for International Monetary Fund, which is an agency of the United Nations established in 1945 to monitor and stabilize foreign exchange markets. Close to 150 of the world's nations (which is just about all of them) belong to the IMF. The IMF was set up to keep countries from manipulating their exchange rates in such a way as to gain a competitive trading advantage over others. Their strategies of control have changed over the decades, but they currently use a managed float where exchange rates are allowed to fluctuate with changing market conditions, but only within certain ranges. The IMF also plays an active role in providing the "international" currency needed to participate in foreign trade through its system of Special Drawing Rights.
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Lesson 20: Federal Reserve System | Unit 2: What It Does
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Page: 4 of 20
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The Fed is responsible for ensuring that the economy has the proper amount of money in circulation.- In the old days, governments controlled the money supply by printing and minting money.
- In modern times, with bank checkable deposits in the money supply, the Fed controls money by controlling banks.
Two reasons: - First: Too much money causes inflation and too little money leads to recession and unemployment. The challenge is to keep enough money in circulation.
- Second: Money is absolutely essential in a modern complex economy. Faith in the value of fiat money is best provided by a centralized, national government that has the authority to ensure the value of money.
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M1 The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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SPSS
Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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