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#3 What are the 6 explicit functions of the Fed?

1. Conducting monetary policy (influencing the supply of money and credit in
the economy).
2. Supervising and regulating financial institutions
3. Serving as a lender of last resort to financial institutions.
4. Providing banking services to the U.S. government.
5. Issuing coin and currency.
6. Providing financial services (such as check clearing) to commercial banks, savings and loan associations, savings banks, and credit unions.


#8 You can lead a horse to water, but you can’t make it drink. How might this adage
be relevant to expansionary (as opposed to contractionary) monetary policy?

With the econo...