Mike Bryan, former vice president and senior economist at the Federal Reserve Bank of Atlanta, gives an economist's view of the role of the Federal Reserve System in setting monetary policy. He describes the tools of monetary policy and highlights the role that the banking system plays.
Section 1: Introduction (1:14)
Section 2: Two components of monetary policy (2:07)
Section 3: Three basic tools (3:33)
Section 4: How can monetary policy affect the economy? (4:27)
Section 5: Why monetary policy is important for everybody (3:23)
Section 6: Lender of last resort (2:00)