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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the lender of last resort?

To determine

The concept of lender of the last resort is to be determined.

Explanation

The Federal Reserve System (Central Bank of the USA) is actually a semi-decentralized organization managed by a mix of appointees, from private-sector banks as well as from the government.A Board of Governors comprising seven members appointed by the President of the USA and confirmed by the Senate runs “the Fed” on 14-year terms.

In general, all commercial banks maintain their account with Fed where they keep their reserves...

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