Английский для экономистов и менеджеров. Ульянова О.В - 80 стр.

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tomers. It also needed to create an ‘elastic’ currency, it needed a way of in-
creasing and decreasing the country’s supply of money to control inflation
and prevent economic depression. The Fed does not print money this is done
by the US Mint.
Section B
The Fed has two principle goals, to maintain stable prices and to ensure
maximum employment and production output. To achieve these goals it has
to balance the short term goal of increasing output and employment with the
longer term goal of maintaining low inflation. The Fed uses its controls over
the short term interest rate to achieve its aims. The Board of Governors
looks at key economic indicators such as the consumer price index (an indi-
cator of the rate of inflation) and gross domestic product. It then decides
whether to raise or lower the short term interest rate. This in turn decreases or
increases the supply of money into the economy which influences the amount
of economic activity and inflation in the economy.
Section C
The U.S. Federal Reserve was created in 1913 by the US congress. At
this time there were more than 30,000 currencies in the U.S. Banks printed
their own bank notes as did some ordinary shops. Some of these banknotes
were guaranteed with gold and silver reserves, others were not. Sometimes
banks did not have enough money to honor withdrawals by their customers.
The Federal government in Washington had no control over the supply of
money and very little control over the economy. There were frequent bank
collapses and economic instability.
Section D
Today the Fed has two divisions, the Board of Governors that is respon-
sible for setting monetary policy and the twelve regional reserve banks that
put into practice policy decided by the Board. The regional banks also over-
see the nation’s financial institutions and carry out some commercial activi-
ties such as the processing of cheques for commercial banks. The revenue
earned from these activities is used to fund the institution. The Federal Re-
serve receives no funding from the U.S. government.
34 Read the text and list the factors influencing an organiza-
tional culture of a company.

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