The Federal Reserve System of a country is maintained by the country’s central bank. As per the 1977 amendment in the Federal Reserve Act, the system in placed in the economy in order to ascertain that the maximum output can be achieved from the economy of the country and employment rates are brought to their highest extent (Federal Reserve Bank of San Francisco, 2007).
The Federal Reserve System works to make sure that the prices are kept stable and a balance is maintained between inflation and deflation so as to not to tip the economy. Besides this, the Monetary Policy of a country determines the safety of the banking system of the country and the stability of all the financial systems in the country to restrain the development of threats in the economy. The Monetary Policy of a country determines the stance of the Federal Reserve System towards the depository institutions and foreign financial institutions as well.
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