Want to see what the Fed does and how it does it? Fed Governor Susan Schmidt Bies gave a speech at the University of Tennessee Martin that gives us an very interesting look at the life as a Fed Governor and answers many of the questions you may have.
FRB: Speech, Bies--Behind the Scenes at the FOMC: How the Federal Reserve Determines Monetary Policy--February 7, 2005:
In her speech she "gives...an overview of the broad range of purposes and functions of the Federal Reserve System, as well as an insider's view of what happens behind the scenes at the FOMC."
A must for any Money and Banking student/teacher!
Oh and by the way, it is interesting too!!