澳洲国立大学留学生作业：对FOMC角色扮演中各个角色的主要任务及要求

Role Play
角色扮演

Chairman of the BOG you must:
BOG主席你必须：

Call the meeting to order.  
呼叫会议秩序
Ask the Manager of SOMA to report on recent developments.
询问SOMA经理汇报最近的事态发展。
Ask the Director of Research and Statistics to report on the staff’s forecast for the U.S. economy.
询问研究和统计主管对美国经济的员工预测报告。
Ask each FRB president to make a one-minute comment on his/her view of the economy, expressing concerns about specific factors and how these might affect inflation or output in the future.
要求每个联邦储备银行总裁一分钟的评论，表达对他/她的经济观点的具体因素的担忧，以及如何将这些可能在未来影响通胀或输出。
Ask each member of the BOG to comment on the economy. 
询问BOG每个成员对经济发表评论。
Ask the Chairman of the BOG to go last and to draw some consensus regarding the comments of the other members of the FOMC.
询问BOG主席最后得出一些关于联邦公开市场委员会的其他成员的意见，达成共识。
Ask the Director of Monetary Affairs to offer the three options regarding the federal funds rate to the committee.
询问货币事务委员会主任将联邦基金利率提供了三个选项。
Read the entire press release of the statement and then ask the governors and  presidents if they agree.    (Note: This is not a formal vote but a head nodding or brief discuss can take place.)
阅读整篇新闻稿中的声明，然后问州长乃至总统，如果他们同意。
（注：这不是一个正式的投票表决，但可以采取一个点头或简短讨论。）
Direct the SOMA Director to conduct open market operations to achieve the  intended federal funds rate.
直接的SOMA董事进行公开市场操作，以达到预期的联邦基金利率。
Adjourn the meeting.
宣布休会。

Manager of SOMA you must report on recent developments using content from the minutes.
SOMA的经理，你必须报告内容从分钟最近的事态发展。
http://ukthesis.org/thesis_sample

 This should include commenting about:
这应该包括注释：
Economic activity
经济活动
Employment data such as nonfarm payrolls and the unemployment rate
就业数据，如非农就业人数和失业率
Industrial production
工业生产
Real consumer spending
实际消费支出
Residential construction
住宅建筑
Real spending on equipment and software
设备和软件的实际支出
Manufacturing data
制造业数据
U.S. international balance of trade, i.e. trade deficit, economic activity in foreign countries, and#p#分页标题#e#
美国的国际贸易平衡，即贸易赤字，在国外的经济活动，
A review of the last FOMC target for the federal funds rate.
回顾上次联邦公开市场委员会将联邦基金利率目标。

Director of Research and Statistics you must report on the staff’s forecast for the U.S. economy using content from the minutes.  Include information about:
研究和统计主任，你必须报告对美国经济分钟使用内容对员工的预测。包含的信息：

The outlook for output, i.e. growth of real GDP,
输出的前景，即，实际国内生产总值（GDP）的增长
Consumer and business spending,
消费者和企业支出
Resource utilization,
资源利用率
Inflation,
通货膨胀
Federal expenditures, and
联邦支出
Labor markets.
劳动力市场

Each FRB president must make a two-minute comment on:
每个联邦储备银行总裁必须做两分钟的评论：

Your view of the overall US economy, expressing concerns about specific factors and how these might affect inflation or output in the future.  Pick out something from the content covered in the minutes by the Director of Research and Statistics’ report.  For discussion purposes, any spending increases or prices level increases may be seen as adding inflationary pressures, and decreases in production, economic activity or spending may be seen as creating concern regarding recession or a slowing economy.
你认为美国整体经济，表达具体因素的担忧，以及如何将这些可能在未来影响通胀或输出。挑出一些研究和统计报告的董事在会议纪要中所涵盖的内容。出于讨论的目的，任何开支增加或价格水平的提高可能会被看作是通胀压力增加，和生产，经济活动或支出的减少可能会被看作是创造关切经济衰退或经济增长放缓。

Research Directors and Board Staff:  During the FOMC discussion, take notes regarding the main points made and by whom during the discussion.  Be prepared to share this information during the class discussion at the end of the role play.
研究董事及董事会人员：在联邦公开市场委员会的讨论中，有关要点及由何人在讨论过程中记笔记。准备在课堂讨论结束时，角色扮演，分享这些信息。

Each member of the BOG  (including the Chairman) who will make his/her comments last) must make a two-minute comment on:
Your view of the economy, expressing concerns about specific factors and how these might affect inflation or output in the future.  Pick out something from the content covered in the minutes by the Director of Research and Statistics’ report.  For discussion purposes, any spending increases or prices level increases may be seen as adding inflationary pressures, and decreases in production, economic activity or spending may be seen as creating concern regarding recession or a slowing economy.#p#分页标题#e#

Chairman of the BOG you must draw some consensus regarding the comments of the other members of the FOMC.

Director of Monetary Affairs you must offer the following three options to the committee:
 Raise the federal funds target ¼ % (which is 25 basis points)
 Keep the federal funds target the same
 Lower the federal funds target ¼% (which is 25 basis points)
(Note: These are not always the options in actual meetings but may be used in this simulation.)  Then ask all of the BOG, the FRB New York president and the following FRB presidents to vote on the options.  (Note from p. 5 of A Day in the Life of the FOMC that the FRB New York president always votes, but the other eleven presidents vote on a rotating basis.)

Presidents of the FRB St Louis, FRB Kansas City, FRB Cleveland and FRB Boston you must vote when requested to do so.
联邦储备银行圣路易斯，堪萨斯城联邦储备银行，联邦储备银行克利夫兰和波士顿联邦储备银行主席，你必须投票时要求这样做。

Chairman of the BOG after the vote distributes copies of the press release to those sitting in the oval, as well as research directors and BOG staff.
  BOG主席，在表决后的分发那些坐在椭圆形，以及研究董事和沼泽人员的新闻稿的副本。

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