The Division of Monetary Affairs is responsible for research and analysis to support the Board and the Federal Open Market Committee in the conduct of monetary policy, especially in the areas of finance, money and banking, and monetary policy design and implementation. The Division also provides expertise on open market operations, discount window policy, and reserve markets.
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The Monetary Studies section undertakes theoretical and applied research in macro, monetary, and financial economics. Most of the research is at the macroeconomic level--looking at issues related to the design of monetary policy strategies, such as optimal policy rules, policymaking under uncertainty, and the optimal use of alternative policy instruments.