The Division of Monetary Affairs supports the Board and the Federal Open Market Committee (FOMC) in their monetary policy deliberations by preparing research and analysis in the fields of finance, money and banking, and monetary policy design and implementation. The Division also assists the Board and FOMC in preparing policy communications, maintains records of FOMC deliberations and decisions, and produces monetary and financial data. In addition, the Division contributes to the Board’s supervisory, regulatory, and financial stability functions.
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Monetary and Reserve Analysis
The Monetary and Reserve Analysis section is responsible for the construction and analysis of the monetary aggregates and undertakes current analysis and longer-term research on issues of money, banking, and financial intermediation. The section has ongoing operational responsibility to compile data to be published on the monetary and reserve aggregates and to provide internal forecasts of these series. Section staff is also responsible for oversight for reserve administration at the Reserve Banks. In recent years, the section's research work has focused on the changing nature of financial intermediation and the evolving patterns of monetary and credit flows. Studies have examined the policy implications of the consolidation of the banking system, the link between the stock market and money demand, and the indicator properties of alternative monetary aggregates and of real interest rates. Staff studies make ready use of the section's database containing information on the liabilities of thousands of banks and thrifts, as well as data collected by the Federal Reserve on depository assets and deposit pricing behavior.