(See related pages)
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| closed-loop control | Dynamic control system including feedback loop. Contrast open-loop control. |
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| Federal Open Market Committee (FOMC) | Oversees open market operations, sets
monetary targets. Made up of the Board of Governors of the Federal Reserve System, the president of the New York Federal Reserve Bank, and the presidents of four other
regional banks on a rotating basis. |
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| open-loop control | Dynamic control system without feedback loop. Contrast closed–loop control. |
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| Taylor rule | Summarizes how the monetary authority sets interest rates in response to economic activity. |