What are dynamic and defensive transactions in open market operations?

Explain discount policy. What are its advantages (from the point of view of the Fed?) Explain and give examples of adjustment, seasonal, and extended credits. Explain its use creating announcement effects.

Explain how the Fed uses margin requirements to achieve its goals. (Here is my article comparing asset bubbles in the 1920s and the 1990s.) What is moral suasion?

Why did Congress pass the Federal Reserve Act in 1913 when the United States had gotten along without a central bank since 1836?

Explain the circumstances under which expansionary policy is likely to cause inflation, and not output. Even if the policy causes more growth than inflation, at least in the short run, what effect does credit-induced growth have on the business cycle?

See how rich you are (but remember that wealth distribution does not imply a zero-sum game).