Role Play
角色扮演

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

Call the meeting to order.  
呼叫會議秩序
Ask the Manager of SOMA to report on recent developments.
詢問SOMA經理匯報最近的事態發展。
Ask the Director of Research and Statistics to report on the staff’s forecast for the U.S. economy.
詢問研究和統計主管對美國經濟的員工預測報告。
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.
要求每個聯邦儲備銀行總裁一分鐘的評論，表達對他/她的經濟觀點的具體因素的擔憂，以及如何將這些可能在未來影響通脹或輸出。
Ask each member of the BOG to comment on the economy. 
詢問BOG每個成員對經濟發表評論。
Ask the Chairman of the BOG to go last and to draw some consensus regarding the comments of the other members of the FOMC.
詢問BOG主席最后得出一些關于聯邦公開市場委員會的其他成員的意見，達成共識。
Ask the Director of Monetary Affairs to offer the three options regarding the federal funds rate to the committee.
詢問貨幣事務委員會主任將聯邦基金利率提供了三個選項。
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.)
閱讀整篇新聞稿中的聲明，然后問州長乃至總統，如果他們同意。
（注：這不是一個正式的投票表決，但可以采取一個點頭或簡短討論。）
Direct the SOMA Director to conduct open market operations to achieve the  intended federal funds rate.
直接的SOMA董事進行公開市場操作，以達到預期的聯邦基金利率。
Adjourn the meeting.
宣布休會。

Manager of SOMA you must report on recent developments using content from the minutes.
SOMA的經理，你必須報告內容從分鐘最近的事態發展。
http://ukthesis.org/thesis_sample

 This should include commenting about:
這應該包括注釋：
Economic activity
經濟活動
Employment data such as nonfarm payrolls and the unemployment rate
就業數據，如非農就業人數和失業率
Industrial production
工業生產
Real consumer spending
實際消費支出
Residential construction
住宅建筑
Real spending on equipment and software
設備和軟件的實際支出
Manufacturing data
制造業數據
U.S. international balance of trade, i.e. trade deficit, economic activity in foreign countries, and#p#分頁標題#e#
美國的國際貿易平衡，即貿易赤字，在國外的經濟活動，
A review of the last FOMC target for the federal funds rate.
回顧上次聯邦公開市場委員會將聯邦基金利率目標。

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:
研究和統計主任，你必須報告對美國經濟分鐘使用內容對員工的預測。包含的信息：

The outlook for output, i.e. growth of real GDP,
輸出的前景，即，實際國內生產總值（GDP）的增長
Consumer and business spending,
消費者和企業支出
Resource utilization,
資源利用率
Inflation,
通貨膨脹
Federal expenditures, and
聯邦支出
Labor markets.
勞動力市場

Each FRB president must make a two-minute comment on:
每個聯邦儲備銀行總裁必須做兩分鐘的評論：

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.
你認為美國整體經濟，表達具體因素的擔憂，以及如何將這些可能在未來影響通脹或輸出。挑出一些研究和統計報告的董事在會議紀要中所涵蓋的內容。出于討論的目的，任何開支增加或價格水平的提高可能會被看作是通脹壓力增加，和生產，經濟活動或支出的減少可能會被看作是創造關切經濟衰退或經濟增長放緩。

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.
研究董事及董事會人員：在聯邦公開市場委員會的討論中，有關要點及由何人在討論過程中記筆記。準備在課堂討論結束時，角色扮演，分享這些信息。

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#分頁標題#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.
聯邦儲備銀行圣路易斯，堪薩斯城聯邦儲備銀行，聯邦儲備銀行克利夫蘭和波士頓聯邦儲備銀行主席，你必須投票時要求這樣做。

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，在表決后的分發那些坐在橢圓形，以及研究董事和沼澤人員的新聞稿的副本。

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