CU Economics Federal Reserve System Discussion

Question Description

I’m working on a economics discussion question and need an explanation and answer to help me learn.

A few years back, the NY Fed was looking into this economic problem:

The Federal Reserve system, the central bank of the U.S., is composed of twelve regional banks and a Board of Governors.

The regional banks are located in Boston, New York, Philadelphia, Richmond (VA), Atlanta, Cleveland, Chicago, Minneapolis, Kansans City, St. Louis, Dallas and San Francisco.

Suppose the Federal Reserve asks one of its officers to move from the Atlanta FRB to the New York FRB.

In Atlanta, housing is cheap and the officer rented a 4 bedroom house with a garden and a pool. In New York City, however, housing is significantly more expensive than in Atlanta.

Should the Federal Reserve offset the higher housing cost by raising the officer’s overall compensation package? If so, in your opinion, what would be an adequate raise?

Explanation & Answer:

1 Discussion

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