Assignment: What are the duties and the structure of the Fed? Why is Monetary Policy one of the most important in the US economy?

Assignment:

1. What are the duties and the structure of the Fed?
2. Why is Monetary Policy one of the most important in the US economy?
3. Why does the Fed and in particular Ben Bernanke target the interest rate or the discount rate?
4. What is inflation?
5. Why does the FED target interest rates and how does it do this?
6. What are the banks and countries that follow this same targeting procedure?
7. Why do Americans work longer hours than Europeans?
8. How does the rate of marginal tax rate charged to individual personal income taxes make a difference between the tradeoff of workers between working longer hours vs. spending more time in leisure?
9. Explain whether or not you feel that Macroeconomic Policy an Art or a Science or both?