金融市场与机构 Jeff Madura 04

4TheFedandMonetaryPolicy©2003South-Western/ThomsonLearningChapterObjectivesIdentifytheFed’sroleinmonetarypolicyDescribethetoolstheFedusestoinfluencemonetarypolicyExplainhowchangesinregulationinthe1980saffectedtheFedandmonetarypolicyFederalReserveSystem:ThirdU.S.CentralBankFirstBankoftheUnitedStates(1791–1811)SecondBankoftheUnitedStates (1816–1836)FederalReserveSystem(1913–)StructureoftheFederalReserveSystem12FedDistrictBanksMemberCommercialBanks7MembersofBoardofGovernors14yeartermsforGovernors12OpenMarketCommittee(FOMC)MembersAdvisoryCommitteestoFedfromprivatesectorFunctionsoftheFederalReserveSystemEffectMonetaryPolicyU.S.CentralBankInInternationalAreaFiscalAgentofU.S.TreasuryFacilitateEfficientPaymentsSystemRegulateBanksandBankHoldingCo.EnforceConsumerCreditLawsOrganizationoftheFederalReserveFederalReserveDistrictBanks12districtsDistrictsdividedbypopulationat1912–13DistrictbanksizerelatedtoeconomicwealthofdistrictDistrictbanksownedbyprivatememberbanksBoardofDirectorsofdistrictbanksThreeappointedbyBoardofGovernorsThreeprofessionalbankersThreebusinesspersonsindistrictOrganizationoftheFederalReserveMemberBanksMustmeetrequirementsoftheFederalReserveBoardofGovernorstobeamemberbankNationallycharteredbanksmustbememberbanksStatecharteredbanksmaybememberbanks35%ofbankscontrolling70%ofalldepositsaremembersOrganizationoftheFederalReserveBoardofGovernors7individualsappointedbytheU.S.presidentandconfirmedbytheSenateU.S.presidentappointsoneofthe7chairwhose4-yeartermisrenewableOfficesinWashington,D.C.Servenonrenewable14-yeartermsIndependenceofFederalReserveStaggeredtermsofGovernorsBudgetseparatefromCongressOrganizationoftheFederalReserveBoardofGovernorshastwomainfunctions:RegulatecommercialbanksSuperviseandregulatememberbanksandbankholdingcompaniesOversightof12FeddistrictbanksEstablishconsumerfinanceregulationsafterCongressionallegislationOrganizationoftheFederalReserveEstablishandeffectmonetarypolicyDirectcontrolovertwotoolsofmonetarypolicySetreserverequirementsApprovediscountratesetbydistrictbanksIndirectcontrolinathirdareaGovernorsaremembersoftheFederalOpenMarketCommitteeOrganizationoftheFederalReserveFederalOpenMarketCommittee(FOMC)meetsevery6weeks12members7fromtheBoardofGovernorsPresidentoftheNewYorkFed4otherdistrictbankpresidentsappointedonarotatingbasisOtherpresidentsparticipatebutdonotvoteonmonetarypolicymattersOrganizationoftheFederalReserveFederalOpenMarketCommittee(FOMC)Monetarypolicygoalsof:highemploymentpricestabilityeconomicgrowthMakemonetarypolicydecisionstoachievegoalsForwarddecisionstoN.Y.FedopenmarketdeskAdvisorycommitteesfromprivatesectoralsoareapartofoverallstructureoftheFedFed’sInfluenceonEconomyFedinfluencesliquidity(supplyofloanablefunds)inmoneymarkettoinfluence:Liquidity,MoneySupplyandInterestRatesBusinessandConsumerBorrowing/SpendingGoalsofGrowthPriceStabilityJobGrowthToolsofMonetaryPolicyToolsofMonetaryPolicyOpenMarketOp.ReserveReq.DiscountRateHowFedControlsMoneySupplyBanksmustmaintainreservesaspercentofdepositsReserveskeptasdepositsinFed(plusvaultcash)FedcontrolslevelofmemberbankreservedepositsinFedFedinfluencesbankdepositportionofmoneysupplyMonetaryPolicyToolsOpenmarketoperationsinvolvethepurchaseorsaleofgovernmentsecuritiesbasedonFOMCdirectivessenttoN.Y.FedTradingDeskOpenmarketpurchaseofgovernmentsecurities:PurchasesecuritiesfromgovernmentsecuritiesdealersIncreasebankdepositsandbankreserves,moneymarketliquidityand,intime…IncreasesthemoneysupplyExhibit4.4aaa$100million$90million$81million$10million$9.0million$8.1millionIncreaseindepositsatbanksRequiredreservesheldonnewdepositsFundsreceivedfromnewdepositsthatcanbelentout$90million$81million$72.9millionMonetaryPolicyToolsOpenmarketoperationsandinterestratesMostratesaremarketdeterminedbutFedinfluencesfederalfundsinterestrateFedpurchaseofsecuritiesresultsinaninjectionofadditionalfundsintothebanksystemShiftssupplyoffederalfundstotherightLowersfederalfundsrateLowerratesspreadtoothermoneymarketsecuritiesMorefundsavailableformoneymarketandbanklendingMonetaryPolicyToolsAdjustingthediscountrateDepositoryinstitutionsborrowfromFedforthreereasons:Adjustmentcreditforshort-termreservedeficienciesSeasonalcredittoagriculturalbanksExtendedcreditforlonger-termliquidityproblemsofproblembanksLowerdiscountrateMorebankborrowingfromFed,bankreservesexpand,moneysupplyincreasesMonetaryPolicyToolsAdjustingthereserverequirementratioProportionofdepositsatdepositoryinstitutionssetasidetomeettheirreserverequirementsIncreaseinlendingorexpansionlimitedby($)reservesbankmustholdthemeetreserverequirements(%)Totaldollarexpansioneffectasfollows:DollaramountofopenmarketFedpurchaseordiscountloan×1RRComparisonofPolicyToolsIncreasingthemoneysupplyOpenmarketoperationpurchaseofsecuritiesviatheTradingDeskinthesecondarymarketDiscountrateloweredtoencourageborrowingatthediscountwindowReserverequirementsloweredComparisonofPolicyToolsDecreasingthemoneysupplyOpenmarketoperationsaleofsecuritiesviatheTradingDeskinthesecondarymarketDiscountrateraisedtoencourageborrowingatthediscountwindowReserverequirementsraisedMonetaryPolicyDepositExpansionProvidesExcessReservestoLendLoan/DepositExpansionLoansFinanceSpendingPotentialExpansion=Added$Reserves1/RequiredReserveRatioLimitingFactorstoDepositExpansionBanksmaynotlendexcessreservesPublicmaynotre-depositpaymentsInexpansionprocess(cashdrains)LowersdepositexpansionmultiplierOtherfedfunctionsimpactmemberbankreservelevelFederalReservePolicyEmphasisMoneySupplyGrowthInterestRateLevelsPriceLevelChangesRealEconomicActivityMonetaryControlActof1980ToregainmorecontroloverthemoneysupplytheMCArequiredalldepositoryinstitutionstoMeetthesamereserverequirementsHoldnoninterest-bearingreservesPromptlyreportdepositlevelstotheFedOtherprovisionoftheMCAallowedallde