美联储 商业银行与货币供应(英文版).ppt

TheFederalReserve CommercialBanking andtheSupplyofMoney RememberthestoryofGoldilocksandthethreebears Papabear sbedwastoohard Mamabear sbedwastoosoft butbabybear sbedwasjustright Babybear sbedandthesupplyofmoney Withoutenoughmoney itbecomesdifficulttoconductcommerce transactionsslowdownandtheeconomyfallsintorecession Likeanycommodity excesssupplylowersthevalueofmoney toomuchmoneycreatesinflation Weneedtofindabalancebetweenthetwo TheConstitutiongrantsthefederalgovernmentthepower tocoinMoney regulatetheValuethereof TheUSbeganmintingUScoinsshortlyaftertheconstitutionwasratified HalfCent Copper OneCent Copper TwoCents Copper ThreeCents Nickel Copper Nickel HalfDime Silver Copper TwentyCents Silver QuarterDollar Silver Dime Silver Copper OneDollar Silver OneDollar Gold 2 Dollar QuarterEagle ThreeDollar FiveDollar HalfEagle TenDollar Eagle TwentyDollar DoubleEagle HalfDollar Silver Productionofgoldcoinsceasedin1934 Silvercoinswereminteduntil1964 CurrentUSCoins 99 Zinc 1 CopperAnnualProduction 6 8M 75 Copper 25 NickelAnnualProduction 1 4B 75 Copper 25 NickelAnnualProduction 2 5B 75 Copper 25 NickelAnnualProduction 2 4B 75 Copper 25 NickelAnnualProduction 5 8M 88 Copper 6 Zinc 3 Magnesium 3 NickelAnnualProduction 5 3M Papermoneywasinitiallyissuedbycommercialbanksasclaimstotheirdepositsofgoldandsilver coinsorbars Assets Liabilities 500 Gold 1 000 Loans 300 Deposits 1 000 Notes 200 Equity Thesupplyofmoneywasdeterminedbytheindividualbank sprofitmotive theycreatedloansbyissuingbanknotes Banknoteswereonlyredeemable forgold silver attheissuingbank NorthamptonBank Assets Liabilities 1 000 Gold 10 000 T Bills 20 000 USNotes UnitedStatesnoteswereprinteduntil1963 butwereasmallfractionoftotalmoney1910 onetenth1960 onehundredth TheUSbeganissuingGreenbacksin1862afterpassingthelegaltenderact USNoteswerefractionallybackedbygold butwere legaltenderforalldebtspublicandprivate USTreasury Assets Liabilities 1 000 Gold 1 000 GoldNotes 10 000 SilverNotes Goldnoteswereprinteduntil1934 All 1billsintheUSweresilvercertificatesuntil1963andwerestillconvertibletosilveruntil1968 Gold SilverCertificateswere100 backedbygold silverreservesattheUSTreasury butwerenotlegaltender USTreasury 10 000 Silver NationalnoteswereconvertibletoT BillsatanynationalbankNationalBanknoteswereissueduntil1934 TheNationalBankingActof1863allowedNationallycharteredbankstodistributebanknotes deemedlegaltender securedbyUSDebt bankscouldissuenotesequalto90 oftheirUSdebtholdings Assets Liabilities 50 000 T Bills 50 000 Loans 25 000 Deposits 45 000 Notes 30 000 Equity 1stNationalBankofForestCity TheFederalReservecouldissuenewcurrencybypurchasingUSDebteitherinprivatemarketsordirectlyfromtheTreasuryFederalReservenoteswereconvertibletogolduntil1934 individuals 1971 CentralBanks TheFederalReservewascreatedin1913toessentiallytakeoverthemoneysupplyroleofnationalbanks Assets Liabilities 50 000 T Bills 60 000 Notes FederalReserveBank 10 000 Gold Denominationsof 500 1 000 5 000 and 10 000werenolongerprintedafter1946forfearofGermancounterfeiting TheLargestdenominationeverprintedwasa 100 000goldcertificate Itwasnevercirculated butwasusedforinter banktransfers CreditChannelsundertheNational StateBankingSystem SmallStatebankswhowereshortoffundswouldborrowfromlargerstatebanks LargerStatebankswhowereshortoffundswouldborrowfromNationalbanks Nationalbankswhowereshortoffundswouldborrowfrommoneycenterbanks Moneycenterbankswerethe rootsource ofcredit CreditChannelsundertheNational StateBankingSystem TheFederalReserve TheFederalReserveSystemwascreatedin1913byWoodrowWilson Regulatethebankingindustry LenderofLastResort RegulatethemoneysupplyProvidebankingservicesforthefederalgovernmentCheckClearing CreditChannelsundertheFederalReserveSystem FederalReserve FederalFundsMarket DiscountWindow TheFederalReserveSystemDividesthecountryinto12Districtsnumbered1 12fromeasttowest TheFederalReserveboardisheadquarteredinWashingtonDC TheBoardConsistsof7 Governors appointedbythePresidentandconfirmedbytheSenatefor14YearNon Renewableterms AlanGreenspan 1992 RogerFerguson 2001 EdwardGramlich 1997 BenBernanke 2003 SusanBies 2001 MarkOlsen 2001 DonaldKohn 2002 TheChairmaniselectedfromtheBoardforarenewable4yearterm EachdistricthasaFederalReserveBankwithabankpresidentelectedbythebank sboardofdirectorsfor4yearrenewableterms BoardofDirectors BankPresident ClassA 4 ClassB 4 ClassC 4 MemberBanks LocalBusiness FederalReserveBoard TheFederalOpenMarketCommittee FOMC isthepolicymakinggroupoftheFederalReserveSystem Theymeetapproximately8timesperyear Policiesaredeterminedbymajorityvote BoardofGovernors 7 NYFedPresident 1 RegionalFedPresidents 4 Generally all12bankpresidentsarepresentatthemeeting butonly5canvote TheNYFedpresidenthasapermanentvotewhiletheremainingpresidentsvoteonarevolvingbasis 2020 3 17 23 可编辑 Moneycanbeanythingthatsatisfies StoreofValueUnitofaccountMediumofexchangeLotsofthingssatisfytheseproperties ControllingtheSupplyofMoney StandardDefinitionsofMoney MonetaryBase M0 DirectliabilitiesofthecentralbankCurrencyincirculation BankReservesM1 Currencyincirculation Traveler sChecks CheckingaccountsM2 M1 Savingsaccounts MoneyMarketAccounts SmallTimeDepositsM3 M2 LargeTimeDeposits Eurodollars Oncethosereservesenterthebankingsector theyareusedasthebasisforcreatingloans Theseloansmakeuptherestofthemoneysupply Thefedcan tcontrolthis butcaninfluenceit MB M3 M2 M1 TheFederalReservecanperfectlycontrolthemonetarybase cash bankreserves MoneySupplyintheUS inBillions MB M1 M3 M2 Cash MoneySupplyintheUS TheReserveRequirementistheleastusedoftheFed spolicytools ABankisrequiredtokeepaminimumpercentageofitsdepositseitherascashorondepositatthefederalreserve reservedepositspaynointerest Assets Liabilities Assets Liabilities 45 000 T Bills 50 000 Deposits 100 000 Equity FederalReserve AcmeNationalBank 100 000 Loans 2 500 Cash 2 500 Reserves 2 500 Reserves Acmecurrentlyhas10 ofitsdepositliabilitiesonReserve Cash Reserves Deposits ReserveAccountsareliabilitiesoftheFed SupposeAcmeBankwantedtocreatea 30 000loan Thisisdonebyestablishingalineofcredit i e creatinganewcheckabledeposit Assets Liabilities 45 000 T Bills 50 000 Deposits 100 000 Equity AcmeNationalBank 100 000 Loans 2 500 Cash 2 500 Reserves Acme sreserveratiodropsto6 25 5 80 30 000 Loan 30 000 Deposit Theloanshowsuponbothsidesofthebalancesheet ReservesandcasharecomponentsofM0whilethenewlycreatedloansarecomponentsofM1orM2 Assets Liabilities 45 000 T Bills 50 000 Deposits 100 000 Equity AcmeNationalBank 100 000 Loans 2 500 Cash 2 500 Reserves 30 000 Loan 30 000 Deposit MonetaryBaseCashinCirculationBankReserves M1CashinCirculationCheckingAccounts M2M1SavingsAccounts TheReserveRequirementhasnoimpactonthemonetarybase butitrestrictstheabilityofbankstocreateloans thisinfluencesthebroaderaggregates Thediscountwindowwastheprimarypolicytoolofthefederalreservewhenitwasfirstestablishedin1913 Discountwindowloansarecollateralizedbytheassetsofthebank equaltoaround90 oftheloan Assets Liabilities Assets Liabilities 45 000 T Bills 80 000 Deposits 50 000 Equity FederalReserve AcmeNationalBank 130 000 Loans 2 500 Cash 2 500 Reserves 2 500 Reserves Thisbankwouldliketocreate 70 000loan butdoesn thavethereservestobackitup Res Req 5 A 2 500loanfromthediscountwindowwouldraisereservestotherequired5 2 500 Reserves 2 500 Reserves 2 500 Loan 2 500 Disc Loan DiscountLending Bypurchasingand orsellingsecurities theFedcandirectlycontrolthequantityofnon borrowedreservesinthebankingsector BondDealer FederalReserve DealersBuy SellbondsfromtheFed TheFeddebits creditsthereserveaccountofthedealer sbank Mosttransactionsaredonewithrepurchaseagreements Repos Thesearepurchases salesalongwithanagreementtoreversethetransactionatalaterdate Currently openmarketoperationsaretheprimarypolicytooloftheFed TradingtakesplaceinNYC Assets Liabilities Assets Liabilities 45 000 T Bills 80 000 Deposits 50 000 Equity FederalReserve AcmeNationalBank 130 000 Loans 2 500 Cash 2 500 Reserves 2 500 Reserves Res Req 5 Anopenmarketpurchaseincreasesthereservesofthebankingsector thisraisesM0 2 500 Reserves 2 500 T Bills 2 500 Reserves 2 500 T Bills Assets Liabilities Assets Liabilities 2 000 T Bills 1 000B Equity FederalReserve BankingSector 3 000 Other 54B Cash 46B Reserves 700B Currency Res Req 5 2 701 Mortgage Reserves 700B T Bills 1B Loans 25B Gold 20B Other 44B Required 1B Excess 1B Borrowed MB 746B 800B Checking 4 500B Saving 1 500B FedFunds 1B Discount Loans Loans M1 700B 800B 1 500B M2 700B 800B 4 500B 6 000B M1 MB 2 01 M2 MB 8 04 TheMoneymultipliersdescribetherelationshipbetweenachangeinthemonetarybase controlledbytheFed andthebroaderaggregates ChangeinM1 mm1 ChangeinMB mm 1 Cash Deposits Cash Deposits Reserves Deposits ChangeinM2 mm2 ChangeinMB mm2 1 Cash Deposits Cash Deposits Reserves Deposits M2 M1 Deposits TheFedcaninfluencetotalbankreserves whichaffectsthemultipliers FedPolicyfromstarttofinish Staffeconomistsateachfederalreservebankbriefthepresidentoflocal nationaleconomicconditions BankPresidents GovernorspresentpolicyrecommendationstotheFOMC Avoteistaken Themonetarybaseistobeincreasedby 100M ThisorderispassedtothetradingdeskinNYC Tradingdeskcallsbonddealersandasksforbids FedPolicyfromstarttofinish Assets Liabilities AcmeNationalBank 100M Reserves 100M Deposits Thedealerswiththewinningbidsdeliverthebonds Theirbank sreserveaccountsarecredited Thebankmustkeepapproximately5 reserverequirement ofthenewdepositonreserve butisfreetoloano