经济学教学课件 294e

©2007ThomsonSouth-WesternTHEMEANINGOFMONEYMoney

isthesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromother

people.TheFunctionsofMoneyMoneyhasthreefunctionsintheeconomy:MediumofexchangeUnitofaccountStoreofvalueTheFunctionsofMoneyMediumofExchangeAmediumofexchangeisanitemthatbuyersgivetosellerswhentheywanttopurchasegoodsandservices.Amediumofexchangeisanythingthatisreadilyacceptableaspayment.TheFunctionsofMoneyUnitofAccountAunitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.StoreofValueAstoreofvalueisanitemthatpeoplecanusetotransferpurchasingpowerfromthepresenttothefuture.TheFunctionsofMoneyLiquidityistheeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.TheKindsofMoneyCommoditymoneytakestheformofacommoditywithintrinsicvalue.Examples:Gold,silver,cigarettes.Fiatmoneyisusedasmoneybecauseofgovernmentdecree.Itdoesnothaveintrinsicvalue.Examples:Coins,currency,checkdeposits.MoneyintheU.S.EconomyCurrencyisthepaperbillsandcoinsinthehandsofthepublic.Demanddepositsarebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.Figure1TwoMeasuresoftheMoneyStockfortheU.S.EconomyBillionsofDollars

•Currency($699billion)•Demanddeposits•Traveler’schecks•Othercheckabledeposits

($664billion)

•EverythinginM1($1,363billion)•Savingsdeposits•Smalltimedeposits•Moneymarket

mutualfunds•Afewminorcategories

($5,035billion)0M1$1,363M2$6,398CASESTUDY:WhereIsAllTheCurrency?In2004therewas$699billionofU.S.currencyoutstanding.Thatis$3,134incurrencyperadult.Whoisholdingallthiscurrency?CurrencyheldabroadCurrencyheldbyillegalentitiesTHEFEDERALRESERVESYSTEMTheFederalReserve(Fed)servesasthenation’scentralbank.Itisdesignedtooverseethebankingsystem.Itregulatesthequantityofmoneyintheeconomy.THEFEDERALRESERVESYSTEMTheFedwascreatedin1913afteraseriesofbankfailuresconvincedCongressthattheUnitedStatesneededacentralbanktoensurethehealthofthenation’sbankingsystem.THEFEDERALRESERVESYSTEMTheprimaryelementsintheFederalReserveSystemare:TheBoardofGovernorsTheRegionalFederalReserveBanksTheFederalOpenMarketCommitteeTheFed’sOrganizationTheFedisrunbyaBoardofGovernors,whichhassevenmembersappointedbythepresidentandconfirmedbytheSenate.Amongthesevenmembers,themostimportantisthechairman.ThechairmandirectstheFedstaff,presidesoverboardmeetings,andtestifiesaboutFedpolicyinfrontofCongressionalCommittees.TheFed’sOrganizationTheBoardofGovernorsServestaggered14-yeartermssothatonecomesvacanteverytwoyears.Presidentappointsamemberaschairmantoserveafour-yearterm.TheFed’sOrganizationTheFederalReserveSystemismadeupoftheFederalReserveBoardinWashington,D.C.,andtwelveregionalFederalReserveBanks.TheFed’sOrganizationTheFederalReserveBanksTwelvedistrictbanksNinedirectorsThreeappointedbytheBoardofGovernors.Sixareelectedbythecommercialbanksinthedistrict.Thedirectorsappointthedistrictpresident,whichisapprovedbytheBoardofGovernors.TheNewYorkFedimplementssomeoftheFed’smostimportantpolicydecisions.TheFederalReserveSystemTheFed’sOrganizationThreePrimaryFunctionsoftheFedRegulatesbankstoensuretheyfollowfederallawsintendedtopromotesafeandsoundbankingpractices.Actsasabanker’sbank,makingloanstobanksandasalenderoflastresort.Conductsmonetarypolicybycontrollingthemoneysupply.TheFederalOpenMarketCommittee(FOMC)Servesasthemainpolicy-makingorganoftheFederalReserveSystem.Meetsapproximatelyeverysixweekstoreviewtheeconomy.TheFederalOpenMarketCommittee(FOMC)TheFederalOpenMarketCommittee(FOMC)ismadeupofthefollowingvotingmembers:ThechairmanandtheothersixmembersoftheBoardofGovernors.ThepresidentoftheFederalReserveBankofNewYork.ThepresidentsoftheotherregionalFederalReservebanks(fourvoteonayearlyrotatingbasis).TheFederalOpenMarketCommittee(FOMC)MonetarypolicyisconductedbytheFederalOpenMarketCommittee.Themoneysupplyreferstothequantityofmoneyavailableintheeconomy.Monetarypolicyisthesettingofthemoneysupplybypolicymakersinthecentralbank.TheFederalOpenMarketCommitteeOpen-MarketOperationsThemoneysupplyisthequantityofmoneyavailableintheeconomy.TheprimarywayinwhichtheFedchangesthemoneysupplyisthroughopen-marketoperations.TheFedpurchasesandsellsU.S.governmentbonds.TheFederalOpenMarketCommitteeOpen-MarketOperationsToincreasethemoneysupply,theFedbuysgovernmentbondsfromthepublic.Todecreasethemoneysupply,theFedsellsgovernmentbondstothepublic.BANKSANDTHEMONEYSUPPLYBankscaninfluencethequantityofdemanddepositsintheeconomyandthemoneysupply.BANKSANDTHEMONEYSUPPLYReservesaredepositsthatbankshavereceivedbuthavenotloanedout.Inafractional-reservebankingsystem,banksholdafractionofthemoneydepositedasreservesandlendouttherest.BANKSANDTHEMONEYSUPPLYThereserveratioisthefractionofdepositsthatbanksholdasreserves.MoneyCreationwithFractional-ReserveBankingWhenabankmakesaloanfromitsreserves,themoneysupplyincreases.Themoneysupplyisaffectedbytheamountdepositedinbanksandtheamountthatbanksloan.Depositsintoabankarerecordedasbothassetsandliabilities.Thefractionoftotaldepositsthatabankhastokeepasreservesiscalledthereserveratio.Loansbecomeanassettothebank.BankingMoneyCreationwithFractional-ReserveThisT-Accountshowsabankthat…acceptsdeposits,keepsaportion

asreserves,andlendsout

therest.Itassumesa

reserveratio

of10%.AssetsLiabilitiesFirstNationalBankReserves $10.00Loans $90.00Deposits $100.00TotalAssets $100.00TotalLiabilities $100.00MoneyCreationwithFractional-ReserveBankingWhenonebankloansmoney,thatmoneyisgenerallydepositedintoanotherbank.Thiscreatesmoredepositsandmorereservestobelentout.Whenabankmakesaloanfromitsreserves,themoneysupplyincreases.TheMoneyMultiplierHowmuchmoneyiseventuallycreatedbythenewdepositinthiseconomy?TheMoneyMultiplierThemoneymultiplieristheamountofmoneythebankingsystemgenerateswitheachdollarofreserves.TheMoneyMultiplierIncreaseintheMoneySupply=$190.00!AssetsLiabilitiesFirstNationalBankReserves $10.00Loans $90.00Deposits $100.00TotalAssets $100.00TotalLiabilities $100.00AssetsLiabilitiesSecondNationalBankReserves $9.00Loans $81.00Deposits $90.00TotalAssets $90.00TotalLiabilities $90.00TheMoneyMultiplierOriginaldeposit =$100.001stNatl.Lending=90.00(=.9x$100.00)2ndNatl.Lending=81.00(=.9x$90.00)3rdNatl.Lending=72.90(=.9x$81.00)…andonuntiltherearejustpennieslefttolend!Totalmoneycreatedbythis$100.00depositis$1000.00.(=1/.1x$100.00)TheMoneyMultiplierThemoneymultiplieristhereciprocalofthereserveratio:M=1/RExample:Withareserverequirement,R=20%or.2:Themoneymultiplieris1/.2=5.TheFed’sToolsofMonetaryControlTheFedhasthreetoolsinitsmonetarytoolbox:Open-marketoperationsChangingthereserverequirementChangingthediscountrateTheFed’sToolsofMonetaryControlOpen-MarketOperationsTheFedconductsopen-marketoperationswhenitbuysgovernmentbondsfromorsellsgovernmentbondstothepublic:WhentheFedsellsgovernmentbonds,themoneysupplydecreases.WhentheFedbuysgovernmentbonds,themoneysupplyincreases.TheFed’sToolsofMonetaryControlReserveRequirementsTheFedalsoinfluencesthemoneysupplywithreserverequirements.Reserverequirementsareregulationsontheminimumamountofreservesthatbanksmustholdagainstdeposits.TheFed’sToolsofMonetaryControlChangingtheReserveRequirementThereserverequirementistheamount(%)ofabank’stotalreservesthatmaynotbeloanedout.Increasingthereserverequirementdecreasesthemoneysupply.Decreasingthereserverequirementincreasesthemoneysupply.TheFed’sToolsofMonetaryControlChangingtheDiscountRateThediscountrateistheinterestratetheFedchargesbanksforloans.Increasingthediscountratedecreasesthemoneysupply.Decreasingthediscountrateincreasesthemoneysupply.ProblemsinControllingtheMoneySupplyTheFed’scontrolofthemoneysupplyisnotprecise.TheFedmustwrestlew