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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2004 South-Western,Copyright 2004 South-Western,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2004 South-Western,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2004 South-Western,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2004 South-Western,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2004 South-Western,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,曼昆经济学原理(宏观经济学分册)英文原版PPT课件29monetary-system,曼昆经济学原理(宏观经济学分册)英文原版PPT课件2,THE MEANING OF MONEY,Money,is the set of assets in an economy that people regularly use to buy goods and services from other people.,THE MEANING OF MONEYMoney is t,The Functions of Money,Money has three functions in the economy:,Medium of exchange,Unit of account,Store of value,The Functions of MoneyMoney ha,The Functions of Money,Medium of Exchange,A,medium of exchange,is an item that buyers give to sellers when they want to purchase goods and services.,A medium of exchange is anything that is readily acceptable as payment.,The Functions of MoneyMedium o,The Functions of Money,Unit of Account,A,unit of account,is the yardstick people use to post prices and record debts.,Store of Value,A,store of value,is an item that people can use to transfer purchasing power from the present to the future.,The Functions of MoneyUnit of,The Functions of Money,Liquidity,Liquidity,is the ease with which an asset can be converted into the economys medium of exchange.,The Functions of MoneyLiquidit,The Kinds of Money,Commodity money,takes the form of a commodity with intrinsic value.,Examples: Gold, silver, cigarettes.,Fiat money,is used as money because of government decree.,It does not have intrinsic value.,Examples: Coins, currency, check deposits.,The Kinds of MoneyCommodity mo,Money in the U.S. Economy,Currency,is the paper bills and coins in the hands of the public.,Demand deposits,are balances in bank accounts that depositors can access on demand by writing a check.,Money in the U.S. EconomyCurre,Figure 1 Money in the U.S. Economy,Copyright2003 Southwestern/Thomson Learning,Billions,of Dollars,Currency,($580 billion),Demand deposits,Traveler,s checks,Other checkable deposits,($599 billion),Everything in M1,($1,179 billion),Savings deposits,Small time deposits,Money market,mutual funds,A few minor categories,($4,276 billion),0,M1,$1,179,M2,$5,455,Figure 1 Money in the U.S. Eco,CASE STUDY:,Where Is All The Currency?,In 2001 there was about $580 billion of U.S. currency outstanding.,That is $2,734 in currency per adult.,Who is holding all this currency?,Currency held abroad,Currency held by illegal entities,CASE STUDY: Where Is All The C,THE FEDERAL RESERVE SYSTEM,The,Federal Reserve (Fed),serves as the nations central bank.,It is designed to oversee the banking system.,It regulates the quantity of money in the economy.,THE FEDERAL RESERVE SYSTEMThe,THE FEDERAL RESERVE SYSTEM,The Fed was created in 1914 after a series of bank failures convinced Congress that the United States needed a,central bank,to ensure the health of the nations banking system.,THE FEDERAL RESERVE SYSTEMThe,THE FEDERAL RESERVE SYSTEM,The Structure of the Federal Reserve System:,The primary elements in the Federal Reserve System are:,1) The Board of Governors,2) The Regional Federal Reserve Banks,3) The Federal Open Market Committee,THE FEDERAL RESERVE SYSTEMThe,The Feds Organization,The Fed is run by a Board of Governors, which has seven members appointed by the president and confirmed by the Senate.,Among the seven members, the most important is the chairman.,The chairman directs the Fed staff, presides over board meetings, and testifies about Fed policy in front of Congressional Committees.,The Feds OrganizationThe Fed,The Feds Organization,The Board of Governors,Seven members,Appointed by the president,Confirmed by the Senate,Serve staggered 14-year terms so that one comes vacant every two years.,President appoints a member as chairman to serve a four-year term.,The Feds OrganizationThe Boar,The Feds Organization,The Federal Reserve System is made up of the Federal Reserve Board in Washington, D.C., and twelve regional Federal Reserve Banks.,The Feds OrganizationThe Fede,The Feds Organization,The Federal Reserve Banks,Twelve district banks,Nine directors,Three appointed by the Board of Governors.,Six are elected by the commercial banks in the district.,The directors appoint the district president, which is approved by the Board of Governors.,The Feds OrganizationThe Fede,The Federal Reserve System,Copyright2003 Southwestern/Thomson Learning,The Federal Reserve SystemCopy,The Feds Organization,The Federal Reserve Banks,The New York Fed implements some of the Feds most important policy decisions.,The Feds OrganizationThe Fede,The Feds Organization,The Federal Open Market Committee (FOMC),Serves as the main policy-making organ of the Federal Reserve System.,Meets approximately every six weeks to review the economy.,The Feds OrganizationThe Fede,The Feds Organization,The Federal Open Market Committee (FOMC) is made up of the following voting members:,The chairman and the other six members of the Board of Governors.,The president of the Federal Reserve Bank of New York.,The presidents of the other regional Federal Reserve banks (four vote on a yearly rotating basis).,The Feds OrganizationThe Fede,The Feds Organization,Monetary policy is conducted by the Federal Open Market Committee.,Monetary policy is the setting of the money supply by policymakers in the central bank,The money supply refers to the quantity of money available in the economy.,The Feds OrganizationMonetary,The Federal Open Market Committee,Three Primary Functions of the Fed,Regulates banks to ensure they follow federal laws intended to promote safe and sound banking practices.,Acts as a bankers bank, making loans to banks and as a lender of last resort.,Conducts,monetary policy,by controlling the money supply.,The Federal Open Market Commit,The Federal Open Market Committee,Open-Market Operations,The,money supply,is the quantity of money available in the economy.,The primary way in which the Fed changes the money supply is through open-market operations,.,The Fed purchases and sells U.S. government bonds.,The Federal Open Market Commit,The Federal Open Market Committee,Open-Market Operations,To increase the money supply, the Fed,buys,government bonds from the public.,To decrease the money supply, the Fed,sells,government bonds to the public.,The Federal Open Market Commit,BANKS AND THE MONEY SUPPLY,Banks can influence the quantity of demand deposits in the economy and the money supply.,BANKS AND THE MONEY SUPPLYBank,BANKS AND THE MONEY SUPPLY,Reserves,are deposits that banks have received but have not loaned out.,In a,fractional-reserve banking,system, banks hold a fraction of the money deposited as reserves and lend out the rest.,BANKS AND THE MONEY SUPPLYRese,BANKS AND THE MONEY SUPPLY,Reserve Ratio,The,reserve ratio,is the fraction of deposits that banks hold as reserves.,BANKS AND THE MONEY SUPPLYRese,Money Creation with Fractional-Reserve Banking,When a bank makes a loan from its reserves, the money supply increases.,The money supply is affected by the amount deposited in banks and the amount that banks loan.,Deposits into a bank are recorded as both assets and liabilities.,The fraction of total deposits that a bank has to keep as reserves is called the reserve ratio.,Loans become an asset to the bank.,Money Creation with Fractional,Money Creation with Fractional-Reserve Banking,This T-Account shows a bank that,accepts deposits,keeps a portion as reserves,and lends out the rest.,It assumes a reserve ratio of 10%.,Assets,Liabilities,First National Bank,Reserves,$10.00,Loans,$90.00,Deposits,$100.00,Total Assets,$100.00,Total Liabilities,$100.00,Money Creation with Fractional,Money Creation with Fractional-Reserve Banking,When one bank loans money, that money is generally deposited into another bank.,This creates more deposits and more reserves to be lent out.,When a bank makes a loan from its reserves, the money supply increases.,Money Creation with Fractional,The Money Multiplier,How much money is eventually created in this economy?,The Money MultiplierHow much m,The Money Multiplier,The,money multiplier,is the amount of money the banking system generates with each dollar of reserves.,The Money MultiplierThe money,The Money Multiplier,Assets,Liabilities,First National Bank,Reserves,$10.00,Loans,$90.00,Deposits,$100.00,Total Assets,$100.00,Total Liabilities,$100.00,Assets,Liabilities,Second National Bank,Reserves,$9.00,Loans,$81.00,Deposits,$90.00,Total Assets,$90.00,Total Liabilities,$90.00,Money Supply = $190.00!,The Money Multiplier AssetsLia,The Money Multiplier,The money multiplier is the reciprocal of the reserve ratio:,M = 1/R,With a reserve requirement,R = 20%,or,1/5,The multiplier is 5.,The Money MultiplierThe money,The Feds Tools of Monetary Control,The Fed has three tools in its monetary toolbox:,Open-market operations,Changing the reserve requirement,Changing the discount rate,The Feds Tools of Monetary Co,The Feds Tools of Monetary Control,Open-Market Operations,The Fed conducts,open-market operations,when it buys government bonds from or sells government bonds to the public:,When the Fed buys government bonds, the money supply increases.,The money supply decreases when the Fed sells government bonds.,The Feds Tools of Monetary Co,The Feds Tools of Monetary Control,Reserve Requirements,The Fed also influences the money supply with,reserve requirements,.,Reserve requirements are regulations on the minimum amount of reserves that banks must hold against deposits.,The Feds Tools of Monetary Co,The Feds Tools of Monetary Control,Changing the Reserve Requirement,The,reserve requirement,is the amount (%) of a banks total reserves that may not be loaned out.,Increasing the reserve requirement decreases the money supply.,Decreasing the reserve requirement increases the money supply.,The Feds Tools of Monetary Co,The Feds Tools of Monetary Control,Changing the Discount Rate,The,discount rate,is the interest rate the Fed charges banks for loans.,Increasing the discount rate decreases the money supply.,Decreasing the discount rate increases the money supply.,The Feds Tools of Monetary Co,Problems in Controlling the Money Supply,The Feds control of the money supply is not precise.,The Fed must wrestle with two problems that arise due to fractional-reserve banking.,The Fed does not control the amount of money that households choose to hold as deposits in banks.,The Fed does not control the amount of money that bankers choose to lend.,Problems in Controlling the Mo,Summary,The term money refers to assets that people regularly use to buy goods and services.,Money serves three functions in an economy: as a medium of exchange, a unit of account, and a store of value.,Commodity money is money that has intrinsic value.,Fiat money is money without intrinsic value.,SummaryThe term money refers t,Summary,The Federal Reserve, the central bank of the United States, regulates the U.S. monetary system.,It controls the money supply through open-market operations or by changing reserve requirements or the discount rate.,SummaryThe Federal Reserve, th,Summary,When banks loan out their deposits, they increase the quantity of money in the economy.,Because the Fed cannot control the amount bankers choose to lend or the amount households choose to deposit in banks, the Feds control of the money supply is imperfect.,SummaryWhen banks loan out the,此课件下载可自行编辑修改，仅供参考！感谢您的支持，我们努力做得更好！谢谢,此课件下载可自行编辑修改，仅供参考！感谢您的支持，我们努力,
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