完整Fabozzi金融市场与金融机构基础课后答案Word文档格式.docx
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凯帆
创作时间:
2021.07.30
CHAPTER4
THEU.S.FEDERALRESERVE
ANDTHECREATIONOFMONEY
CENTRALBANKSANDTHEIRPURPOSE
Theprimaryroleofacentralbankistomaintainthestabilityofthecurrencyandmoneysupplyforacountryoragroupofcountries.Theroleofcentralbankscanbecategorizedas:
(1)riskassessment,
(2)riskreduction,(3)oversightofpaymentsystems,(4)crisismanagement.
Oneofthemajorwaysacentralbankaccomplishesitsgoalsisthroughmonetarypolicy.Forthisreason,centralbanksaresometimescalledmonetaryauthority.Inimplementingmonetarypolicy,centralbanks,actingasareservebank,requireprivatebankstomaintainanddeposittherequiredreserveswiththecentralbank.Intimesoffinancialcrisis,centralbanksperformtheroleoflenderoflastresortforthebankingsystem.Countriesthroughouttheworldmayhavecentralbanks.Additionally,theEuropeanCentralBankisresponsibleforimplementingmonetarypolicyforthemembercountriesoftheEuropeanUnion.
Thereiswidespreadagreementthatcentralbanksshouldbeindependentofthegovernmentsothatdecisionsofthecentralbankwillnotbeinfluencedforshort-termpoliticalpurposessuchaspursuingamonetarypolicytoexpandtheeconomybutattheexpenseofinflation.
Inimplementingmonetaryandeconomicpolicies,theUnitedStatesisamemberofaninformalnetworkofnations.Thisgroupstartedin1976astheGroupof6,orG6:
US,France,Germany,UK,Italy,andJapan.Thereafter,CanadajoinedtofortheG7.In1998,RussiajoinedtoformtheG8.
THECENTRALBANKOFTHEUNITEDSTATES:
THEFEDERALRESERVESYSTEM
TheFederalReserveSystemconsistsof12bankingdistrictscoveringtheentirecountry.Createdin1913,theFederalReserveisthegovernmentagencyresponsibleforthemanagementoftheUSmonetaryandbankingsystems.Itisindependentofthepoliticalbranchesofgovernment.TheFedismanagedbyaseven-memberBoardofGovernors,whoareappointedbythePresidentandapprovedbyCongress.
TheFed’stoolsformonetarymanagementhavebeenmademoredifficultbyfinancialinnovations.Thepublic’sincreasingacceptanceofmoneymarketmutualfundshasfunneledalargeamountofmoneyintowhatareessentiallyinterest-bearingcheckingaccounts.Securitizationpermitscommercialbankstochangewhatoncewereilliquidconsumerloansofseveralvarietiesintosecurities.SellingthesesecuritiesgivesthebanksasourceoffundingthatisoutsidetheFed’sinfluence.
INSTRUMENTOFMONETARYPOLICY:
HOWTHEFEDINFLUENCESTHESUPPLYOFMONEY
TheFedhasthreeinstrumentsatitsdisposaltoaffectthelevelofreserves.
ReserveRequirements
Underourfractionalreservebankingsystemhavetomaintainspecifiedfractionalamountsofreservesagainsttheirdeposits.TheFedcanraiseorlowertheserequiredreserveratios,therebypermittingbankstodecreaseorincreasetheirlendingandinvestmentportfolios.Abank’stotalreservesequalitsrequiredreservesplusanyexcessreserves.
OpenMarketOperations
TheFed’smostpowerfulinstrumentisitsauthoritytoconductopenmarketoperation.Itbuysandsellsinopendebtmarketsgovernmentsecuritiesforitsownaccounts.TheFedpreferstouseTreasurybillsbecauseitcanmakeitssubstantialtransactionswithoutseriouslydisruptingthepricesoryieldsofbills.
TheFederalOpenMarketCommittee,orFOMC,istheunitthatdecidesonthegeneralissuesofchangingtherateofgrowthinthemoneysupply,byopenmarketsalesorpurchasesofsecurities.TheimplementationofpolicythroughopenmarketoperationsistheresponsibilityofthetradingdeskoftheFederalReserveBankofNewYork.
OpenMarketRepurchaseAgreements
TheFedoftenemploysvariantsofsimpleopenmarketpurchasesandsales,thesearecalledtherepurchaseagreement(orrepo)andthereverserepo.Inarepo,theFedbuysaparticularamountofsecuritiesfromasellerthatagreestorepurchasethesamenumberofsecuritiesforahigherpriceatsomefuturetime.Inareverserepo,theFedsellssecuritiesandmakesacommitmenttobuythembackatahigherpricelater.
DiscountRate
AbankborrowingfromtheFedissaidtousethediscountwindow.ThediscountrateistheratechargedtobanksborrowingdirectlyfromtheFed.Raisingtherateisdesignedtodiscouragesuchborrowing,whileloweringshouldhavetheoppositeeffect.
DIFFERENTKINDSOFMONEY
Moneyisthatitemwhichservesasanumeraire.Inabasicsensemoneycanbedefinedasanythingthatservesasaunitofaccountandmediumofexchange.Wemeasurepricesindollarsandexchangedollarsforgoods.Hencecoins,currency,andanyitemsreadilyexchangedintodollars(checkingdepositsorNOWaccounts)constituteourmoneysupply.
MONEYANDMONETARYAGGREGATES
Monetaryaggregatesmeasuretheamountofmoneyavailabletotheeconomyatanytime.Themonetarybaseisdefinedascurrencyincirculation(coinsandfederalreservenotes)andreservesinthebankingsystem.TheinstrumentsthatserveasamediumofexchangecanbenarrowlydefinedasM1,whichiscurrencyanddemanddeposits.M2isM1plustimeandsavingsaccounts,andmoneymarketmutualfunds.Finally,M3isM2plusshort-termTreasuryliabilities.Whileallthreeaggregatesarewatchedandmonitored,M1isthemostcommonformofthemoneysupply,withitstraitasbeingthemostliquid.Theratioofthemoneysupplytotheeconomy’sincomeisknownasthevelocityofmoney.
THEMONEYMULTIPIER:
THEEXPANSIONOFTHEMONEYSUPPLY
Themoneymultipliereffectarisesfromthefactthatasmallchangeinreservescanproducealargechangeinthemoneysupply.Throughourfractionalreservesystem,asmallincreasewillallowanindividualbank,tolendoutthegreaterpartoftheseadditionalfunds.Theseloanssubsequentlybecomedepositsinotherbanksallowingthemtoexpandproportionately.So,whileonebankcanexpanditsloans(ordeposits)byanamount1%ofreservesrequired,allbanksinthesystemcandolikewise.Thus,inasimpleformattotalchangeindepositscanbestatedaschangeinreservesdividedbythereserverequirement,whichisalsotheformulaforperpetuity.Forexample,ifthechangeinthelevelofreservesis$100andthereserverequirementis20%,thechangeintotaldepositswillbe$500foramultiplierof5.Ofcourse,majorassumptionsarethatbankswillfullyloanouttheirexcessreservesandthatdepositorswillnotwithdrawanyoftheseextrareserves.
THEIMPACTOFINTERESTRATESONTHEMONEYSUPPLY
Highratesofinterestmaymakekeepingexcessreservescostly,sinceunusedfundsrepresentloansnotmadeandinterestnotearned.Highratesofinterestwillalsoaffectthepublic’sdemandforholdingcash.Ifdepositspaycompetitiveinterestrates,customerswillbemorewillingtoholdsuchbankliabilitiesandlesscash.Therefore,ahigherrateofinterestcanactuallyspurgrowthofthemoneysupply.Morelikely,however,itwilldeterborrowingandslowmonetarygrowth.
THEMONEYSUPPLYPROCESSINANOPENECONOMY
Inthemodernera,almosteverycountryhasanopeneconomy.ForeigncommercialandcentralbanksholddollaraccountsintheUnitedStates.Theirpurchasesandsalesofthesedepositscanaffectexchangeratesofthedollaragainsttheirowncurrency.TheFedhasresponsibilityformaintainingstabilityinexchangerates.Apurchaseofforeignexchangewithdollarsdepreciatesthedollar’svalue,butitalsoaddsdollarstotheaccountsofforeignbanksinthiscountry,thusaddingtotheU.S.monetarybase.Mostcentralbanksoflargeeconomiesownorstandreadytoownalargeamountofeachoftheworld’smajorcurrencies,whichareconsideredinternationalreserves.Salesofforeignexchangetransactionshavemonetarybaseimplicationandhenceconsequencesforthedomesticmoneysupply,emphasisisgiventocoordinatingmonetarypoliciesamongdevelopednations.
ANSWERSTOQUESTIONSFORCHAPTER4
(Questionsareinboldprintfollowedbyanswers.)
1.Whatistheroleofacentralbank?
Theroleofacentralbankhasseveralfunctions:
riskassessment,riskreduction,oversightofpaymentsystems,andcrisismanagement.Itcandothisthroughmonetarypolicies,andthroughtheimplementationofregulations.
2.Whyisitarguedthatacentralbankshouldbeindependentofthegovernment?
Centralbanksshouldbeindependentoftheshort-termpoliticalinterestsandpoliticalinfluencesgenerallyinsettingeconomicpolicies.
3.Identifyeachparticipantanditsroleintheprocessbywhichthemoneysupplychangesandmonetarypolicyisimplemented.
TheFeddeterminesmonetarypolicyandseekstoimplementitthroughchangesinreserves.Itisuptothenation’sbankingsystemtoactonchangesinreservestherebyaffectingdeposits,whichconstitutethegreaterpartoftheM1definitionofthemoneysupply.
4.DescribethestructureoftheboardofgovernorsoftheFederalReserveSystem.
TheBoardofGovernorsoftheFederalReserveSystemconsistsof7memberswhoareappointedtostaggered14-yearterms.TheBoardreviewsdiscountoperationsandsetslegalreserverequirements.Inaddition,all7membersoftheBoardserveontheFederalOpenMarketCommittee(FOMC),whichdeterminesthedirectionandmagnitudeofopen-marketoperations.Suchoperationsconstitutethekeyinstrumentforimplementingmonetarypolicy.
5.
a.Explainwhatismeantbythestatement“theUnitedStateshasafractionalreservebankingsystem.”
b.Howaretheseitemsrelated:
totalreserves,requiredreserves,andexcessreserves?
a.Afractionalreservesystemrequiresthatafractionorpercentofabank’