曼昆宏观经济学第二十九章.ppt

曼昆宏观经济学第二十九章.ppt

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10MONEYANDPRICESINTHELONGRUN29TheMonetarySystemQuestionsWhatismoney？

Whatrethefunctionsofmoney?

Wheredoesmoneycomefrom?

Whocreatesmoney?

Howismoneycreated?

Isanyprobleminthecourseofmoneycreation?

ContentThemeaningofthemoney-thedefinitionofmoney-thefunctionsofmoneyThefederalreservesystem-Fedandthemoneysupply-banksandthemoneysupplyProblemsincontrollingthemoneysupplyTHEMEANINGOFMONEYMoneyisthesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.Moneyhasthreefunctionsintheeconomy:

MediumofexchangeUnitofaccountStoreofvalueTheFunctionsofMoneyMediumofExchangeAmediumofexchangeisanitemthatbuyersgivetosellerswhentheywanttopurchasegoodsandservices.Amediumofexchangeisanythingthatisreadilyacceptableaspayment.UnitofAccountAunitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.StoreofValueAstoreofvalueisanitemthatpeoplecanusetotransferpurchasingpowerfromthepresenttothefuture.LiquidityLiquidityistheeasewithwhichanassetcanbeconvertedintotheeconomysmediumofexchange.DiscussionWhichofthefollowingaremoneyintheU.Seconomy?

Whicharenot?

Explainyouranswersbydiscussingeachofthethreefunctionsofmoney.AU.S.pennyAMexicanpesoAPicassopaintingAplasticcreditcardTheKindsofMoneyCommoditymoneytakestheformofacommoditywithintrinsicvalue.Examples:

Gold,silver,cigarettes.Fiatmoneyisusedasmoneybecauseofgovernmentdecree.Itdoesnothaveintrinsicvalue.Examples:

Coins,currency,checkdeposits.MoneyintheU.S.EconomyCurrencyisthepaperbillsandcoinsinthehandsofthepublic.Demanddepositsarebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.Figure1MoneyintheU.S.EconomyCopyright2003Southwestern/ThomsonLearningBillionsofDollarsCurrency（$580billion）DemanddepositsTravelerschecksOthercheckabledeposits（$599billion）EverythinginM1（$1,179billion）SavingsdepositsSmalltimedepositsMoneymarketmutualfundsAfewminorcategories（$4,276billion）0M1$1,179M2$5,455CASESTUDY:

WhereIsAllTheCurrency?

In2001therewasabout$580billionofU.S.currencyoutstanding.Thatis$2,734incurrencyperadult.Whoisholdingallthiscurrency?

CurrencyheldabroadCurrencyheldbyillegalentitiesTHEFEDERALRESERVESYSTEMTheFederalReserve（Fed）servesasthenationscentralbank.Itisdesignedtooverseethebankingsystem.Itregulatesthequantityofmoneyintheeconomy.TheFedwascreatedin1914afteraseriesofbankfailuresconvincedCongressthattheUnitedStatesneededacentralbanktoensurethehealthofthenationsbankingsystem.THEFEDERALRESERVESYSTEMTheStructureoftheFederalReserveSystem:

TheprimaryelementsintheFederalReserveSystemare:

1）TheBoardofGovernors2）TheRegionalFederalReserveBanks3）TheFederalOpenMarketCommitteeTheFederalReserveSystemCopyright2003Southwestern/ThomsonLearningTheFedsOrganizationTheFederalReserveBanksTheNewYorkFedimplementssomeoftheFedsmostimportantpolicydecisions.TheFederalOpenMarketCommittee（FOMC）Servesasthemainpolicy-makingorganoftheFederalReserveSystem.Meetsapproximatelyeverysixweekstoreviewtheeconomy.TheFedsOrganizationMonetarypolicyisconductedbytheFederalOpenMarketCommittee.MonetarypolicyisthesettingofthemoneysupplybypolicymakersinthecentralbankThemoneysupplyreferstothequantityofmoneyavailableintheeconomy.TheFederalOpenMarketCommitteeThreePrimaryFunctionsoftheFedRegulatesbankstoensuretheyfollowfederallawsintendedtopromotesafeandsoundbankingpractices.Actsasabankersbank,makingloanstobanksandasalenderoflastresort.Conductsmonetarypolicybycontrollingthemoneysupply.Open-MarketOperationsThemoneysupplyisthequantityofmoneyavailableintheeconomy.TheprimarywayinwhichtheFedchangesthemoneysupplyisthroughopen-marketoperations.TheFedpurchasesandsellsU.S.governmentbonds.BANKSANDTHEMONEYSUPPLYBankscaninfluencethequantityofdemanddepositsintheeconomyandthemoneysupply.BANKSANDTHEMONEYSUPPLYReservesaredepositsthatbankshavereceivedbuthavenotloanedout.Inafractional-reservebankingsystem,banksholdafractionofthemoneydepositedasreservesandlendouttherest.ReserveRatioThereserveratioisthefractionofdepositsthatbanksholdasreserves.Whenabankmakesaloanfromitsreserves,themoneysupplyincreases.Themoneysupplyisaffectedbytheamountdepositedinbanksandtheamountthatbanksloan.Depositsintoabankarerecordedasbothassetsandliabilities.Thefractionoftotaldepositsthatabankhastokeepasreservesiscalledthereserveratio.Loansbecomeanassettothebank.MoneyCreationwithFractional-ReserveBankingThisT-Accountshowsabankthatacceptsdeposits,keepsaportionasreserve