第二十九章货币制度

10

MONEYANDPRICESINTHELONGRUN长期中的货币与物价TheMonetarySystem

货币制度Chapter29TheMeaningofMoney

货币的含义Moneyisthesetofassetsintheeconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.货币——经济中人们经常用来向其他人购买物品与劳务的一组资产。ThreeFunctionsofMoney

货币的职能Moneyhasthreefunctionsintheeconomy:

货币在经济中有三种职能：Mediumofexchange交换媒介Unitofaccount计价单位Storeofvalue价值储藏TheFunctionsofMoneyMediumofExchangeAmediumofexchange

isanitemthatbuyersgivetosellerswhentheywanttopurchasegoodsandservices.Amediumofexchangeisanythingthatisreadilyacceptableaspayment.货币的职能交换媒介交换媒介——当买者在购买物品与劳务时给予卖者的东西。交换媒介是被乐意接受为支付的任何东西。TheFunctionsofMoneyUnitofAccountAunitofaccount

istheyardstickpeopleusetopostpricesandrecorddebts.StoreofValueAstoreofvalue

isanitemthatpeoplecanusetotransferpurchasingpowerfromthepresenttothefuture.货币的职能计价单位计价单位——人们用来表示价格和记录债务的标准。价值储藏价值储藏——人们可以用来把现在的购买力转变为未来的购买力的东西。TheFunctionsofMoney

货币的职能Liquidity流动性Liquidity

istheeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.流动性——一种资产可以兑换为经济中交换媒介的容易程度。TheKindsofMoneyCommoditymoney

takestheformofacommoditywithintrinsicvalue.Examples:Gold,silver,cigarettes.Fiatmoney

isusedasmoneybecauseofgovernmentdecree.Itdoesnothaveintrinsicvalue.Examples:Coins,currency,checkdeposits.货币的种类商品货币——

以有内在价值的商品为形式的货币。例子：黄金，白银，香烟法定货币——由政府法令而为通货使用的货币。它不具有内在价值。例子：硬币，纸币，存款支票MoneyintheU.S.EconomyCurrency

isthepaperbillsandcoinsinthehandsofthepublic.Demanddeposits

arebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.美国经济中的货币现金——

公众手中持有的纸币钞票和铸币。活期存款——

储户可以随时开支票的银行帐户余额。Figure1MoneyintheU.S.EconomyBillionsofDollars

•

Currency($580billion)•

Demanddeposits•

Traveler’schecks•

Othercheckabledeposits

($599billion)

•

EverythinginM1($1,179billion)•

Savingsdeposits•

Smalltimedeposits•

Moneymarket

mutualfunds•

Afewminorcategories

($4,276billion)0M1$1,179M2$5,455图1.美国经济中的货币10亿美元

•现金($580billion)•活期存款•旅行支票’•其他支票存款

($599billion)

•M1中的每一种($1,179billion)•储蓄存款•小额定期存款•货币市场

共同基金•几种不重要的项目

($4,276billion)0M1$1,179M2$5,455CASESTUDY:WhereIsAllTheCurrency?In2001therewasabout$580billionofU.S.currencyoutstanding.Thatis$2,734incurrencyperadult.Whoisholdingallthiscurrency?CurrencyheldabroadCurrencyheldbyillegalentities所有的现金都在哪里?在2001年，未清偿的通货有5800亿美元左右。平均每个美国成年人持有2734美元现金。谁持有所有这些现金?许多现金由外国持有许多现金由非法主体持有TheFederalReserve联邦储备TheFederalReserve(Fed)servesasthenation’scentralbank.

联邦储备（Fed）——美国的中央银行Itisdesignedtooverseethebankingsystem.

它被设计用来监督银行体系。Itregulatesthequantityofmoneyintheeconomy.

调节经济中的货币量。TheFederalReserve联邦储备TheFedwascreatedin1914afteraseriesofbankfailuresconvincedCongressthattheU.S.neededacentralbanktoensurethehealthofthenation’sbankingsystem.

在1907年的一系列银行倒闭事件以后，国会相信美国需要一个中央银行来确保全国银行体系的正常运行，于是在1914年创建了联邦储备。TheFederalReserveSystemTheStructureoftheFederalReserveSystem:TheprimaryelementsintheFederalReserveSystemare: 1)TheBoardofGovernors 2)TheRegionalFederalReserveBanks 3)TheFederalOpenMarketCommittee联邦储备体系联邦储备（美联储）的体制结构:联邦储备体系的主要组成是： 1)联邦储备理事会 2)地区联邦储备银行 3)联邦公开市场委员会TheFed’sOrganizationTheFedisrunbyaBoardofGovernors,whichhassevenmembersappointedbythepresidentandconfirmedbytheSenate.Amongthesevenmembers,themostimportantisthechairman.ThechairmandirectstheFedstaff,presidesoverboardmeetings,andtestifiesaboutFedpolicyinfrontofCongressionalCommittees.联邦储备的体制结构联邦储备由其理事会管理，理事会有7名由总统任命并得到参议院确认的理事。在理事会的7名成员中，最重要的是主席。

主席任命美联储官员，主持理事会会议，并定期在国会各种委员会面前为美联储的政策作证TheBoardofGovernorsSevenmembersAppointedbythePresidentConfirmedbytheSenateServestaggered14-yeartermssothatonecomesvacanteverytwoyears.Presidentappointsamemberaschairmantoserveafour-yearterm.TheFed’sOrganization理事会7名成员由总统任命由国会批准任期14年，而且任期错开以便每两年有一个空缺。总统任命其中一个成员为主席，任期4年。联邦储备的体制结构TheFed’sOrganization

联邦储备的体制结构TheFederalReserveSystemismadeupoftheFederalReserveBoardinWashington,D.C.,andtwelveregionalFederalReserveBanks.联邦储备体系由设在华盛顿特区的联邦储备理事会和12个地区联邦储备银行组成。TheFed’sOrganizationTheFederalReserveBanks12DistrictbanksNinedirectorsThreeappointedbytheBoardofGovernors.Sixareelectedbythecommercialbanksinthedistrict.ThedirectorsappointthedistrictpresidentwhichisapprovedbytheBoardofGovernors.联邦储备的体制结构联邦储备银行12地区银行9个理事3个由美联储理事会任命。6个由该地区的商业银行选举产生。理事会任命地区银行总裁，并由美联储理事会批准。TheFederalReserveSystemTheFed’sOrganization

美联储的体制结构TheFederalReserveBanks地区联邦储备银行TheNewYorkFedimplementssomeoftheFed’smostimportantpolicydecisions.

纽约联邦储备银行承担美联储的一些最重要政策的决策。TheFederalOpenMarketCommittee(FOMC)Servesasthemainpolicy-makingorganoftheFederalReserveSystem.Meetsapproximatelyeverysixweekstoreviewtheeconomy.TheFed’sOrganization联邦公开市场委员会(FOMC)是联邦储备体系的主要政策制订机构。大约每六周召开一次会议，审视经济发展状况。联邦储备的体制结构TheFederalOpenMarketCommittee(FOMC)ismadeupofthefollowingvotingmembers:ThechairmanandtheothersixmembersoftheBoardofGovernors.ThepresidentoftheFederalReserveBankofNewYork.ThepresidentsoftheotherregionalFederalReservebanks(fourvoteonayearlyrotatingbasis).TheFed’sOrganization联邦公开市场委员会(FOMC)

由以下有投票表决权的成员组成：美联储主席和其他6位联邦储备理事。纽约联邦储备银行的总裁。其他地区联邦储备银行的总裁(4位有投票表决权，每年轮流一次)。联邦储备的体制结构TheFed’sOrganizationMonetarypolicyisconductedbytheFederalOpenMarketCommittee.MonetarypolicyisthesettingofthemoneysupplybypolicymakersinthecentralbankThemoneysupplyreferstothequantityofmoneyavailableintheeconomy.联邦储备的体制结构货币政策是由联邦公开市场委员会执行的。货币政策——中央银行的决策者决定货币供给。货币供给——经济中可得到的货币量。TheFederalOpenMarketCommitteeThreePrimaryFunctionsoftheFedRegulatesbankstoensuretheyfollowfederallawsintendedtopromotesafeandsoundbankingpractices.Actsasabanker’sbank,makingloanstobanksandasalenderoflastresort.Conductsmonetarypolicy

bycontrollingthemoneysupply.联邦公开市场委员会联邦储备的三种主要功能管制银行，确保它们遵守联邦法律，以提高银行业运行的安全性和合理性。作为银行的银行，是最后一个贷款者，向银行贷款。通过控制货币供给，执行货币政策。TheFederalOpenMarketCommitteeOpen-MarketOperationsThemoneysupply

isthequantityofmoneyavailableintheeconomy.TheprimarywayinwhichtheFedchangesthemoneysupplyisthroughopen-marketoperations.TheFedpurchasesandsellsU.S.governmentbonds.联邦公开市场委员会公开市场活动货币供给是经济中流通的货币量。美联储改变货币供给的主要手段就是公开市场活动。美联储买卖美国政府债券。TheFederalOpenMarketCommitteeOpen-MarketOperationsToincreasethemoneysupply,theFedbuysgovernmentbondsfromthepublic.Todecreasethemoneysupply,theFedsellsgovernmentbondstothepublic.联邦公开市场委员会公开市场活动为了增加货币供给,美联储从公众手中买进政府债券。为了减少货币供给,美联储向公众出售政府债券。BanksandTheMoneySupply

银行和货币供给Bankscaninfluencethequantityofdemanddepositsintheeconomyandthemoneysupply.银行可以影响经济中的活期储蓄额和货币供给。BanksandTheMoneySupplyReservesaredepositsthatbankshavereceivedbuthavenotloanedout.Inafractionalreservebankingsystem,banksholdafractionofthemoneydepositedasreservesandlendouttherest.银行与货币供给准备金——银行得到但没有贷出去的存款。在一个部分准备金银行系统中，银行把收到存款的一部分作为准备金，其余的贷出去。BANKSANDTHEMONEYSUPPLY

银行与货币供给ReserveRatio准备率Thereserveratio

isthefractionofdepositsthatbanksholdasreserves.

准备率——银行作为准备金持有的存款比例。MoneyCreationwithFractional-ReserveBankingWhenabankmakesaloanfromitsreserves,themoneysupplyincreases.Themoneysupplyisaffectedbytheamountdepositedinbanksandtheamountthatbanksloan.Depositsintoabankarerecordedasbothassetsandliabilities.Thefractionoftotaldepositsthatabankhastokeepasreservesiscalledthereserveratio.Loansbecomeanassettothebank.部分准备金银行的货币创造当银行可以把准备金转成贷款时，货币供给增加。银行存款额和贷款额影响货币供给。存入银行的存款同时被计为资产和负债。银行必需持有的准备金在全部存款中的比例被称为准备率。贷款是银行的一项资产。MoneyCreationwithFractional-ReserveBankingThisT-Accountshowsabankthat…acceptsdeposits,keepsaportion

asreserves,andlendsout

therest.Itassumesa

reserveratio

of10%.AssetsLiabilitiesFirstNationalBankReserves $10.00Loans $90.00Deposits $100.00TotalAssets $100.00TotalLiabilities $100.00部分准备金银行的货币创造这个T字帐户说明银行…接受存款,把一部分作为准备金,把其余的贷出去。假设储备率为10%资产负债第一国民银行准备金 10美元贷款 90美元存款 100美元总资产 100美元总负债 100美元MoneyCreationwithFractional-ReserveBankingWhenonebankloansmoney,thatmoneyisgenerallydepositedintoanotherbank.Thiscreatesmoredepositsandmorereservestobelentout.

Whenabankmakesaloanfromitsreserves,themoneysupplyincreases.部分准备金银行的货币创造当一个银行贷出货币时，这些货币往往被存入另外一个银行。这就创造了更多的存款和更多的准备金，可以贷出去。当一个银行把它的准备金贷出时，货币供给就增加了。TheMoneyMultiplier

货币乘数Howmuchmoneyiseventuallycreatedinthiseconomy?在这个经济中最终创造了多少货币？TheMoneyMultiplier

货币乘数Themoneymultiplieristheamountofmoneythebankingsystemgenerateswitheachdollarofreserves.货币乘数——银行体系用每一美元准备金所引起的货币量。TheMoneyMultiplier

AssetsLiabilitiesFirstNationalBankReserves $10.00Loans $90.00Deposits $100.00TotalAssets $100.00TotalLiabilities $100.00AssetsLiabilitiesSecondNationalBankReserves $9.00Loans $81.00Deposits $90.00TotalAssets $90.00TotalLiabilities $90.00MoneySupply=$190.00!资产负债第一国民银行准备金 10美元贷款 90美元存款 100美元总资产 100美元总负债 100美元资产负债第二国民银行准备金 9美元贷款 81美元存款 90美元总资产 90美元总负债 90美元货币供给=190美元货币乘数TheMoneyMultiplierHowmuchmoneyiseventuallycreatedinthiseconomy?Originaldeposit=$100.00FirstNationallending=$90.00[=0.9x$100.00]SecondNationallending=$81.00[=0.9x$90.00]ThirdNationallending=$72.90[=0.9x$81.00]¯¯¯¯Totalmoneysupply= $1,000货币乘数在这个经济中最终创造了多少货币量?初始存款=100美元第一国民银行=90美元[=0.9x100美元]第二国民银行=81美元[=0.9x90美元第三国民银行=72美元[=0.9x81美元¯¯¯¯货币供给总量=1000美元TheMoneyMultiplier货币乘数Themoneymultiplieristhereciprocalofthereserveratio:货币乘数是准备率的倒数：M=1/RWithareserverequirementR=20%or1/5,如果准备率是R=20%或者1/5,Themultiplieris5.货币乘数就是5。

Fed’sToolsofMonetaryControlTheFedhasthreetoolsinitsmonetarytoolbox:Open-marketoperationsChangingthereserverequirementChangingthediscountrate

美联储控制货币的工具美联储在其货币工具库中有三种工具：公开市场活动改变法定准备金改变贴现率TheFed’sToolsofMonetaryControlOpen-MarketOperationsTheFedconductsopen-marketoperations

whenitbuysgovernmentbondsfromorsellsgovernmentbondstothepublic:WhentheFedbuysgovernmentbonds,themoneysupplyincreases.ThemoneysupplydecreaseswhentheFedsellsgovernmentbonds.美联储控制货币的工具公开市场活动美联储在向公众买卖政府债券时就进行了公开市场活动:当美联储买进政府债券时，货币供给增加。当美联储卖出政府债券时，货币供给减少。TheFed’sToolsofMonetaryControlReserveRequirementsTheFedalsoinfluencesthemoneysupplywithreserverequirements.Reserverequirementsareregulationsontheminimumamountofreservesthatbanksmustholdagainstdeposits.美联储控制货币的工具法定准备金美联储还可以用法定准备金来影响货币供给。法定准备金——关于银行必须根据其存款持有的最低准备金量的规定。TheFed’sToolsofMonetaryControlChangingtheReserveRequirementThereserverequirement

istheamount(%)ofabank’stotalreservesthatmaynotbeloanedout.Increasingthereserverequirementdecreasesthemoneysupply.Decreasingthereserverequirementincreasesthemoneysupply.美联储控制货币的工具改变法定准备金法定准备金——银行总存款中不能贷出的货币量。提高

法定准备金，货币供给减少。

降低

法定准备金，货币供给增加。TheFed’sToolsofMonetaryControlChangingtheDiscountRateThediscountrate

istheinterestratetheFedchargesbanksforloans.Increasingthediscountratedecreasesthemoneysupply.Decreasingthediscountrateincreasesthemoneysupply.美联储控制货币的工具改变贴现率贴现率——美联储向银行发放贷款的利率。提高贴现率，货币供给减少。

降低贴现率，货币供给增加。ProblemsinControllingtheMoneySupplyTheFed’scontrolofthemoneysupplyisnotprecise.TheFedmustwrest