ln14mishln14 yjw货币供给过程三位参与者

©2013PearsonEducation,Inc.AllrightsFederalReserveCurrencyinLoanstoFinancial––

（Discount©2013PearsonEducation,Inc.AllrightsMB=C+CR©2013PearsonEducation,Inc.AllrightsBankingBanking FederalReserve ©2013PearsonEducation,Inc.AllrightsBankingBanking FederalReserve 增加100USD。©2013PearsonEducation,Inc.Allrights FederalReserve Currencyin 美联储从个人手中100©2013PearsonEducation,Inc.Allrights FederalReserve Currencyin ©2013PearsonEducation,Inc.Allrights Banking FederalReserveCurrency Currency ©2013PearsonEducation,Inc.AllrightsBankingBanking (borrowingfromFederalReserve (borrowingfrom 款。基础货币增加100USD。©2013PearsonEducation,Inc.Allrights浮款外汇市场干预（Interventionsintheforeignexchange©2013PearsonEducation,Inc.Allrights浮款E.g.支票（Tony开出A银行支票存入B银行©2013PearsonEducation,Inc.Allrights浮款外汇市场干预（Interventionsintheforeignexchange©2013PearsonEducation,Inc.Allrightsborrowedmonetarybase，MBn）和借入准备金（borrowed©2013PearsonEducation,Inc.Allrights 存款转移到了银行 BankBank©2013PearsonEducation,Inc.Allrights BankBank©2013PearsonEducation,Inc.Allrights

k BankBank©2013PearsonEducation,Inc.Allrights

k BankBank ©2013PearsonEducation,Inc.Allrights k

Bank法定存款准备金率10%，借出©2013PearsonEducation,Inc.AllrightsTable1CreationofDeposits(assuming10%reserverequirementanda$100millionincreaseinreserves) n100+100*0.9+100*0.92+...+100*n=100*(1+*0.9+0.92+...+0.9n

1-©2013PearsonEducation,Inc.Allrightsofcheckabledeposits(D)r·D=D=1·r1DD ·1DD ·rt tD=1 ©2013PearsonEducation,Inc.Allrights©2013PearsonEducation,Inc.AllrightsMB=MBn+©2013PearsonEducation,Inc.Allrights

DD

1r

©2013PearsonEducation,Inc.AllrightsSummaryTable1MoneySupply©2013PearsonEducation,Inc.AllrightsM=m·M©2013PearsonEducation,Inc.AllrightscC/Dcurrencyratio（现金比率e={ER/Dexcessreservesratio（超额准备金比率©2013PearsonEducation,Inc.AllrightsThetotalamountofreserves(R)equalsthesumofrequiredreserves(RR)andexcessreserves(ER).R=RR+ThetotalamountofrequiredreservesequalstherequiredreserveratiotimestheamountofcheckabledepositsRR=r*SubsitutingforRRinthefirstR=(r*D)+TheFedsetsrtolessthan©2013PearsonEducation,Inc.AllrightsMB=C+R=C+(rxD)+©2013PearsonEducation,Inc.Allrightsc={C/D}C=c·De={ER/D}ER=e·MB=(r·D)+(e·D)+(c·D)=(r+e+c)·D r+e+

·M=D+CandC=c·DM=D+(c·D)=(1+c)·DM=1+r+e+

·m=1+r+e+©2013PearsonEducation,Inc.Allrightsc=$400B=e=$0.8B=

=

thereisnosuchexpansionforcurrency©2013PearsonEducation,Inc.AllrightsApplication:TheGreatDepressionBankPanics,1930–1933,andtheMoneySupplyBankfailures(andnodepositinsurance)IncreaseindepositoutflowsandholdingofAnincreaseintheamountofexcessreserves(banks)增加超ForarelativelyconstantMB,themoneysupplydecreasedduetothefallofthemoneymultiplier.©2013PearsonEducation,Inc.AllrightsFigure1DepositsofFailedCommercialBanks,1929–1933Source:MiltonFriedmanandAnnaJacobsonSchwartz,AMonetaryHistoryoftheUnitedStates,1867–1960(Princeton,NJ:PrincetonUniversityPress,1963),p.309.©2013PearsonEducation,Inc.AllrightsFigure2ExcessReservesRatioandCurrencyRatio,1929–1933==m*1+r+e+mSources:FederalReserveBulletin;MiltonFriedmanandAnnaJacobsonSchwartz,AMonetaryHistoryoftheUnitedStates,1867–1960(Princeton,NJ:PrincetonUniversityPress,1963),p.333.©2013PearsonEducation,Inc.AllrightsFigure3M1andtheMonetaryBase,1929–Source:MiltonFriedmanandAnnaJacobsonSchwartz,AMonetaryHistoryoftheUnitedStates,1867–1960(Princeton,NJ:PrincetonUniversityPress,1963),p.333.©2013PearsonEducation,Inc.Allrights The2007-2009FinancialCrisisandtheMoneySupplyDuringtherecentfinancialcrisis,asshowninFigure4,themonetarybasemorethantripledasaresultoftheFed'spurchaseofassetsandnewlendingfacilitiestostemthefinancialcrisisFigure5showsthecurrencyratiocandtheexcessreservesratioeforthe2007-2009period.Weseethatthecurrencyratiofellsomewhatduringthisperiod,whichourmoneysupplymodelsuggestswouldraisethemoneymultiplierandthemoneysupplybecauseitwouldincreasetheoveralllevelofdepositexpansion.However,theeffectsofthedeclineincwereentirelyoffsetbytheextraordinaryriseintheexcessreservesratioe©2013PearsonEducation,Inc.AllrightsFigure4M1andtheMonetaryBase,2007-Source:FederalReserve;©2013PearsonEducation,Inc.AllrightsFigure5ExcessReservesRatioandCurrencyRatio,2007-2009M=m*

m=1+r+e+r+e+©2013PearsonEducation,Inc.AllrightsIfabanksells$10millionof