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PrinciplesofMoney
2DefiningMoneyEconomistsdefinemoneyintermsofitsspecificfunctionsmediumofexchangeeliminatestheneedforbarterwhichrequiresadoublecoincidenceofwants(raisingtransactionscosts)storeofvalueunitofaccount3TheFunctionsofMoney$MediumofExchangeAmeansofpayment;somethingusedintransactionstomakepaymentsUnitofAccountTheaccountingunitorstandardizedmeasureofvalueinwhichpricesarequotedStoreofValueSomethingthatretainsitsvalueifheld4MeasuringMoneyMeasuringthequantityofmoneyisdifficultwhatisconsideredasmoneywillneedtoberevisedovertimeastheeconomy’sfinancialsystemevolvessomeassetsaredifficulttoclassifyastheyarequestionableintheirusesasameansofpaymentmoneymarketdepositaccountshavelimitedcheck-writingprivileges5MeasuringMoneyRatherthanrelyingononlyonemeasure,theFedhedgesitsbetsbycollecting,publishing,andmonitoringdataonmonetarymeasuresTheitemsincludedinthevariousmeasureshavechangedovertimeasthefinancialsystemandnewmeansofpaymenthaveevolvedandastheFedhasstrivedtoimproveitsmonetarymeasures6MeasuringMoneyBecauseinformationaboutcreditmarketactivitycanalsoprovideusefulinformation,theFedfurthercoversitsbasesbymonitoringandpublishingabroadmeasureofoutstandingcreditthatmeasuresunpaidloansanddebts7TheMonetaryAggregatesAsthemonetaryaggregategetslarger(fromM1toM2toM3),itincludesmoreless-liquidassetsThemeasurethatcurrentlycorrespondsmostcloselytothedefinitionofmoneyisM1allcomponentsaremeansofpaymentcurrencyinthehandsofthepubliccheckabledeposits8TheMonetaryAggregatesasofYearEnd2003(inBillionsofDollars)9DomesticNonfinancialDebtDomesticnonfinancialdebt(DNFD)isameasureoftheoutstandingloansanddebtsaccumulatedinthepastdebtowedbythefederalgovernment,stateandlocalgovernments,privatenonfinancialfirms,andhouseholdsthedebtoffinancialinstitutionsisexcludedtoavoiddoublecounting10DomesticNonfinancialDebtasofYearEnd2003(inBillionsofDollars)11TheRelativeSizeoftheMonetaryAggregatesandDNFDasofYearEnd200312TheEconomy&theAggregatesIntheearlyandmid-1980s,M1wastheprimarymeasureofmoneythattheFedwatchedDuringthelate1980s,M2gainedimportanceintheexecutionofmonetarypolicybytheFedtherelationshipbetweenchangesinM2andeconomicactivityseemedmorestablethanthatbetweenchangesinM1andeconomicactivity13TheEconomy&theAggregatesIntheearly1990s,thestablerelationshipbetweenchangesinM2andeconomicactivityalsoseemedtobreakdownthegrowthrateofM2movedinerraticandunpredictablewaystheFedhasdeemphasizedtheuseofM2asapolicyindicator14TheEconomy&theAggregatesIntheearly1990s,theFedincreasinglyusedchangesinthegrowthrateofDNFDasanindicatorofthedirectionoftheeconomyifcreditgrowthwasincreasing,thenspendingislikelytobegoingupifcreditextensionwasslowing,thenthegrowthrateofeconomicactivitywasalsolikelytobeslowing15TheEconomy&theAggregatesBytheendofthe1990s,theFedwasusingmanyothereconomicvariablesasbarometersofeconomicconditionsthemonetaryaggregateswereincreasinglydeemphasizedinformulatingpolicytheyarenowusedprimarilyasinformationalvariables16TheMonetaryAggregatesandDNFD,1960-200317TheOngoingEvolutionofthePaymentsSystemThepaymentsmechanismisthemeansbywhichtransactionsarecompletedhowmoneyistransferredamongtransactorsAcheckabledepositisameansofpaymentandthecheckisthemethodusedtotransferownershipofthedepositthecheckisnotmoneythebalancesincheckabledepositsaremoney18TheOngoingEvolutionofthePaymentsSystemInrecentyears,technologyhasgreatlyalteredthewayinwhichpaymentsaremadeanincreasinglylargerpercentageofpaymentsaremadethroughanelectronicfundstransfersystempaymentsaremadetothirdpartiesinresponsetoelectronicinstructionsratherthaninstructionswrittenonapapercheckdoesnoteliminatetheneedfordepositaccounts19TheOngoingEvolutionofthePaymentsSystemOtherformsofelectronicfundstransfersystemsarestored-valuecardsandsmartcardsstored-valuecardsareplasticcardsthathaveacertainamountoffundsembeddedonamagneticstripsmartcardshaveamicroprocessorchipembeddedinthemthatstoresinformationandusuallyincludesa“digitalsignature”20TheOngoingEvolutionofthePaymentsSystemOneofthebestknownformsofelectronictransferoffundsistheautomatedtellermachine(ATM)permitsaninstitution’scustomerstomakedepositsandwithdrawals24hoursaday21SummaryofMajorPointsTheprimaryfunctionofmoney,andthefunctionthatmakesitunique,isthatitservesasagenerallyacceptablemeansofpaymentSomethingthatbecomesagenerallyacceptablemeansofpaymentwill,ofnecessity,functionasastoreofvalue22SummaryofMajorPointsTheunitofaccountintheUnitedStatesisthedollaritservesasacommondenominatororstandardizedunitofmeasureinwhichallpricesanddebtsarequotedThehightransactionscostsassociatedwithbarterencouragethedevelopmentofmoneymoneyfacilitatestrade23SummaryofMajorPointsMeasuringmoneyisnoteasywhatfunctionsasmoneywillchangeovertimeasaneconomy’sfinancialsystemevolves,andsomefinancialclaimsmaybedifficulttoclassifyTheFedmonitorsandpublishesdataonseveralmonetaryaggregatesandrefinesandrecomputesthevariousmeasuresperiodically24SummaryofMajorPointsM1(currencypluscheckabledeposits)isthebestmeasureofthemoneysupplycurrentlyavailablefortransactionspurposesinthelate1980s,theFedusedM2toguideitsexecutionofmoneta
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