宏观10货币体系.ppt

1、,PART 5 MONEY AND PRICES IN THE LONG RUN,11,The Monetary System,Learning Objectives,Consider the nature of money and its functions in the economy Learn about the Central Bank Study how the banking system helps determine the supply of money Examine the tools used by the Central Bank to alter the mone

2、y supply,The Concept of Money,The Meaning of Money Money is the set of assets(资产） in an economy that people regularly use to buy goods and services from other people. Liquidity（流动性） Liquidity is the ease with which an asset can be converted （兑换）into the economys medium of exchange交换媒介）.（货币是最具流动性的资产）

3、 The Functions of Money Medium of exchange（交换媒介） Money has 3 functions Unit of account计价单位 Store of value价值储藏,The Functions of Money: Medium of Exchange,Medium of exchange A medium of exchange is an item that buyers give to sellers when they want to purchase goods and services. anything that is read

4、ily acceptable as payment. Unit of Account A unit of account is the yardstick people use to post prices and record debts. Store of Value A store of value is an item that people use to transfer purchasing power from the present to the future.,The Kinds of Money,Commodity money （商品货币）: a commodity wit

5、h intrinsic value. Examples: Gold, silver, cigarettes. Fiat money法定货币） money without intrinsic （内在）value, it is used as money because of government decree. Examples: Coins, currency, check deposits.,Money in the Economy,money stock The quantity of money circulating in the economy Currency : paper bi

6、lls and coins in the hands of the public. Demand deposits（活期） : balances in bank accounts that depositors can access on demand by writing a check.,Figure 1 Two measures of the Money Stock for the Canadian Economy,Copyright2003 Southwestern/Thomson Learning,The Central Bank,The Central Bank （中央银行) An

7、 institution(机构） designed to oversee the banking system and regulate the quantity of money （规定货币的流通量）in the economy. Examples: US. Federal reserve UK Bank of England Canada Bank of Canada China Peoples Bank of China 4 Primary Functions of the Central Bank Issue currency（发行货币） Act as banker to the co

8、mmercial banks （管制银行） Act as banker to the government（政府的银行） Control the money supply（控制货币供给量）,Who influences the money supply,The Central Bank Controls the money supply through monetary policy（货币政策） The money supply is the quantity of money available in the economy. Decisions by policymakers concer

9、ning the money supply constitute monetary policy Commercial banks can influence the quantity of demand deposits in the economy and the money supply.,The Simple Case of 100-Percent-Reserve Banking,Deposits that banks have received but have not loaned out are called reserves（准备金） If all deposits （存款）a

10、re held as reserves, this would be called 100-percent-reserve banking The financial position of the bank can be expressed with a T-account,Money Creation with Fractional-Reserve Banking,Reserves are deposits that banks have received but have not loaned out. In a fractional-reserve banking（部分准备金银行） s

11、ystem, banks hold a fraction of the money deposited as reserves and lend out the rest. The fraction of total deposits the bank holds as reserves is called the reserve ratio. （准备率） When a bank makes a loan from its reserves, the money supply increases. The money supply is affected by the amount depos

12、ited in banks and the amount that banks loan.,Money Creation with Fractional-Reserve Banking,This T-Account shows a bank that accepts deposits, keeps a portion as reserves, and lends out the rest. It assumes a reserve ratio of 10%.,The Money Multiplier,Assets,Liabilities,Second National Bank,Reserve

13、s $9.00 Loans $81.00,Deposits $90.00,Total Assets $90.00,Total Liabilities $90.00,Money Supply = $190.00!,The Money Multiplier,Assets,Liabilities,Third National Bank,Reserves $8.10 Loans $72.90,Deposits $81.00,Total Assets $81.00,Total Liabilities $81.00,Money Supply = $271.00!,The Money Multiplier,

14、How much money will eventually be created in the economy?,Money Creation with Fractional-Reserve Banking,When a bank makes a loan from its reserves, the money supply increases. Step 1. When one bank loans money, that money is generally deposited into another bank. Step 2. This creates more deposits

15、and more reserves to be lent out.,The Money Multiplier,How much money is eventually created in this economy? determined by the money multiplier（货币乘数） The money multiplier is the amount of money the banking system generates with each dollar of reserves. The money multiplier equals the reciprocal（倒数）

16、of the reserve ratio: Money multiplier = 1/R Example: With a reserve requirement, R = 10% or 1/10, The money multiplier is 10. The higher the reserve ratio,（准备率） the less of each deposit banks loan out, and the smaller the money multiplier,The Central Banks Tools of Monetary Control,The Fed has thre

17、e tools in its monetary toolbox: Open-market operations（公开市场操作） Changing the reserve requirements（改变法定准备金） Changing the discount rate（改变贴现率）,The Central Banks Tools of Monetary Control,Open-Market Operations The central bank buys government bonds from or sells government bonds to the public: Buying

18、bonds causes the money supply to increase. Selling bonds causes the money supply to decrease. Changing the reserve requirements Rarely used Changing the Discount Rate The discount rate is the rate of interest central banks charge commercial banks for loans An increase in the discount rate reduces the quantity of reserves in the banking system, and therefore reduces the money supply（贴现率的增长导致准备金的减少，因此为了补入准备金，要减少货币供给）,Summary,The term money refers to assets that people regularly use to buy goods and services. Money serves three functions in an economy: as a medium of exchange, a unit of ac