宏观经济学之货币理论与货币政策

The Federal Reserve
• The Fed was created in 1914 a仕er a series of bank failures convinced Congress C国会） t hat the U.S. needed a cent ral bank to ensure t he health of the nation’ s banking system.
Banks and The Money Supply
• Reserves （ 准备金 ） are deposits that banks have received but have not loaned out . •I n a fractional reserve banking system （ 部分准备金体系） , banks hold a fraction of t he money deposited as reserves and lend out the rest .
• Liquidity is the ease wit h which an asset can be converted into t he economy ’ S medium of exchange.
The Kinds of Moneγ
• Commodity money c 1刮目 i 货 币） takes the form of a commodity with intrinsic value （ 内在价值） ．
Three Functions of Money
• Money has three functions in the economy. Medium of exchange C 交换媒介） Unit of account （ 计量单位 ） Store of value C 贮藏价值）
Medium of E xchange
• The Federal Reserve (Fed) serves as the nation’ s cent ral bank
t is designed to oversee the banking I system. t regulates the quantity of money in the I economy.
Moneγ in t he
Economy
• Currency （ 通货 ） is the paper bills and coins in t he hands of the public. • Demand deposits （ 活期存款 ） are balances in bank accounts that depositors can access on demand by writ ing a check.
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I
$90.00 I
T taI Assets I T 1 tal Liabilities $100.00 $100.0
$81.00
。
。
Total Assets $90.00
I Total Liabilities ; $90.00
Money Supply = $ 190.00!
丁he
Mo: ney Mult iplier
！...
中央银行
政府
资产 通货
存款 国债
负债负债存款资产负债 通货资产
负债
国债
准备金
毛坚飞思主 ， 矿 生 飞 主 币 k ， 元 八 八
国债
准备金
国债
外汇 储备
Banks and The Money Supplγ
• Banks can influence the quantity of demand deposits C 活期存款数量 ） in the economy and the money supply.
First National Bank
Assets L iabilities
Second National Bank
Assets
Reserves $9.
L iab iIities
Dep sits • $90.00
Reserves I Dep sits $10.00 : $100.00 Loans
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。I
E xamples: Gold, silver, cigarettes
• Fiat money c法定货币 ） is used as money because of government decree.
t does not have intrinsic value. I Examples: Coins, currency, check deposits
Store of Value
• A store of value is an item that people can use to transfer purchasing power （ 购买力 ） from the present to the fut ure.
Liquidity C 流动性 ）
• Regulates banks to ensure t hey follow federal laws intended to promote safe and sound banking practices.
Three Primary Functions of the Fed
• Acts as a banker ’ s bank, making loans to banks and as a lender of last resort.
Three Prima1 ry f : u1 nctions of the Fed
• Conducts monetary policy by cont.rolling the money supply.
同业银行职能
作 为 融 通 资 金 的 信 用 中 介 ，主安业务是吸 收存款 ． 和发放贷款。
• A medium of exchange is anything that is readily acceptable as payment .
Unit of Account
• A unit of account is t he yardstick people use to post prices and record debts.
Money Creation （ 货币创造 ）
• When a bank makes a loan from its reserves, the money supply increases.
Moneγ Creation
• The money supply is affected by the amount deposited in banks and the amount that banks loan. Deposits into a bank are recorded as both assets and liabilities （ 资产和负债） ． Loans become an asset to the bank.
T otal Assets I Total Liabilities $1oo.oo I $1oo.oo
The Money Mult iplier C 货币乘数 ）
• When one bank loans money, that money is generally deposited into another bank. This creates more deposits and more reserves to be lent out.
中央银行职 能
．断发行本国的法定 货币。 垄 以债务方式接受存款 机构缴存的存款准 ． 备金 ，以垫款或票据再贴现方式对存款 机构 发放贷款 ，承担金融机构之间的票 据 交换和结算业务。
代理国库 ，即经办政府的收支，管理国 ． 家的外 汇 ，制定和实施国家的金融 政策。
The Federal Reserve联邦储备体系
M1= M1＋定期存款 如国库券 、 M 3= M 1＋其他短期流动资产 （
银行承兑汇票 、商业票据 ）＋ 外汇 存 款
有 价 证券 ：分为政府债券和企业债券两种 。 ． 股票 。 ．
The Meaning of Money
• Money is t he set of assets C 资产） in the economy that people regularly use to buy goods and services from other people.
The Fed s Organization
节
• The chairman of the board presides at board meetings, directs the staff, and testifies about Fed policy.
The Fed 's Organization
The Fed ’ s Organization
• The Fed is run by a Board of Governors （ 董事局） , which has seven members appointed by t he President and confirmed by the Senate （ 参议院） ．
Moneγ Creation
First National Bank This T-Account illustrates a bank Assets Liabilities that accepts deposits, keeps Reserves I Deposits a po比 ； ion as $1o.oo I $1oo.oo reserves, and Loans lends out the $90.00 rest .