宏观经济学及财务知识分析
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•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Monetary Policy Institutions
• The FOMC meets approximately once a month to set interest rates
– emergency meetings can also be scheduled on short notice
• shifts the LM curve
• The government uses policy to stabilize the macroeconomy by minimizing the impact of shocks
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Government Policy
• There are two kinds of government policy
– fiscal policy
• shifts the IS curve
– monetary policy
Figure 13.1 - Structure of the Federal Reserve System
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Figure 13.2 - Composition of the Federal Open Market Committee
宏观经济学及财务知识 分析
2020/3/22
Questions
• What principles should guide stabilization policy?
• What aspects of stabilization policy do economists argue about today?
• When the FOMC decides on a policy change, it is implemented immediately
– it takes only minutes for interest rates to shift in response to FOMC actions
• the FOMC lowers and raises interest rates and increases and decreases the money supply
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Monetary Policy Institutions
• Is monetary policy or fiscal policy more effective as a stabilization policy?
• How does uncertainty affect the way stabilization policy should be made?
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Questions
• How long are lags associated with stabilization policy?
• Is it better for stabilization policy to be conducted according to fixed rules or to be conducted by authorities with substantial discretion?
– in an expansionary open-market operation, the Federal Reserve buys government bonds, increasing bank reserves, and lowering interest rates
– in a contractionary open-market operation, the Federal Reserve sells government bonds, decreasing bank reserves, and raising interest rates
Monetary Policy Institutions
• Monetary policy in the U.S. is made by the Federal Reserve which is the central bank
– the principal policy-making body of the Federal Reserve system is the Federal Open Market Committee (FOMC)
• The Federal Reserve has a central office and 12 regional offices
– the central office is the Board of Governors in Washington, DC
– the 12 regional offices are the 12 Federal reserve banks scattered around the U.S.
•Copyright © 2002 by The McGraw-Hቤተ መጻሕፍቲ ባይዱll Companies, Inc.
Monetary Policy Institutions
• The FOMC changes interest rates by carrying out open-market operations
– the members of the Board of Governors and the Presidents of the regional Federal Reserve Banks make up the FOMC
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Monetary Policy Institutions
• The FOMC meets approximately once a month to set interest rates
– emergency meetings can also be scheduled on short notice
• shifts the LM curve
• The government uses policy to stabilize the macroeconomy by minimizing the impact of shocks
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Government Policy
• There are two kinds of government policy
– fiscal policy
• shifts the IS curve
– monetary policy
Figure 13.1 - Structure of the Federal Reserve System
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Figure 13.2 - Composition of the Federal Open Market Committee
宏观经济学及财务知识 分析
2020/3/22
Questions
• What principles should guide stabilization policy?
• What aspects of stabilization policy do economists argue about today?
• When the FOMC decides on a policy change, it is implemented immediately
– it takes only minutes for interest rates to shift in response to FOMC actions
• the FOMC lowers and raises interest rates and increases and decreases the money supply
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Monetary Policy Institutions
• Is monetary policy or fiscal policy more effective as a stabilization policy?
• How does uncertainty affect the way stabilization policy should be made?
•Copyright © 2002 by The McGraw-Hill Companies, Inc.
Questions
• How long are lags associated with stabilization policy?
• Is it better for stabilization policy to be conducted according to fixed rules or to be conducted by authorities with substantial discretion?
– in an expansionary open-market operation, the Federal Reserve buys government bonds, increasing bank reserves, and lowering interest rates
– in a contractionary open-market operation, the Federal Reserve sells government bonds, decreasing bank reserves, and raising interest rates
Monetary Policy Institutions
• Monetary policy in the U.S. is made by the Federal Reserve which is the central bank
– the principal policy-making body of the Federal Reserve system is the Federal Open Market Committee (FOMC)
• The Federal Reserve has a central office and 12 regional offices
– the central office is the Board of Governors in Washington, DC
– the 12 regional offices are the 12 Federal reserve banks scattered around the U.S.
•Copyright © 2002 by The McGraw-Hቤተ መጻሕፍቲ ባይዱll Companies, Inc.
Monetary Policy Institutions
• The FOMC changes interest rates by carrying out open-market operations
– the members of the Board of Governors and the Presidents of the regional Federal Reserve Banks make up the FOMC
•Copyright © 2002 by The McGraw-Hill Companies, Inc.