Chapter 13money supply process 货币金融课件
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准备金增加， 基础货币增加
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （一）Federal Reserve Open Market Operations（公开市场操作）
2、Open Market Purchase from the Nonbank Public（从非银行公众买入） Suppose that the Fed purchases $100 of bonds from a person or corporation and pays for them with a $100 check. 2) The person or corporation cashes the Fed’s check for currency.
严格意义上，美联储的货币负债与美国财政部的货币负债共同组成货币基础。 MB= （流通中的联邦储备银行券+存款准备金） + 财政通货- 美联储持有的铸币 MB=（流通中的联邦储备银行券+财政通货- 美联储持有的铸币） + 存款准备金
MB = (流通中的联邦储备银行券+流通中的铸币) + （银行体系的存款准备金总额）
Loans or bonds;
Ⅱ The Fed’s Balance Sheet
Fed的货币性负债 monetary liability
联邦储备银行券
存款准备金，包括在美联储的存款和库 存现金，为存款机构持有的货币
流通中的联邦储备银行券， 公众（非银行）持有的货 币
Federal Reserve notes are IOUs （欠条/借据）from the Fed to the bearer （持有人).
They promise to pay back the bearer solely with Federal Reserve notes; Note: 联邦银行券由美联储发行，铸币由财政部发行，均无利息。
Ⅱ Control of the Monetary Base
一、monetary base（基础货币）： 经过商业银行的存贷款业务而能扩张或收缩货币供应量的货币，又被称为高能货 币(High-powered Money) 。
准备金不变， 基础货币增
加
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （一）Federal Reserve Open Market Operations（公开市场操作）
结论：
The effect of open market operations on the monetary base is much more certain than the effect on reserves.
Ⅰ Four Players in the Money Supply Process
Central bank
Depository institutions
Money supply process
Depositors
(individuals and institutions )
Borrowers from Depository Institutions
Hale Waihona Puke MB = C（流通中的现金） + R （银行体系的存款准备金总额）
中央银行对公众的 货币负债
中央银行对商业银行的 货币负债
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （一）Federal Reserve Open Market Operations（公开市场操作）
1、Open Market Purchase from a Bank（从银行买入） Suppose that the Fed purchases $100 of bonds from a bank and pays for them with a $100 check. The bank will either deposit the check in its account with the Fed or cash it in for currency, which will be counted as vault cash.
准备金增加， 基础货币增加
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （一）Federal Reserve Open Market Operations（公开市场操作）
2、Open Market Purchase from the Nonbank Public（从非银行公众买入） Suppose that the Fed purchases $100 of bonds from a person or corporation and pays for them with a $100 check. 1) The person or corporation deposits the Fed’s check in the local bank
the Fed can control the monetary base with open market operations more effectively than it can control reserves.
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （二）Discount Loans The Fed makes a $100 discount loan to the First National Bank.
准备金增加， 基础货币增
加
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base：
（三）Other Factors That Affect the Monetary Base
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （一）Federal Reserve Open Market Operations（公开市场操作）
2、Open Market Purchase from the Nonbank Public（从非银行公众买入） Suppose that the Fed purchases $100 of bonds from a person or corporation and pays for them with a $100 check. 2) The person or corporation cashes the Fed’s check for currency.
严格意义上，美联储的货币负债与美国财政部的货币负债共同组成货币基础。 MB= （流通中的联邦储备银行券+存款准备金） + 财政通货- 美联储持有的铸币 MB=（流通中的联邦储备银行券+财政通货- 美联储持有的铸币） + 存款准备金
MB = (流通中的联邦储备银行券+流通中的铸币) + （银行体系的存款准备金总额）
Loans or bonds;
Ⅱ The Fed’s Balance Sheet
Fed的货币性负债 monetary liability
联邦储备银行券
存款准备金，包括在美联储的存款和库 存现金，为存款机构持有的货币
流通中的联邦储备银行券， 公众（非银行）持有的货 币
Federal Reserve notes are IOUs （欠条/借据）from the Fed to the bearer （持有人).
They promise to pay back the bearer solely with Federal Reserve notes; Note: 联邦银行券由美联储发行，铸币由财政部发行，均无利息。
Ⅱ Control of the Monetary Base
一、monetary base（基础货币）： 经过商业银行的存贷款业务而能扩张或收缩货币供应量的货币，又被称为高能货 币(High-powered Money) 。
准备金不变， 基础货币增
加
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （一）Federal Reserve Open Market Operations（公开市场操作）
结论：
The effect of open market operations on the monetary base is much more certain than the effect on reserves.
Ⅰ Four Players in the Money Supply Process
Central bank
Depository institutions
Money supply process
Depositors
(individuals and institutions )
Borrowers from Depository Institutions
Hale Waihona Puke MB = C（流通中的现金） + R （银行体系的存款准备金总额）
中央银行对公众的 货币负债
中央银行对商业银行的 货币负债
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （一）Federal Reserve Open Market Operations（公开市场操作）
1、Open Market Purchase from a Bank（从银行买入） Suppose that the Fed purchases $100 of bonds from a bank and pays for them with a $100 check. The bank will either deposit the check in its account with the Fed or cash it in for currency, which will be counted as vault cash.
准备金增加， 基础货币增加
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （一）Federal Reserve Open Market Operations（公开市场操作）
2、Open Market Purchase from the Nonbank Public（从非银行公众买入） Suppose that the Fed purchases $100 of bonds from a person or corporation and pays for them with a $100 check. 1) The person or corporation deposits the Fed’s check in the local bank
the Fed can control the monetary base with open market operations more effectively than it can control reserves.
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base： （二）Discount Loans The Fed makes a $100 discount loan to the First National Bank.
准备金增加， 基础货币增
加
Ⅲ Control of the Monetary Base
二、Control of the Monetary Base：
（三）Other Factors That Affect the Monetary Base