曼昆《经济学原理第三版》宏观分册原版中英文双语PPT课件Chap-29

10MONEYANDPRICESINTHELONGRUNCopyright©2004South-Western29TheMonetarySystemCopyright©2004South-WesternTHEMEANINGOFMONEY•Moneyisthesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.Copyright©2004South-WesternTheFunctionsofMoney•Moneyhasthreefunctionsintheeconomy:•Mediumofexchange•Unitofaccount•StoreofvalueCopyright©2004South-WesternTheFunctionsofMoney•MediumofExchange•Amediumofexchangeisanitemthatbuyersgivetosellerswhentheywanttopurchasegoodsandservices.•Amediumofexchangeisanythingthatisreadilyacceptableaspayment.Copyright©2004South-WesternTheFunctionsofMoney•UnitofAccount•Aunitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.•StoreofValue•Astoreofvalueisanitemthatpeoplecanusetotransferpurchasingpowerfromthepresenttothefuture.Copyright©2004South-WesternTheFunctionsofMoney•Liquidity•Liquidityistheeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.Copyright©2004South-WesternTheKindsofMoney•Commoditymoneytakestheformofacommoditywithintrinsicvalue.•Examples:Gold,silver,cigarettes.•Fiatmoneyisusedasmoneybecauseofgovernmentdecree.•Itdoesnothaveintrinsicvalue.•Examples:Coins,currency,checkdeposits.Copyright©2004South-WesternMoneyintheU.S.Economy•Currencyisthepaperbillsandcoinsinthehandsofthepublic.•Demanddepositsarebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.Figure1MoneyintheU.S.EconomyCopyright©2003Southwestern/ThomsonLearningBillionsofDollars•Currency($580billion)•Demanddeposits•Traveler’schecks•Othercheckabledeposits($599billion)•EverythinginM1($1,179billion)•Savingsdeposits•Smalltimedeposits•Moneymarketmutualfunds•Afewminorcategories($4,276billion)0M1$1,179M2$5,455Copyright©2004South-WesternCASESTUDY:WhereIsAllTheCurrency?•In2001therewasabout$580billionofU.S.currencyoutstanding.•Thatis$2,734incurrencyperadult.•Whoisholdingallthiscurrency?•Currencyheldabroad•CurrencyheldbyillegalentitiesCopyright©2004South-WesternTHEFEDERALRESERVESYSTEM•TheFederalReserve(Fed)servesasthenation’scentralbank.•Itisdesignedtooverseethebankingsystem.•Itregulatesthequantityofmoneyintheeconomy.Copyright©2004South-WesternTHEFEDERALRESERVESYSTEM•TheFedwascreatedin1914afteraseriesofbankfailuresconvincedCongressthattheUnitedStatesneededacentralbanktoensurethehealthofthenation’sbankingsystem.Copyright©2004South-WesternTHEFEDERALRESERVESYSTEM•TheStructureoftheFederalReserveSystem:•TheprimaryelementsintheFederalReserveSystemare:•1)TheBoardofGovernors•2)TheRegionalFederalReserveBanks•3)TheFederalOpenMarketCommitteeCopyright©2004South-WesternTheFed’sOrganization•TheFedisrunbyaBoardofGovernors,whichhassevenmembersappointedbythepresidentandconfirmedbytheSenate.•Amongthesevenmembers,themostimportantisthechairman.•ThechairmandirectstheFedstaff,presidesoverboardmeetings,andtestifiesaboutFedpolicyinfrontofCongressionalCommittees.Copyright©2004South-WesternTheFed’sOrganization•TheBoardofGovernors•Sevenmembers•Appointedbythepresident•ConfirmedbytheSenate•Servestaggered14-yeartermssothatonecomesvacanteverytwoyears.•Presidentappointsamemberaschairmantoserveafour-yearterm.Copyright©2004South-WesternTheFed’sOrganization•TheFederalReserveSystemismadeupoftheFederalReserveBoardinWashington,D.C.,andtwelveregionalFederalReserveBanks.Copyright©2004South-WesternTheFed’sOrganization•TheFederalReserveBanks•Twelvedistrictbanks•Ninedirectors•ThreeappointedbytheBoardofGovernors.•Sixareelectedbythecommercialbanksinthedistrict.•Thedirectorsappointthedistrictpresident,whichisapprovedbytheBoardofGovernors.TheFederalReserveSystemCopyright©2003Southwestern/ThomsonLearningCopyright©2004South-WesternTheFed’sOrganization•TheFederalReserveBanks•TheNewYorkFedimplementssomeoftheFed’smostimportantpolicydecisions.Copyright©2004South-WesternTheFed’sOrganization•TheFederalOpenMarketCommittee(FOMC)•Servesasthemainpolicy-makingorganoftheFederalReserveSystem.•Meetsapproximatelyeverysixweekstoreviewtheeconomy.Copyright©2004South-WesternTheFed’sOrganization•TheFederalOpenMarketCommittee(FOMC)ismadeupofthefollowingvotingmembers:•ThechairmanandtheothersixmembersoftheBoardofGovernors.•ThepresidentoftheFederalReserveBankofNewYork.•ThepresidentsoftheotherregionalFederalReservebanks(fourvoteonayearlyrotatingbasis).Copyright©2004South-WesternTheFed’sOrganization•MonetarypolicyisconductedbytheFederalOpenMarketCommittee.•Monetarypolicyisthesettingofthemoneysupplybypolicymakersinthecentralbank•Themoneysupplyreferstothequantityofmoneyavailableintheeconomy.Copyright©2004South-WesternTheFederalOpenMarketCommittee•ThreePrimaryFunctionsoftheFed•Regulatesbankstoensuretheyfollowfederallawsintendedtopromotesafeandsoundbankingpractices.•Actsasabanker’sbank,makingloanstobanksandasalenderoflastresort.•Conductsmonetarypolicybycontrollingthemoneysupply.Copyright©2004South-WesternTheFederalOpenMarketCommittee•Open-MarketOperations•Themoneysupplyisthequantityofmoneyavailableintheeconomy.•TheprimarywayinwhichtheFedchangesthemoneysupplyisthroughopen-marketoperations.•TheFedpurchasesandsellsU.S.governmentbonds.Copyright©2004South-Western