金融市场与金融机构基础 第5章

MonetaryPolicyChapter5Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall2GoalsofMonetaryPolicyPriceStabilityFullEmploymentEconomicGrowthStableInterestRatesStableForeignExchangeRateCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall3AnnualPercentageChangeCPICopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall4AnnualRateofUnemploymentCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall5AnnualRateofGrowthGDPCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6AnnualInterestRateCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall7Trade-OffsandConflictsAmongPoliciesMonetaryPolicyToolsIncreaserateofgrowthinmoneysupplybysupplyingmorereservestobankingsystemDecreaserateofgrowthinmoneysupplybysupplyingfewerreservestobankingsystemConflictsbetweenmonetarypoliciesandmonetarygoalsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall8MonetaryGoalsandTargetsMonetaryGoalsOperatingTargetsMonetaryandfinancialvariablesIntermediateTargetsInterestratesandmonetaryaggregatesCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall9CharacteristicsofTargetsLinkageObservabilityResponsivenessCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10ChoosingOperatingTargetsLeveloffederalfundsrateLevelofborrowedandnon-borrowedbankreservesTheFedcannottargetbothinterestratesandreservesatthesametimeCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall11ChoosingIntermediateTargetsMonetaryaggregatesExchangeratesLevelofnationaloutputLevelofactualorexpectedinflationInterestratesCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall12TargetingtheFedFundsRate:1970-1979Fed’sTarget:FedfundsrateIndicatorofsupplyofloanablefundsUseofopenmarketoperationsFedfundsratevarieswitheconomicconditionsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall13MonetaristExperiment:1979-1982Fed’sTarget:Non-borrowedreservesUseofopenmarketoperationsIntermediateTarget:MonetaryaggregatesOperatingTarget:Quantityofnon-borrowedreservesMoneyMultiplier:LinkbetweenreservesandmonetaryaggregatesCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall14BacktotheFedFundsRate:1983-1991OperatingTarget:BorrowedreservesCloselylinkedtospreadbetweenfedfundsrateanddiscountrateUseofopenmarketoperationsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall15MajorDevelopmentsintheMid-1980sLevelandStabilityofU.S.DollarPlazaAgreementinSeptember1985LouvreAccordinFebruary1987StabilityinFinancialMarketsStockmarketcrashinOctober1987Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall16SamePolicy,ButWithaTwist:1991-1995Fed’sTarget:Short-terminterestratesUpwardpressureplacedonfedfundsrateLessemphasisonmonetaryaggregatesPrimaryfocuson:PricesofsensitivecommoditiesLevelofindustrialcapacityCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall17TheLastHalfofthe1990s:ExploringtheNewParadigmNewParadigm:IncreasedproductivityduetonewtechnologyandacceleratedcapitalexpendituresCapitaldeepening,increasedlaborproductivityandsustainableeconomicgrowthEclecticApproach:Nolongerfocusedonlyonabsoluteleveloffedfundsrate,monetaryaggregatesorcommoditypricesMainPolicyTool:FedfundsrateCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall18TransitionfromGreenspantoBernankeContinuedpoliciesunderGreenspanMoreopennessincommunicationsHousingandcreditcrisisQuestionsoftheFed’sroleinhousingcrisisCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall19CreditandHousingCrisis2007-2008SignsofbubbleburstingBearStearnsNewFedlendingfacilitytoinvestmentbanksDeclineinhousingpricesRapidincreaseininterestratesinlast2007andearly2008Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall20PolicyQuestionsofFed’sRoleWhethertheFedshouldassessriskacrossthefinancialmarketWhethertheFedshouldbetheregulatoroflastresortCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall21Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,electronic,mechanical,photocopying,recording,orotherwise,withoutthepriorwrittenpermissionofthepublisher.PrintedintheUnitedStatesofAmerica.