米什金货币金融学(商学院版)第16章课件

Copyright©2010PearsonAddison-Wesley.Allrightsreserved.Chapter16MultipledepositCreationandtheMoneySupplyProcessCopyright©2010PearsonAddison-Wesley.Allrightsreserved.17-2PlayersintheMoneySupplyProcess•Centralbank(FederalReserveSystem)•Banks(depositoryinstitutions;financialintermediaries)•Depositors(individualsandinstitutions)•Borrowersfrombanks(individualsandinstitutionsthatborrowandinstitutionsthatissuebonds)Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-3Fed’sBalanceSheetFederalReserveSystemAssetsLiabilitiesGovernmentsecuritiesCurrencyincirculationDiscountloansReservesCopyright©2010PearsonAddison-Wesley.Allrightsreserved.17-4•MonetaryLiabilities–Currencyincirculation:inthehandsofthepublic–Reserves:bankdepositsattheFedandvaultcashReserves=requiredreserves+excessreserves•Assets–Governmentsecurities:holdingsbytheFedthataffectmoneysupplyandearninterest–Discountloans:providereservestobanksandearnthediscountrateVeryimportant-Changesintheassetitemsleadtochangesinreservesandconsequentlytochangesinthemoneysupply.-Theseassetsearninterestwhiletheliabilitiesdonot.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-5MonetaryBaseHigh-poweredmoney=+=currencyincirculation=totalreservesinthebankingsystemMBCRCRCopyright©2010PearsonAddison-Wesley.Allrightsreserved.17-6OpenMarketPurchasefromaBank•Netresultisthatreserveshaveincreasedby$100•Nochangeincurrency•Monetarybasehasrisenby$100BankingSystemFederalReserveSystemAssetsLiabilitiesAssetsLiabilitiesSecurities-$100Securities+$100Reserves+$100Reserves+$100Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-7OpenMarketPurchasefromNonbankPublicI•PersonsellingbondstotheFeddepositstheFed’scheckinthebank•IdenticalresultasthepurchasefromabankBankingSystemFederalReserveSystemAssetsLiabilitiesAssetsLiabilitiesReserves+$100Checkabledeposits+$100Securities+$100Reserves+$100Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-8OpenMarketPurchasefromNonbankPublicII•ThepersonsellingthebondscashestheFed’scheck•Reservesareunchanged•Currencyincirculationincreasesbytheamountoftheopenmarketpurchase•MonetarybaseincreasesbytheamountoftheopenmarketpurchaseNonbankPublicFederalReserveSystemAssetsLiabilitiesAssetsLiabilitiesSecurities-$100Securities+$100Currencyincirculation+$100Currency+$100Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-9OpenMarketPurchase:Summary•Theeffectofanopenmarketpurchaseonreservesdependsonwhetherthesellerofthebondskeepstheproceedsfromthesaleincurrencyorindeposits•TheeffectofanopenmarketpurchaseonthemonetarybasealwaysincreasesthemonetarybasebytheamountofthepurchaseCopyright©2010PearsonAddison-Wesley.Allrightsreserved.17-10OpenMarketSale•Reducesthemonetarybasebytheamountofthesale•Reservesremainunchanged•TheeffectofopenmarketoperationsonthemonetarybaseismuchmorecertainthantheeffectonreservesNonbankPublicFederalReserveSystemAssetsLiabilitiesAssetsLiabilitiesSecurities+$100Securities-$100Currencyincirculation-$100Currency-$100Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-11ShiftsfromDepositsintoCurrencyNeteffectonmonetaryliabilitiesiszeroReservesarechangedbyrandomfluctuationsMonetarybaseisamorestablevariableNonbankPublicBankingSystemAssetsLiabilitiesAssetsLiabilitiesCheckabledeposits-$100Reserves-$100Checkabledeposits-$100Currency+$100FederalReserveSystemAssetsLiabilitiesCurrencyincirculation+$100Reserves-$100Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-12MakingaDiscountLoantoaBank•MonetaryliabilitiesoftheFedhaveincreasedby$100•MonetarybasealsoincreasesbythisamountBankingSystemFederalReserveSystemAssetsLiabilitiesAssetsLiabilitiesReserves+$100Discountloans+$100Discountloan+$100Reserves+$100(borrowingfromFed)(borrowingfromFed)Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-13PayingOffaDiscountLoanfromtheFed•Neteffectonmonetarybaseisareduction•Monetarybasechangesone-for-onewithachangeintheborrowingsfromtheFederalReserveSystemBankingSystemFederalReserveSystemAssetsLiabilitiesAssetsLiabilitiesReserves-$100Discountloans-$100Discountloans-$100Reserves-$100(borrowingfromFed)(borrowingfromFed)Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-14OtherFactorsAffectingtheMonetaryBase•Float•TreasurydepositsattheFederalReserve•Interventionsintheforeignexchangemarket•Theyarenotfullycontrolledbythecentralbank.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.17-15•AlthoughfloatandTreasurydepositswiththeFedundergosubstantialshort-runfluctuations,theydonotpreventtheFedfromaccuratelycontrollingit.•OpenmarketoperationsarecontrolledbytheFed•TheFedcannotdeterminetheamountofborrowingbybanksfromtheFed•SplitthemonetarybaseintotwocomponentsMBn=MB-BR•Themoneysupplyispositivelyrelatedtoboththenon-borrowedmonetarybaseMBnandtothelevelofborrowedreserves,BR,fromtheFedFed’sAbilitytoControltheMonetaryBaseCopyright©2010PearsonAddison-Wesley.Allrightsreserved.17-16MultipleDepositCreation:ASimpleModel•Multipledepositcreation:•WhentheFedsuppliesthebankingsystemwith$1ofadditionalreserves,depositsincreasebyamultipleofthisamount.Copyright©2010Pea