宏观经济学课件
大雁塔北广场-二次备课
2023年2月16日发(作者：医院物业管理)1
©2009South-Western,apartofCengageLearning,allrightsreserved
CHAPTER
TheMonetarySystem
EconomicsPRINCIPLESOF
yMankiw
PremiumPowerPointSlides
byRonCronovich
29
Inthischapter,
lookfortheanswerstothesequestions:
§Whatassetsareconsidered“money”?Whatare
thefunctionsofmoney?Thetypesofmoney?
§WhatistheFederalReserve?
§Whatroledobanksplayinthemonetarysystem?
Howdobanks“createmoney”?
§HowdoestheFederalReservecontrolthemoney
supply?
1
THEMONETARYSYSTEM
2
WhatMoneyIsandWhyIt’sImportant
§Withoutmoney,tradewouldrequirebarter,
theexchangeofonegoodorserviceforanother.
§Everytransactionwouldrequireadouble
coincidenceofwants
§Mostpeoplewouldhavetospendtimesearchingfor
otherstotradewith–ahugewasteofresources.
§Thissearchingisunnecessarywithmoney,
2
THEMONETARYSYSTEM
3
The3FunctionsofMoney
§Mediumofexchange:
§Unitofaccount:
§Storeofvalue:
THEMONETARYSYSTEM
4
The2KindsofMoney
Commoditymoney:
Fiatmoney:
THEMONETARYSYSTEM
5
TheMoneySupply
§Themoneysupply(ormoneystock):
§Whatassetsshouldbeconsideredpartofthe
moneysupply?Twocandidates:
§Currency:thepaperbillsandcoinsinthe
handsofthe(non-bank)public
§Demanddeposits:
3
THEMONETARYSYSTEM
6
upply
§M1:
M1=$1.4trillion(June2008)
§M2:everythinginM1plus
M2=$7.7trillion(June2008)
ThedistinctionbetweenM1andM2
willusuallynotmatterwhenwetalkabout
“themoneysupply”inthiscourse.
THEMONETARYSYSTEM
7
CentralBanks&MonetaryPolicy
§Centralbank:
§Monetarypolicy:
§FederalReserve(Fed):
THEMONETARYSYSTEM
8
TheStructureoftheFed
TheFederalReserveSystem
consistsof:
§BoardofGovernors
(7members),
locatedinWashington,DC
§12regionalFedbanks,
locatedaroundtheU.S.
§FederalOpenMarket
Committee(FOMC),
includestheBdofGovsand
presidentsofsomeoftheregionalFedbanks
TheFOMCdecidesmonetarypolicy.
ke
ChairofFOMC,
Feb2006–present
4
THEMONETARYSYSTEM
9
BankReserves
§Inafractionalreservebankingsystem,
§TheFedestablishesreserverequirements,
§Banksmayholdmorethanthisminimumamount
iftheychoose.
§Thereserveratio,R
THEMONETARYSYSTEM
10
BankT-account
§T-account:asimplifiedaccountingstatement
thatshowsabank’sassets&liabilities.
§Example:
FIRSTNATIONALBANK
AssetsLiabilities
§Banks’liabilitiesinclude
assetsinclude
§Inthisexample,notice
THEMONETARYSYSTEM
11
BanksandtheMoneySupply:AnExample
Suppose$100ofcurrencyisincirculation.
Todeterminebanks’impactonmoneysupply,
wecalculatethemoneysupplyin3differentcases:
ingsystem
2.100%reservebankingsystem:
bankshold100%ofdepositsasreserves,
makenoloans
onalreservebankingsystem
5
THEMONETARYSYSTEM
12
BanksandtheMoneySupply:AnExample
CASE1:Nobankingsystem
Publicholdsthe$100ascurrency.
Moneysupply=
THEMONETARYSYSTEM
13
BanksandtheMoneySupply:AnExample
CASE2:100%reservebankingsystem
Publicdepositsthe$100atFirstNationalBank(FNB).
FIRSTNATIONALBANK
AssetsLiabilities
Reserves
Loans
Deposits
FNBholds
100%of
deposit
asreserves:
Moneysupply
=currency+deposits=
Ina100%reservebankingsystem,
THEMONETARYSYSTEM
14
BanksandtheMoneySupply:AnExample
CASE3:Fractionalreservebankingsystem
Moneysupply=
Depositorshave
Borrowershave
FIRSTNATIONALBANK
AssetsLiabilities
Reserves
Loans
Deposits
SupposeR=10%.FNBloansallbut10%
ofthedeposit:
6
THEMONETARYSYSTEM
15
BanksandtheMoneySupply:AnExample
Howdidthemoneysupplysuddenlygrow?
Whenbanksmakeloans,
Theborrowergets
§$90incurrency(anassetcountedinthe
moneysupply)
§$90innewdebt(aliability)
CASE3:Fractionalreservebankingsystem
Afractionalreservebankingsystem
THEMONETARYSYSTEM
16
BanksandtheMoneySupply:AnExample
CASE3:Fractionalreservebankingsystem
IfR=10%forSNB,itwillloanallbut10%ofthe
deposit.
SECONDNATIONALBANK
AssetsLiabilities
Reserves$90
Loans$0
Deposits$90
Supposeborrowerdepositsthe$90atSecond
NationalBank(SNB).
Initially,SNB’s
T-account
lookslikethis:
THEMONETARYSYSTEM
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BanksandtheMoneySupply:AnExample
CASE3:Fractionalreservebankingsystem
IfR=10%forTNB,itwillloanallbut10%ofthe
deposit.
THIRDNATIONALBANK
AssetsLiabilities
Reserves$81
Loans$0
Deposits$81
Theborrowerdepositsthe$81atThirdNational
Bank(TNB).
Initially,TNB’s
T-account
lookslikethis:
7
THEMONETARYSYSTEM
18
BanksandtheMoneySupply:AnExample
CASE3:Fractionalreservebankingsystem
Theprocesscontinues,andmoneyiscreatedwith
eachnewloan.
Originaldeposit=
FNBlending=
SNBlending=
TNBlending=
.
.
.
$100.00
$90.00
$81.00
$72.90
.
.
.
Totalmoneysupply=
Inthis
example,
THEMONETARYSYSTEM
19
TheMoneyMultiplier
§Moneymultiplier:
§Themoneymultiplierequals
§Inourexample,
R=10%
moneymultiplier=
$100ofreservescreates
ACTIVELEARNING1
Banksandthemoneysupply
20
Whilecleaningyourapartment,youlookunderthe
sofacushionfinda$50bill(andahalf-eatentaco).
Youdepositthebillinyourcheckingaccount.
TheFed’sreserverequirementis20%ofdeposits.
themaximumamountthatthe
moneysupplycouldincrease?
theminimumamountthatthe
moneysupplycouldincrease?
8
ACTIVELEARNING1
Answers
21
THEMONETARYSYSTEM
23
TheFed’s3ToolsofMonetaryControl
-MarketOperations(OMOs):
§Toincreasemoneysupply,
§Toreducemoneysupply,
THEMONETARYSYSTEM
24
TheFed’s3ToolsofMonetaryControl
§OMOsareeasytoconduct,
9
THEMONETARYSYSTEM
25
TheFed’s3ToolsofMonetaryControl
eRequirements(RR):
§Toincreasemoneysupply,
§Toreducemoneysupply,
THEMONETARYSYSTEM
26
TheFed’s3ToolsofMonetaryControl
countRate:
§Whenbanksarerunninglowonreserves,
theymayborrowreservesfromtheFed.
§Toincreasemoneysupply,
§Toreducemoneysupply,
THEMONETARYSYSTEM
27
TheFed’s3ToolsofMonetaryControl
§TheFedusesdiscountlendingtoprovideextra
liquiditywhenfinancialinstitutionsareintrouble,
heOct.1987stockmarketcrash.
§Ifnocrisis,
10
THEMONETARYSYSTEM
28
TheFederalFundsRate
§Onanygivenday,bankswithinsufficient
reservescanborrowfrombankswithexcess
reserves.
§thefederalfundsrate
§Manyinterestratesarehighlycorrelated,
sochangesinthefedfundsratecausechanges
inotherratesandhaveabigimpactinthe
economy.
TheFedFundsRateandOtherRates,1970-2008
(
%)
0
5
10
15
20
19751995
Fedfunds
prime
3-monthTbill
mortgage
THEMONETARYSYSTEM
30
MonetaryPolicyandtheFedFundsRate
TheFederal
Fundsmarket
11
THEMONETARYSYSTEM
31
ProblemsControllingtheMoneySupply
§Ifhouseholds
§Ifbanks
§Yet,Fedcancompensateforhousehold
andbankbehaviortoretainfairlyprecisecontrol
overthemoneysupply.
THEMONETARYSYSTEM
32
BankRunsandtheMoneySupply
§Arunonbanks:
§Underfractional-reservebanking,banksdon’t
haveenoughreservestopayoffALLdepositors,
hencebanksmayhavetoclose.
§Also,banksmaymakefewerloansandhold
morereservestosatisfydepositors.
THEMONETARYSYSTEM
33
BankRunsandtheMoneySupply
§During1929-1933,awaveofbankrunsand
bankclosingscausedmoneysupplytofall28%.
§Manyeconomistsbelievethiscontributedtothe
severityoftheGreatDepression.
§Sincethen,
§IntheU.K.,though,NorthernRockbank
experiencedaclassicbankrunin2007andwas
eventuallytakenoverbytheBritishgovernment.