曼昆经济学原理宏观经济学分册英文原版——29monetarysystem.pptx
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1、10 MONEY AND PRICES IN THE LONG RUNCopyright 2004 South-Western29The Monetary SystemCopyright 2004 South-WesternTHE MEANING OF MONEYMoney is the set of assets in an economy that people regularly use to buy goods and services from other people.Copyright 2004 South-WesternThe Functions of MoneyMoney h
2、as three functions in the economy:Medium of exchangeUnit of accountStore of valueCopyright 2004 South-WesternThe Functions of MoneyMedium of ExchangeA medium of exchange is an item that buyers give to sellers when they want to purchase goods and services.A medium of exchange is anything that is read
3、ily acceptable as payment.Copyright 2004 South-WesternThe Functions of MoneyUnit of AccountA unit of account is the yardstick people use to post prices and record debts.Store of ValueA store of value is an item that people can use to transfer purchasing power from the present to the future.Copyright
4、 2004 South-WesternThe Functions of MoneyLiquidityLiquidity is the ease with which an asset can be converted into the economys medium of exchange.Copyright 2004 South-WesternThe Kinds of MoneyCommodity money takes the form of a commodity with intrinsic value.Examples:Gold,silver,cigarettes.Fiat mone
5、y is used as money because of government decree.It does not have intrinsic value.Examples:Coins,currency,check deposits.Copyright 2004 South-WesternMoney in the U.S.EconomyCurrency is the paper bills and coins in the hands of the public.Demand deposits are balances in bank accounts that depositors c
6、an access on demand by writing a check.Figure 1 Money in the U.S.EconomyCopyright2003 Southwestern/Thomson LearningBillionsof Dollars Currency($580 billion)Demand deposits Travelers checks Other checkable deposits($599 billion)Everything in M1($1,179 billion)Savings deposits Small time deposits Mone
7、y market mutual funds A few minor categories($4,276 billion)0M1$1,179M2$5,455Copyright 2004 South-WesternCASE STUDY:Where Is All The Currency?In 2001 there was about$580 billion of U.S.currency outstanding.That is$2,734 in currency per adult.Who is holding all this currency?Currency held abroadCurre
8、ncy held by illegal entitiesCopyright 2004 South-WesternTHE FEDERAL RESERVE SYSTEMThe Federal Reserve(Fed)serves as the nations central bank.It is designed to oversee the banking system.It regulates the quantity of money in the economy.Copyright 2004 South-WesternTHE FEDERAL RESERVE SYSTEMThe Fed wa
9、s created in 1914 after a series of bank failures convinced Congress that the United States needed a central bank to ensure the health of the nations banking system.Copyright 2004 South-WesternTHE FEDERAL RESERVE SYSTEMThe Structure of the Federal Reserve System:The primary elements in the Federal R
10、eserve System are:1)The Board of Governors2)The Regional Federal Reserve Banks3)The Federal Open Market CommitteeCopyright 2004 South-WesternThe Feds OrganizationThe Fed is run by a Board of Governors,which has seven members appointed by the president and confirmed by the Senate.Among the seven memb
11、ers,the most important is the chairman.The chairman directs the Fed staff,presides over board meetings,and testifies about Fed policy in front of Congressional Committees.Copyright 2004 South-WesternThe Feds OrganizationThe Board of GovernorsSeven members Appointed by the president Confirmed by the
12、SenateServe staggered 14-year terms so that one comes vacant every two years.President appoints a member as chairman to serve a four-year term.Copyright 2004 South-WesternThe Feds OrganizationThe Federal Reserve System is made up of the Federal Reserve Board in Washington,D.C.,and twelve regional Fe
13、deral Reserve Banks.Copyright 2004 South-WesternThe Feds OrganizationThe Federal Reserve BanksTwelve district banksNine directorsThree appointed by the Board of Governors.Six are elected by the commercial banks in the district.The directors appoint the district president,which is approved by the Boa
14、rd of Governors.The Federal Reserve SystemCopyright2003 Southwestern/Thomson LearningCopyright 2004 South-WesternThe Feds OrganizationThe Federal Reserve BanksThe New York Fed implements some of the Feds most important policy decisions.Copyright 2004 South-WesternThe Feds OrganizationThe Federal Ope
15、n Market Committee(FOMC)Serves as the main policy-making organ of the Federal Reserve System.Meets approximately every six weeks to review the economy.Copyright 2004 South-WesternThe Feds OrganizationThe Federal Open Market Committee(FOMC)is made up of the following voting members:The chairman and t
16、he other six members of the Board of Governors.The president of the Federal Reserve Bank of New York.The presidents of the other regional Federal Reserve banks(four vote on a yearly rotating basis).Copyright 2004 South-WesternThe Feds OrganizationMonetary policy is conducted by the Federal Open Mark
17、et Committee.Monetary policy is the setting of the money supply by policymakers in the central bankThe money supply refers to the quantity of money available in the economy.Copyright 2004 South-WesternThe Federal Open Market CommitteeThree Primary Functions of the FedRegulates banks to ensure they f
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- 经济学原理 宏观 经济学 分册 英文原版 29 monetarysystem
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