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1、,PART 5 MONEY AND PRICES IN THE LONG RUN,11,The Monetary System,Learning Objectives,Consider the nature of money and its functions in the economy Learn about the Central Bank Study how the banking system helps determine the supply of money Examine the tools used by the Central Bank to alter the mone
2、y supply,The Concept of Money,The Meaning of Money Money is the set of assets(资产） in an economy that people regularly use to buy goods and services from other people. Liquidity（流动性） Liquidity is the ease with which an asset can be converted （兑换）into the economys medium of exchange交换媒介）.（货币是最具流动性的资产）
3、 The Functions of MoneyMedium of exchange（交换媒介）Money has 3 functions Unit of account计价单位Store of value价值储藏,The Functions of Money: Medium of Exchange,Medium of exchange A medium of exchange is an item that buyers give to sellers when they want to purchase goods and services. anything that is readily
4、 acceptable as payment. Unit of Account A unit of account is the yardstick people use to post prices and record debts. Store of Value A store of value is an item that people use to transfer purchasing power from the present to the future.,The Kinds of Money,Commodity money （商品货币）: a commodity with i
5、ntrinsic value. Examples: Gold, silver, cigarettes.Fiat money法定货币） money without intrinsic （内在）value, it is used as money because of government decree. Examples: Coins, currency, check deposits.,Money in the Economy,money stock The quantity of money circulating in the economy Currency : paper bills
6、and coins in the hands of the public.Demand deposits（活期） : balances in bank accounts that depositors can access on demand by writing a check.,Figure 1 Two measures of the Money Stock for the Canadian Economy,Copyright2003 Southwestern/Thomson Learning,The Central Bank,The Central Bank （中央银行) An inst
7、itution(机构） designed to oversee the banking system and regulate the quantity of money （规定货币的流通量）in the economy. Examples: US. Federal reserveUK Bank of EnglandCanada Bank of CanadaChina Peoples Bank of China 4 Primary Functions of the Central Bank Issue currency（发行货币）Act as banker to the commercial
8、banks （管制银行）Act as banker to the government（政府的银行）Control the money supply（控制货币供给量）,Who influences the money supply,The Central Bank Controls the money supply through monetary policy（货币政策） The money supply is the quantity of money available in the economy. Decisions by policymakers concerning the mo
9、ney supply constitute monetary policy Commercial banks can influence the quantity of demand deposits in the economy and the money supply.,The Simple Case of 100-Percent-Reserve Banking,Deposits that banks have received but have not loaned out are called reserves（准备金） If all deposits （存款）are held as
10、reserves, this would be called 100-percent-reserve banking The financial position of the bank can be expressed with a T-account,Money Creation with Fractional-Reserve Banking,Reserves are deposits that banks have received but have not loaned out. In a fractional-reserve banking（部分准备金银行） system, bank
11、s hold a fraction of the money deposited as reserves and lend out the rest. The fraction of total deposits the bank holds as reserves is called the reserve ratio. （准备率） When a bank makes a loan from its reserves, the money supply increases. The money supply is affected by the amount deposited in ban
12、ks and the amount that banks loan.,Money Creation with Fractional-Reserve Banking,This T-Account shows a bank that accepts deposits, keeps a portion as reserves, and lends out the rest. It assumes a reserve ratio of 10%.,The Money Multiplier,Assets,Liabilities,Second National Bank,Reserves$9.00Loans
13、$81.00,Deposits$90.00,Total Assets$90.00,Total Liabilities$90.00,Money Supply = $190.00!,The Money Multiplier,Assets,Liabilities,Third National Bank,Reserves$8.10Loans$72.90,Deposits$81.00,Total Assets$81.00,Total Liabilities$81.00,Money Supply = $271.00!,The Money Multiplier,How much money will eve
14、ntually be created in the economy?,Money Creation with Fractional-Reserve Banking,When a bank makes a loan from its reserves, the money supply increases. Step 1. When one bank loans money, that money is generally deposited into another bank. Step 2. This creates more deposits and more reserves to be
15、 lent out.,The Money Multiplier,How much money is eventually created in this economy?determined by the money multiplier（货币乘数） The money multiplier is the amount of money the banking system generates with each dollar of reserves. The money multiplier equals the reciprocal（倒数） of the reserve ratio: Mo
16、ney multiplier = 1/RExample: With a reserve requirement, R = 10% or 1/10,The money multiplier is 10. The higher the reserve ratio,（准备率） the less of each deposit banks loan out, and the smaller the money multiplier,The Central Banks Tools of Monetary Control,The Fed has three tools in its monetary toolbox: Open-market operations（公开市场操作） Changing the reserve requirements（改变法定准备金） Changing the discount rate（改变贴现率）,
