货币理论与货币政策

Banks and The Money Supply


Reserves are deposits that banks have received but have not loaned out. In a fractional reserve banking system, banks hold a fraction of the money deposited as reserves and lend out the rest.
The Fed’s Organization

Monetary policy is conducted by the Federal Open Market Committee.
Three Primary Functions of the Fed

Regulates banks to ensure they follow federal laws intended to promote safe and sound banking practices.
Three Primary Functions of the Fed

Acts as a banker’s bank, making loans to banks and as a lender of last resort.
Three Primary Functions of the Fed

四、货币理论与货币政策
MONETARY THEORY AND MONETARY POLICY
金融资产结构


货币与货币供给 M 0 =流通中现金 M 1= M 0 +活期存款 M 2 = M 1 +定期存款 M 3 = M 2 +其他短期流动资产（如国库券、 银行承兑汇票、商业票据）+外汇存款 有价证券：分为政府债券和企业债券两种。 股票。
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 can use to transfer purchasing power from the present to the future.
The Meaning of Money

Money is the set of assets in the economy that people regularly use to buy goods and services from other people.
Three Functions of Money
中央银行职能


垄断发行本国的法定货币。 以债务方式接受存款机构缴存的存款准 备金，以垫款或票据再贴现方式对存款 机构发放贷款，承担金融机构之间的票 据交换和结算业务。 代理国库，即经办政府的收支，管理国 家的外汇，制定和实施国家的金融政策。
The Federal Reserve

The Federal Reserve (Fed) serves as the nation’s central bank
金融市场中的资产负债关系
公众 商业银行 中央银行 政府 资产 负债 资产 负债 资产 负债 资产 负债 通货 通货 存款 存款 国债 国债 国债 国债
准备金 准备金
贷款 贷款 外汇 储备
Banks and The Money Supply

Banks can influence the quantity of demand deposits in the economy and the money supply.
äDeposits into a bank are recorded as both assets and liabilities. äLoans become an asset to the bank.
Money Creation
First National Bank This T-Account illustrates a bank Assets Liabilities that accepts deposits, keeps Reserves Deposits a portion as $10.00 $100.00 reserves, and Loans lends out the $90.00 rest.
Conducts monetary policy by controlling the money supply.
商业银行职能



作为融通资金的信用中介，主要业务是吸 收存款和发放贷款。 创造信用货币。最初的信用货币是银行券， 现代的信用货币主要是支票、信用卡等。 创造存款、扩张信用。 提供广泛的金融服务，如代发工资、代理 支付、消费信用、信息服务、咨询服务等。
The Money Multiplier

The money multiplier is the amount of money the banking system generates with each dollar of reserves.
The Money Multiplier
First National Bank
äExamples: Gold, silver, cigarettes

Fiat money is used as money because of government decree.
äIt does not have intrinsic value. äExamples: Coins, currency, check deposits
Second National Bank
Assets
Reserves $9.00 Loans $81.00 Total Assets $90.00 Total Liabilities $90.00
Liabilities
Deposits $100.00
Liabilities
Deposits $90.00
Total Assets $100.00 Total Liabilities $100.00
The Money Multiplier

When one bank loans money, that money is generally deposited into another bank.
äThis creates more deposits and more reserves to be lent out.

The chairman of the board presides at board meetings, directs the staff, and testifies about Fed policy.
The Fed’s Organization

The Federal Reserve System is made up of the Federal Reserve Board in Washington, D.C., and twelve regional Federal Reserve Banks.
The Fed’s Organization

The Fed is run by a Board of Governors, which has seven members appointed by the President and confirmed by the Senate.
The Fed’s Organization
Liabilities
Deposits $100.00
Liabilities
Deposits $90.00
The Money Multiplier
First National Bank
Assets
Reserves $10.00 Loans $90.00 Total Assets Total Liabilities $100.00 $100.00
Assets
Reserves $10.00 Loans $90.00 Total Assets Total Liabilities $100.00 $100.00
Liabilities
Deposits $100.00
The Money Multiplier
First National Bank
Assets
äIt is designed to oversee the banking system. äIt regulates the quantity of money in the economy.
The Federal Reserve

The Fed was created in 1914 after a series of bank failures convinced Congress that the U.S. needed a central bank to ensure the health of the nation’s banking system.
$90.00
Money Supply = $190.00! Loans
$81.00 Total Assets $90.00 Total Liabilities $90.00
Total Assets Total Liabilities $100.00 $100.00
Reserves $10.00 Loans $90.00 Total Assets Total Liabilities $100.00 $100.00