金融市场与金融机构(chapter)

of the demand curve ,and the supply
curve ,at point 1,with an equilibrium federal rate of iff. *
Market equilibrium
市场均衡发生在准备金的需求数量 d 和供给数量相等时，即Rs =R。因 此均衡产生于需求曲线和供给曲线 位于点1的交点处，均衡联邦基金 利率为iff*
Demand curve
因此，对银行准备金的需求数量等于法定 准备金加上超额准备金，超额准备金是应对存 款流出的保险金额，而持有这些超额准备金的 成本就是其机会成本，即这些银行准备金借出 所能赚取的利率，它等于联邦基金利率。因此随 着联邦基金利率降低，持有超额准备金的机会 成本也将降低，当其他条件保持不变时，对银 行准备金的需求数量将会增加。银行准备金的 需求曲线向下移动。
Discount lending
A lower discount rate, with the federal funds rate held constant,leads to a greater quantity of reserves supplied and shifts the s s supply curve to the right from R1 to R2.The result is that the equilibrium moves from point 1 to point 2,lowering the federal funds 1 2 rate from iff to iff.
Demand curve
federal funds rate
Rs
1 i
Rd
Quantity of ResAs we saw in the preceding section,when discount lending increases, the quantity of reserves supplied to the banking system also increases. when banks borrow from the Fed,their principal benefit is the earnings from lending these funds out at the federal funds rate . Thus holding everything else constant, when the federal funds rate increases, banks will borrow more from the Fed,and the resulting rise in discount lending means t hat the quantity of reserves supplied rise. For this reason ,the supply curve for reserves,slopes upward.
Demand curve
2.excess reserves the additional Reserves banks choose to hold. (超额准备金，这是银行选择持有的额 外准备金。)
Demand curve
Therefore,the quantity of reserves demanded equals required reserves plus the quantity of excess reserves demanded. Excess reserves are insurance against deposit outflows,and the Cost of holding these excess reserves is their opportunity cost, the interest rate that could have been earned on loaning these reserves out,which is equivalent to the federal funds rate.
how changes in the tools of monetary policy affect the federal funds rate？
Reserve requirements Open Market operations Discount lending
Open market operations
Open market operations
ing the federal funds rate from i to 2 iff. The same reasoning implies that an open market sale decreases the quantity of reserves supplied,shifts the supply curve to the left , and causes the federal funds rate to rise.
we have already seen that an open market purchase leads to a greater quantity of reserves supplied,this is true at any given federal funds rate. An open market purchase therefore shifts the supply curve to the right s s from R1 to R2 and moves the equilibrium from point 1 to point 2,lower-
Chapter 8
How the federal funds rate be determined and how changes in the tools of monetary policy affect the federal funds rate? Try to explain the key terms involved in. 联邦基金利率的决定因素 货币政策工具的变化是如何影响联邦基金 利率？
Discount lending
When the Fed lowers the discount rate, the federal funds rate falls.
The conclusion
Discount lending
贴现利率的影响将由需求曲线与供给曲线的交点 是位于供给曲线的垂直部分还是位于其水平部分 而决定。当交点发生于供给曲线的垂直部分时的 情况，此时没有贴现贷款。在这种情况下，美联 储将贴现利率降低，供给曲线上没有贴现借贷的 部分将会缩短，而供给曲线和需求曲线的交点保 持不变。因此，在这种情况下，均衡联邦基金利 率没有变化。结论：大部分贴现利率的变动对联 邦基金利率没有影响。然而，如果需求曲线与供 给曲线的交点位于供给曲线的水平部分，就会有 一些贴现借贷发生，贴现率的变动会对联邦基金 率产生影响。
Demand curve
Thus as the federal funds rate decreases , the opportunity cost of holding excess reserves falls and,holding everything else constant,including the quantity of required reserves , the quantity of reserves demanded rises.
Result
Open market operations
federal funds rate
R1
1
s
R2
s
iff
2
1
iff
2
Rd 1
Quantity of Reserves, R
Open market operations
公开市场购买操作会带来更多的银行准备 金供给量，由于未借出准备金数量将增加 因此该结论对于任何联邦基金利率水平都 成立。公开市场购买操作将使供给曲线右 移，均衡点也右移，使联邦基金率降低。
1 ff
Open market operations
An open market purchase causes the federal funds rate to fall , and an open market sale causes the federal funds rate to rise.
Discount lending
Market equilibrium
Market equilibrium occurs where the
quantity of reserves demanded equals
the quantity supplied.Equilibrium therefore occurs at the intersection
What Does Federal Funds Rate Mean?
The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight.
Supply curve
federal funds rate
Rs
1 i
Rd
Quantity of Reserves, R
Supply curve
未借出 准备金
银行准备金 的供给 曲线
借出 准备金
Supply curve
美联储借出贴现贷款的主要成本就是其对这 些贷款所收取的利率---贴现利率。因为借出 联邦基金是美联储借出贴现贷款的替代物， 如果联邦基金利率低于贴现利率，那么银行 将不会从美联储借入资金，因此贴现贷款将 为零，因为在联邦基金市场中，借贷成本更 低一些。因此，只要联邦基金率低于贴现利 率，银行准备金的供给将正好等于美联储提 供的未借出准备金数量。