Money and the Money Supply
货币银行学 米什金 15章
• Changes in borrowed reserves
– Affect the monetary base
• Changes in reserve requirements
– Affect the money multiplier
• Federal funds rate: the interest rate on overnight loans of reserves from one bank to another
• The supply curve will be vertical • As iff rises above id, banks will borrow more and more at id, and re-lend at iff • The supply curve is horizontal (perfectly elastic) at id
15-13
Changing the Discount Rate
• Changing the discount rate will only affect reserves (and thus the money supply) and the federal funds rate if… – It is lowered below the federal funds rate – It was previously below iff, but is raised above iff. • The Fed purposefully keeps the discount rate above iff – As a result, changes in the discount rate rarely have an effect on the money supply. – Rather, the discount rate has been used at times to inject liquidity into the financial system (Stock Market Crash in 10/87, directly after 9/11)
货币金融学 英文
货币金融学英文Monetary Economics Monetary economics is a branch of economics that studies the role of money and financial institutions in the economy. In particular, it examines how monetary policy, which is the management of the money supply and interest rates by central banks, affects inflation, economic growth, and unemployment.Money can be defined as anything that is widely accepted as a medium of exchange in an economy. Typically, this includes currency, coins, and bank deposits. Money is essential to the functioning of modern economies as it facilitates transactions between buyers and sellers by reducing the need for barter.Central banks are responsible for managing the money supply and interest rates in order to maintain price stability and support economic growth. In general, when the economy is growing too slowly or there is a recession, central banks will lower interest rates and increase the money supply to stimulate economic activity. Conversely, wheninflation is rising too quickly, central banks will raise interest rates and decrease the money supply to cool down the economy and prevent prices from spiraling out of control.One of the most important concepts in monetary economics is the Phillips curve, which shows the relationship between inflation and unemployment. The curve is named after the economist A. W. Phillips, who observed in the 1950s that there appeared to be a tradeoff between inflation and unemployment. Specifically, he found that when unemployment was low, inflation tended to be high, and vice versa.However, in recent years the Phillips curve has become less reliable as a tool for understandingthe economy. This is because the relationship between inflation and unemployment has become less predictable due to factors such as globalization, technological change, and changes in the labor market.Another important concept in monetary economics is the money multiplier, which describes therelationship between the money supply and bank deposits. When a bank makes a loan, it creates new money by crediting the borrower's account with a deposit. This deposit can then be used by the borrower to make purchases, which in turn creates demand for goods and services and stimulates economic activity.Overall, monetary economics is a complex and dynamic field that is essential to understanding how the economy works. Central banks play acritical role in managing the money supply and interest rates, which in turn affects inflation, economic growth, and unemployment. By studying monetary economics, economists can gain insights into how the economy operates and develop policies that can help promote long-term economic growth and stability.。
货币政策 英汉
Open market operationsOpen market operations are the most important monetary policy tools because they are the primary determinants of changes in interest rates and the monetary base, the main source of fluctuations in the money supply. Open market purchases expand the monetary base, thereby raising the money supply and lowering short-term interest rates, and open market sales shrink the monetary base, lowering the money supply and raising short-term interest rates.公开市场操作能够影响利率，基本货币以及纸币供应量，是最重要的货币政策工具。
公开市场买入能够扩大基本货币量，从而增大纸币供应量并降低短期利率，公开市场卖出能够缩减基本货币量，从而减少纸币供应量并提高短期利率。
There are two types of open market operations: Dynamic open market operations are intended to change the level of reserves and the monetary base, and defensive open market operations are intended to offset movements in other factors that affect reserves and the monetary base, such as changes in Treasury deposits with the Fed or float.有两种公开市场操作：能动型公开市场操作，旨在改变准备金和基本货币水平；防御型公开市场操作，旨在抵消影响准备金和基本货币水平的其他因素的变动，比如国债存款和在途资金的变动。
宏观经济第34章货币政策和财政政策对总需求的影响（题目+答案）
宏观经济第34章货币政策和财政政策对总需求的影响（题目+答案）第34章货币政策和财政政策对总需求的影响1. According to classical macroeconomic theory,a. the price level is sticky in the short run and it plays only a minor role in the short-run adjustment process.b. for any given level of output, the interest rate adjusts to balance the supply of, and demand for, money.c. output is determined by the supplies of capital and labor and the available production technology.d. All of the above are correct.2. For the U.S. economy, which of the following helps explain the slope of the aggregate-demand curve?a. An increase in the price level decreases the interest rate.b. An increase in the price level increases the interest rate.c. An increase in the money supply decreases the interest rate.d. An increase in the money supply increases the interest rate.3. Which of the following claims concerning the importance of effects that explain the slope of the U.S. aggregate-demand curve is correct?a. The exchange-rate effect is relatively small because exports and imports are a small part of real GDP.b. The interest-rate effect is relatively small because investment spending is not very responsive to interest rate changes.c. The wealth effect is relatively large because money holdings are a significant portion of most households' wealth.d. None of the above is correct.4. In recent years, the Federal Reserve has conducted policy by setting a target for thea. size of the money supply.b. growth rate of the money supply.c. federal funds rate.d. discount rate.5. For the U.S. economy, which of the following is the most important reason for the downward slope of the aggregate-demand curve?a. the wealth effectb. the interest-rate effectc. the exchange-rate effectd. the real-wage effect答案：CBACB6. If the interest rate increasesa. or if the price level increases, then people will want to hold more money.b. or if the price level increases, then people will want to hold less money.c. or if the price level decreases, then people will want to hold more money.d. or if the price level decreases, then people will want to hold less money.7. If there is excess demand for money, then people willa. deposit more money into interest-bearing accounts, and the interest rate will fall.b. deposit more money into interest-bearing accounts, and the interest rate will rise.c. withdraw money from interest-bearing accounts, and theinterest rate will fall.d. withdraw money from interest-bearing accounts, and the interest rate will rise.8. The interest rate falls ifa. either money demand or money supply shifts right.b. money demand shifts right or money supply shifts left.c. either money demand or money supply shifts left.d. money demand shifts left or money supply shifts right.9. Other things equal, in the short run a higher price level leads households toa. increase consumption and firms to buy more capital goods.b. increase consumption and firms to buy fewer capital goods.c. decrease consumption and firms to buy more capital goods.d. decrease consumption and firms to buy fewer capital goods.10. Open-market purchasesa. increase the price level and real GDP.b. decrease the price level and real GDP.c. increase the price level and decrease real GDP.d. decrease the price level and increase real GDP.答案：DDDDA11. According to the crowding-out effect,a. an increase in aggregate demand increases interest rates.b. an increase in aggregate demand decreases interest rates.c. an increase in aggregate demand increases money demand.d. Both a and c are correct.12. If the multiplier is 5, the MPC isa. 0.05.b. 0.5.c. 0.6.d. 0.8.13. When the interest rate increases,a. the opportunity cost of holding money falls, so people will want to hold less money.b. the interest that people lose by holding a given amount of money in their purse increases, so people will want to hold less money.c. the liquidity of non-monetary assets decreases so that people will want to hold more money.d. None of the above are correct.14. A decrease in government spending initially and primarily shiftsa. aggregate demand right.b. aggregate demand left.c. aggregate supply right.d. neither aggregate demand nor aggregate supply.15. The multiplier effect isa. the multiplied impact on investment of a given increase in interest rates.b. the multiplied impact on aggregate demand of a given increase in government purchases.c. the multiplied impact on the money supply of a given increase in government purchases.d. the multiplied impact on tax revenues of a given increase in government purchases.答案：DDBBB11D：扩张性财政政策——总需求增加——货币需求增加——利率上升——投资减少——总需求减少16. Most economists believe that fiscal policy affectsa. only aggregate demand and not aggregate supply.b. mostly aggregate demand.c. mostly aggregate supply.d. Both a and b are correct.17. A decrease in government spendinga. increases the interest rate and so investment spending increases.b. increases the interest rate and so decreases investment spending decreases.c. decreases the interest rate and so investment spending increases.d. decreases the interest rate and so investment spending decreases.18. Assume the MPC is 0.75. Assume there is a multiplier effect and that the total crowding-out effect is $6 billion. An increase in government purchases of $10 billion will shift aggregate demand to thea. left by $24 billion.b. left by $36 billion.c. right by $34 billion.d. right by $36 billion.19. Congress is debating whether to raise taxes by $100 billion or decrease spending by $100 billion in order to eliminate a budget deficit. Which action will have the larger effect on equilibrium GDP?a.the increase in taxesb.the decrease in spendingc.the effects will be equald.not possible to determine without knowing the multiplier20. An automatic stabilizer is a feature of the economy thata.makes prices “sticky.”b.reduces its sensitivity to shocks.c.maximizes its volatility.d.automatically reduces recessionary trends.答案：BCCBB。
宏观经济 第33章 总需求与总供给(题目+答案)
第33章总需求与总供给1. People will want to buy more when thea. price level rises, because the interest rate rises.b. price level rises, because the interest rate falls.c. price level falls, because the interest rate rises.d. price level falls, because the interest rate falls.2. A decrease in U.S. interest rates leads toa. a depreciation of the dollar that leads to greater net exports.b. a depreciation of the dollar that leads to smaller net exports.c. an appreciation of the dollar that leads to greater net exports.d. an appreciation of the dollar that leads to smaller net exports.3. Other things the same, as the price level falls, a country's exchange ratea. and interest rates rise.b. and interest rates fall.c. falls and interest rates rise.d. rises and interest rates fall.4。
Which of the following will both make people spend more?a. wealth and interest rates rise.b. wealth rises and interest rates fall.c. wealth falls and interest rates rise.d. wealth falls and interest rates fall.5。
中级宏观经济学付费版题库4经济增长Ⅰ
矿产资源开发利用方案编写内容要求及审查大纲
矿产资源开发利用方案编写内容要求及《矿产资源开发利用方案》审查大纲一、概述
㈠矿区位置、隶属关系和企业性质。
如为改扩建矿山, 应说明矿山现状、
特点及存在的主要问题。
㈡编制依据
(1简述项目前期工作进展情况及与有关方面对项目的意向性协议情况。
(2 列出开发利用方案编制所依据的主要基础性资料的名称。
如经储量管理部门认定的矿区地质勘探报告、选矿试验报告、加工利用试验报告、工程地质初评资料、矿区水文资料和供水资料等。
对改、扩建矿山应有生产实际资料, 如矿山总平面现状图、矿床开拓系统图、采场现状图和主要采选设备清单等。
二、矿产品需求现状和预测
㈠该矿产在国内需求情况和市场供应情况
1、矿产品现状及加工利用趋向。
2、国内近、远期的需求量及主要销向预测。
㈡产品价格分析
1、国内矿产品价格现状。
2、矿产品价格稳定性及变化趋势。
三、矿产资源概况
㈠矿区总体概况
1、矿区总体规划情况。
2、矿区矿产资源概况。
3、该设计与矿区总体开发的关系。
㈡该设计项目的资源概况
1、矿床地质及构造特征。
2、矿床开采技术条件及水文地质条件。
高二经济学基础英语阅读理解25题
高二经济学基础英语阅读理解25题1<背景文章>Supply and Demand: The Fundamental Principles in EconomicsIn the world of economics, supply and demand are two of the most crucial concepts. Supply refers to the quantity of a good or service that producers are willing and able to offer for sale at various prices during a given period. On the other hand, demand represents the quantity of a good or service that consumers are willing and able to purchase at different prices within a specific time frame.There are several factors influencing supply. One important factor is the cost of production. If the cost of raw materials, labor, or other inputs increases, the supply may decrease as producers may find it less profitable to produce the same quantity. Technological advancements, however, can increase supply. For example, new and more efficient production methods can enable producers to produce more goods with the same amount of resources.For demand, factors like consumer income play a significant role. When consumers' income rises, they are generally more likely to purchase more goods and services, especially normal goods. The price of related goods also affects demand. For substitute goods, if the price of one good(say, coffee) increases, the demand for its substitute (like tea) may increase. For complementary goods, like cars and petrol, if the price of cars goes up, the demand for petrol may decrease as fewer cars are being bought.In the market, the interaction between supply and demand determines the equilibrium price and quantity. When the quantity supplied equals the quantity demanded, the market is in equilibrium. If the supply is greater than the demand, there is a surplus, and prices tend to fall. Conversely, if the demand exceeds the supply, there is a shortage, and prices usually rise.1. <问题1>A. Supply is only about how much producers can produce without considering price.B. Supply is the quantity of a good or service producers are willing and able to offer for sale at various prices.C. Supply is determined solely by the number of producers in the market.D. Supply has nothing to do with the cost of production.答案：B。
曼昆经济学原理第五版答案英文ch27
THE MONETARY SYSTEMWHAT’S NEW:The discussion of the reserve ratio has been expanded.LEARNING OBJECTIVES:By the end of this chapter, students should understand:what money is and what functions money has in the economy.what the Federal Reserve System is.how the banking system helps determine the supply of money.what tools the Federal Reserve uses to alter the supply of money.KEY POINTS:1.The term money refers to assets that people regularly use to buy goods and services.2.Money serves three functions. As a medium of exchange, it provides the item used to maketransactions. As a unit of account, it provides the way in which prices and other economic values are recorded. As a store of value, it provides a way of transferring purchasing power from the present to the future.modity money, such as gold, is money that has intrinsic value: It would be valued even ifit were not used as money. Fiat money, such as paper dollars, is money without intrinsic value: It would be worthless if it were not used as money.4.In the U.S. economy, money takes the form of currency and various types of bank deposits,such as checking accounts.5.The Federal Reserve, the central bank of the United States, is responsible for regulating theU.S. monetary system. The Fed chairman is appointed by the President and confirmed by Congress every four years. He is the lead member of the Federal Open Market Committee, which meets about every six weeks to consider changes in monetary policy.6. The Fed controls the money supply primarily through open-market operations. The purchaseof government bonds increases the money supply, and the sale of government bonds decreases the money supply. The Fed can also expand the money supply by loweringreserve requirements or decreasing the discount rate, and it can contract the money supply by raising reserve requirements or increasing the discount rate.7. When banks loan out some of their deposits, they increase the quantity of money in the economy. Because of th is role of banks in determining the money supply, the Fed’s controlof the money supply is imperfect.CHAPTER OUTLINE:I.The Meaning of Money A. Definition of Money: the set of assets in an economy that people regularly use to buy goods and services from other people .B. The Functions of Money1. Money serves three functions in our economy.a. Definition of Medium of Exchange: an item that buyers give to sellers when they want to purchase goods andservices .b. Definition of Unit of Account: the yardstick people use topost prices and record debts .c.Definition of Store of Value: an item that people can use to transfer purchasing power from the present to the future .2. Definition of Liquidity: the ease with which an asset can be con verted into the economy’s medium of exchange . a. Money is the most liquid asset available.b. Other assets (such as stocks, bonds, and real estate) vary intheir liquidity.c. When people decide in what forms to hold their wealth, theyhave to balance the liquidity of each possible asset against theasset’s usefulness as a store of value.C. The Kinds of Money1. Definition of Commodity Money: money that takes the form of acommodity with intrinsic value.2. Definition of Fiat Money: money without intrinsic value that isused as money because of government decree.3. In the News: Money on the Island of Yapa. Limestone is used as money on this small island in Micronesia.b. This is an article from The Wall Street Journal detailing the useof this form of money.D. Money in the U.S. Economy1. The quantity of money circulating in the United States is sometimescalled the money stock.2. Included in the measure of the money stock are currency, demanddeposits and other monetary assets.a. Definition of Currency: the paper bills and coins in thehands of the public.b. Definition of Demand Deposits: balances in bank accountsthat depositors can access on demand by writing a check.3. Table 27-1 shows the monetary assets included in two importantmeasures of the money stock, M1 and M2.4. FYI: Credit Cards, Debit Cards, and MoneyHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.a.Credit cards are not a form of money; when a person uses a credit card, he or she is simply deferring payment for the item.b.Because using a debit card is like writing a check, the account balances that lie behind debit cards are included in the measures of money.5. Case Study: Where Is All the Currency? a. If we divide the amount of outstanding currency in the UnitedStates by the adult population, we find that the average adultshould have approximately $2,240 in currency.b. Of course, most adults carry a much smaller amount.c. One explanation is that a great deal of U.S. currency may beheld in other countries.d. Another explanation is that large amounts of currency may be held by criminals because transactions made using currencyleave no paper trail.II.The Federal Reserve SystemA. Definition of Federal Reserve (Fed): the central bank of the United States .B. Definition of Central Bank: An institution designed to oversee the banking system and regulate the quantity of money in the economy .C. The Fed’s Organization1. The Fed was created in 1914 after a series of bank failures.2. The Fed has a Board of Governors with seven members who serve 14-year terms.a.The Board of Governors has a chairman who is appointed for a four-year term. b. The current chairman is Alan Greenspan.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.3.The Federal Reserve System is made up of 12 regional Federal Reserve Banks located in major cities around the country.4. One job that the Fed does is the regulation of banks to ensure the health of the nation’s banking system.5. The second job of the Fed is to control the quantity of money available in the economy.a. Definition of Money Supply: the quantity of moneyavailable in the economy .b. Definition of Monetary Policy: the setting of the moneysupply by policymakers in the central bank .D. The Federal Open Market Committee 1. The Federal Open Market Committee (FOMC) consists of the 7 membersof the Board of Governors and 5 of the 12 regional Federal Reserve District Banks.2.The FOMC meets about every six weeks in order to discuss the condition of the economy and consider changes in monetary policy. 3.The primary way in which the Fed increases or decreases the supply of money is through open market operations (which involve the purchase or sale of government bonds).a.If the Fed wants to increase the supply of money, it creates dollars and uses them to purchase government bonds from the public. b.If the Fed wants to lower the supply of money, it sellsgovernment bonds from its portfolio to the public. Money isthen taken out of the hands of the public and the supply of money falls.III.Banks and the Money SupplyA. The Simple Case of 100-Percent-Reserve Banking1. Example: Suppose that currency is the only form of money and the total amount of currency is $100.2. A bank is created as a safe place to store currency; all deposits are keptin the vault until the depositor withdraws them.a. Definition of Reserves: deposits that banks have receivedbut have not loaned out .b.Under the example described above, we have 100-percent-reserve banking.4. Note that the money supply in this economy is unchanged.a.Before the bank was created, the money supply consisted of $100 worth of currency. b. Now, with the bank, the money supply consists of $100 worth of deposits.5.This means that, if banks hold all deposits in reserve, banks do not influence the supply of money.B. Money Creation with Fractional-Reserve Banking1. Definition of Fractional-Reserve Banking: a banking system inwhich banks hold only a fraction of deposits as reserves.2. Definition of Reserve Ratio: the fraction of deposits that bankshold as reserves.3. Example: Same as above, but First National decides to set its reserveratio equal to 10% and loan out the remainder of the deposits.4. The bank’s T-account would look like this:5. When the bank makes these loans, the money supply changes.a. Before the bank made any loans, the money supply was equal tothe $100 worth of deposits.b. Now, after the loans, deposits are still equal to $100, butborrowers now also hold $90 worth of currency from the loans.c. Therefore, when banks hold only a fraction of deposits in reserve,banks create money.6. Note that, while new money has been created, so has debt. There is nonew wealth created by this process.C. The Money Multiplier1. The creation of the money does not stop at this point.2. Borrowers usually borrow money to purchase something and then themoney likely becomes redeposited elsewhere.3. Suppose a person borrowed the $90 to purchase something and thefunds then get redeposited in Second National Bank. Here is this bank’sT-account (assuming that it also sets its reserve ratio to 10%):4. If the $81 in loans becomes redeposited in another bank, this processwill go on and on.5. Each time the money is deposited and a bank loan is created, moremoney is created.Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.6.Definition of Money Multiplier: the amount of money the banking system generates with each dollar of reserves .D. The Fed’s Tools of Monetary Control1. Definition of Open Market Operations: the purchase and sale ofU.S. government bonds by the Fed .a. If the Fed wants to increase the supply of money, it createsdollars and uses them to purchase government bonds from the public.b. If the Fed wants to lower the supply of money, it sells government bonds from its portfolio to the public. Money isthen taken out of the hands of the public and the supply of money falls.c. If the sale or purchase of government bonds affects the amountof deposits in the banking system, the effect will be made largerby the money multiplier. d.Open market operations are easy for the Fed to conduct and are therefore the tool that the Fed uses most often.2. Definition of Reserve Requirements: regulations on the minimum amount of reserves that banks must hold against deposits .a.This can affect the size of the money supply through changes in the money multiplier. b. The Fed rarely uses this tool because of the disruptions in the banking industry that would be caused by frequent alterations ofreserve requirements.ALTERNATIVE CLASSROOM EXAMPLE: Reserve ratio = 10% Money multiplier = 1/0.10 = 103. Definition of Discount Rate: the interest rate on the loans that theFed makes to banks.a. When a bank cannot meet its reserve requirements, it mayborrow reserves from the Fed.b. A higher discount rate discourages banks from borrowing at theFed and likely encourages banks to hold onto larger amounts oftheir reserves. This in turn lowers the money supply.c. A lower discount rate encourages banks to lend their reserves(and borrow from the Fed). This will increase the money supply.d. The Fed also uses discount lending to help financial institutionsthat are having difficulties.E. Problems in Controlling the Money Supply1. The Fed does not control the amount of money that consumers chooseto deposit in banks.a. The more money that households deposit, the more reserves thebanks have, and the more money the banking system can create.b. The less money that households deposit, the smaller the amountof reserves banks have, and the less money the banking systemcan create.2. The Fed does not control the amount that bankers choose to lend.a. The amount of money created by the banking system dependson loans being made.b. If banks choose to hold onto a greater level of reserves thanrequired by the Fed (called excess reserves), the money supplywill fall.3. Case Study: Bank Runs and the Money Supplya. Bank runs create a large problem under fractional-reservebanking.b. Since the bank only holds a fraction of its deposits in reserve, itwill not have the funds to satisfy all of the withdrawal requestsfrom its depositors.c. Today, deposits are guaranteed through the Federal DepositoryInsurance Corporation (FDIC).Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.ADJUNCT TEACHING TIPS AND WARM-UP ACTIVITIES:1.Encourage students to bring interesting forms of money they may have at home like silverdollars, two-dollar bills, or the new golden dollar coin.2.Suggest that students research the Fed using the Federal Reserve’s home page. Havestudents research the members of the Board of Governors. They can write group papers on the individuals on the Board including their training, which president appointed them, and the length of time remaining in their term.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The three functions of money are: (1) medium of exchange; (2) unit of account; and (3)store of value. Money is used as a medium of exchange because money is the itempeople use to purchase goods and services. Money is used as a unit of account because it’s the yardstick people use to post prices and record debts. Money is used as a store of value because it’s an item people use to transfer purchasing power from the present tothe future.2. The primary responsibilities of the Federal Reserve are to regulate banks, ensuring thehealth of the banking system, and to control the quantity of money that is madeavailable in the economy. If the Fed wants to increase the supply of money, it usuallydoes so by creating dollars and using them to purchase government bonds from thepublic in the nation’s bon d markets.3. Banks create money when they make loans and hold a fraction of the amount of theloans in reserves, resulting in an expansion of both money and credit in the economy. If the Fed wanted to use all three of its tools to decrease the money supply, it would: (1)sell government bonds from its portfolio in the open market to reduce the number ofdollars in circulation; (2) increase reserve requirements to reduce the money created by banks; and (3) increase the discount rate to discourage banks from borrowing reservesfrom the Fed.Questions for Review1. Money is different from other assets in the economy because it is the most liquid assetavailable. Other assets vary widely in their liquidity.2. Commodity money is money with intrinsic value, like gold, which can be used forpurposes other than as a medium of exchange. Fiat money is money without intrinsicvalue; it has no value other than its use as a medium of exchange. Our economy today uses fiat money.3. Demand deposits are balances in bank accounts that depositors can access on demandsimply by writing a check. They should be included in the stock of money because theycan be used to buy goods and services.4. The Federal Open Market Committee (FOMC) is responsible for setting monetary policy inthe United States. The FOMC consists of the seven members of the Federal ReserveBoard of Governors and five of the 12 presidents of Federal Reserve Banks. Members of the Board of Governors are appointed by the president of the United States andconfirmed by the U.S. Senate. The presidents of the Federal Reserve Banks are chosenby each bank’s board of directors.5. If the Fed wants to increase the supply of money with open-market operations, itpurchases U.S. government bonds on the open market. The purchase increases thenumber of dollars in the hands of the public, thus raising the money supply.6. Banks don’t hold 100 percent reserves because it’s more profitable to use the reserves tomake loans, which earn interest, instead of leaving the money as reserves, which earnno interest. The amount of reserves banks hold is related to the amount of money thebanking system creates through the money multiplier. The smaller the fraction ofreserves banks hold, the larger the money multiplier, since each dollar of reserves isused to create more money.7. The discount rate is the interest rate on loans that the Federal Reserve makes to banks.If the Fed raises the discount rate, fewer banks will borrow from the Fed, so banks'reserves will be lower, and thus the money supply will be lower.8. Reserve requirements are regulations on the minimum amount of reserves that banksmust hold against deposits. An increase in reserve requirements raises the reserve ratio, lowers the money multiplier, and decreases the money supply.9. The Fed can't control the money supply perfectly because: (1) the Fed doesn’t controlthe amount of money that households choose to hold as deposits in banks; and (2) theFed doesn’t control the amount that bankers ch oose to lend. The actions of households and banks affect the money supply in ways the Fed can’t perfectly control or predict.Problems and Applications1. a. A U.S. penny is money in the U.S. economy because it is used as a medium ofexchange to buy goods or services, it serves as a unit of account because pricesin stores are listed in terms of dollars and cents, and it serves as a store of valuefor anyone who holds it over time.b. A Mexican peso is not money in the U.S. economy, because it is not used as amedium of exchange, and prices aren't given in terms of pesos, so it isn't a unitof account. It could serve as a store of value, though.c. A Picasso painting isn't money, because you can't exchange it for goods orservices, and prices aren't given in terms of Picasso paintings. It does, however,serve as a store of value.d. A plastic credit card is similar to money, but represents deferred payment, ratherthat immediate payment. So credit cards don't fully represent the medium ofexchange function of money. Nor are they really stores of value, since theyrepresent short-term loans rather than being an asset like currency.2. a. It would be difficult to run the economy using the "Swopper's Column" instead ofHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.money because it requires finding a double coincidence of wants. Money worksefficiently because it requires satisfying people's needs on just one side of eachtransaction; you buy something for money and sell something else for money.With money, you don't have to buy something from someone who wants an itemyou're selling.b. The "Swopper's Column" probably exists so that people can avoid paying taxeson things they buy and sell.3. For an asset to be useful as a medium of exchange, it must be widely accepted (so alltransactions can be made in terms of it), recognized easily as money (so people canperform transactions easily and quickly), divisible (so people can provide change), anddifficult to counterfeit (so people won't print their own money). That's why nearly allcountries use paper money with fancy designs for larger denominations and coins forsmaller denominations.For an asset to be useful as a store of value, it must be something that maintains itsvalue over time and something that can be used directly to buy goods and services orsold when money is needed. In addition to currency, financial assets (like stocks andbonds) and physical assets (like real estate and art) make good stores of value.4. a. If there were an easy way to make limestone wheels, the people on Yap wouldmake additional wheels as long as the monetary value of the wheels was greaterthan the cost of producing the wheels. The result would be that people wouldmake their own money, so there would be too much money produced. Mostlikely, people would stop accepting the wheels as money and switch to someother asset as a medium of exchange.b. If someone in the United States discovered an easy way to counterfeit hundred-dollar bills, they could flood the country with counterfeit currency, thus reducingits value. The result might be a switch to a different type of currency.5. When your uncle repays a $100 loan from Tenth National Bank (TNB) by writing a checkfrom his TNB checking account, the result is a change in the assets and liabilities of both your uncle and TNB, as shown in these T-accounts:By paying off the loan, your uncle simply eliminated the outstanding loan using theassets in his checking account. Your uncle's wealth hasn't changed; he simply has fewerassets and fewer liabilities.6. a. Here is BSB's T-account:b. When BSB's largest depositor withdraws $10 million in cash and BSB reduces itsloans outstanding to maintain the same reserve ratio, its T-account is now:c. Since BSB is cutting back on its loans, other banks will find themselves short ofreserves and they may also cut back on their loans as well.d. BSB may find it difficult to cut back on its loans immediately, since it can't forcepeople to pay off loans. Instead, it can stop making new loans. But for a time itmight find itself with more loans than it wants. It could try to attract additionaldeposits to get additional reserves, or borrow from another bank or from the Fed.7. If you take $100 that you held as currency and put it into the banking system, then thetotal amount of deposits in the banking system increases by $1,000, since a reserve ratio of 10 percent means the money multiplier is 1/.10 = 10. Thus the money supplyincreases by $900, since deposits increase by $1,000 but currency declines by $100.8. With a required reserve ratio of 10 percent, the money multiplier could be as high as1/.10 = 10, if banks hold no excess reserves and people don't keep some additionalcurrency. So the maximum increase in the money supply from a $10 million open-market purchase is $100 million. The smallest possible increase is $0, if all the money is held by banks as excess reserves.9. a. If the required reserve ratio is 5 percent, then First National Bank's requiredreserves are $500,000 x .05 = $25,000. Since the bank’s total reserves are$100,000, it has excess reserves of $75,000.b. With a required reserve ratio of 5 percent, the money multiplier is 1/.05 = 20. IfFirst National lends out its excess reserves of $75,000, the money supply willeventually increase by $75,000 x 20 = $1,500,000.10. a. With a required reserve ratio of 10 percent and no excess reserves, the moneymultiplier is 1/.10 = 10. If the Fed sells $1 million of bonds, reserves will declineby $1 million and the money supply will contract by 10 x $1 million = $10 million.b. Banks might wish to hold excess reserves if they need to hold the reserves fortheir day-to-day operations, such as paying other banks for customers'transactions, making change, cashing paychecks, and so on. If banks increaseexcess reserves such that there's no overall change in the total reserve ratio,Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.then the money multiplier doesn't change and there's no effect on the moneystock.11. a. With banks holding only required reserves of 10 percent, the money multiplier is1/.10 = 10. Since reserves are $100 billion, the money stock is 10 x $100 billion= $1,000 billion.b. If the required reserve ratio is raised to 20 percent, the money multiplier declinesto 1/.20 = 5. With reserves of $100 billion, the money stock would decline to$500 billion, a decline of $500 billion. Reserves would be unchanged, since allavailable currency would be held by banks as reserves.12. a. If people hold all money as currency, the quantity of money is $2,000.b. If people hold all money as demand deposits at banks with 100 percent reserves,the quantity of money is $2,000.c. If people have $1,000 in currency and $1,000 in demand deposits, the quantityof money is $2,000.d. If banks have a reserve ratio of 10 percent, the money multiplier is 1/.10 = 10.So if people hold all money as demand deposits, the quantity of money is 10 x$2,000 = $20,000.e. If people hold equal amounts of currency (C) and demand deposits (D) and themoney multiplier for reserves is 10, then two equations must be satisfied:(1) C = D, so that people have equal amounts of currency and demand deposits;and (2) 10 x ($2,000 - C) = D, so that the money multiplier (10) times thenumber of dollar bills that aren't being held by people ($2,000 - C) equals theamount of demand deposits (D). Using the first equation in the second gives 10x ($2,000 - D) = D, or $20,000 - 10 D = D, or $20,000 = 11 D, so D =$1,818.18. Then C = $1,818.18. The quantity of money is C + D = $3,636.36.。
主要内容菲利普斯曲线的定义菲利普斯曲线的推导长期菲利普斯曲线短期菲利普斯曲线的移动
b. Decreases in the money supply, decreases
in government spending, move the economy
to a point on the Phillips curve with higher unemployment and lower inflation. 减少货币供 给, 降低通货膨胀,提高失业率.
失业率
12.0 10.0
8.0 6.0 4.0 2.0 0.0
Jan-08
2008年-2011年美国国内失业情况
Jul-08
Jan-09
Jul-09 Jan-10
月份
Jul-10
Jan-11
Phillips Curve:
a curve that shows the short-run tradeoff between inflation and unemployment.
High unemployment is related to low aggregate demand, and low aggregate demand pulls price levels down.
低失业时候，由于总需求高，推高物价和工资水平。 高失业时，总需求减少，物价水平下降。
高失业低通胀导致美国经济下行 风险增加
Samuelson and Solow believed that the Phillips curve offered policymakers a menu of possible economic outcomes.
货币与财政政策之间的差异
完
谢谢
一般来说，由政府的立法和 行政部门来控制财政政策， 而中央银行（如中国人民银 行等）负责货币政策。
二、财政政策与货币政策的功能和执行手段不同
Fiscal policy includes the government's range of taxation and expenditure options by which it can affect the course of a nation's economy. Governments may, for example, attempt to stimulate a sluggish economy through a combination of fiscal policy tools such as tax cuts and spending increases.
货币政策是指政府管理全国 的货币供应的一系列政策工 具 。货币政策工具包括购买 和出售政府债券（称为公开 市场业务），改变存款准备 金比例及贷款利率以收紧银 根。所有的货币政策工具都 可以扩大或收缩货币供应。 所有的货币政策工具，目标 都是努的影响效果不同
The Differences Between Fiscal Policy & Monetary Policy
财政政策与货币政策之间的差异
Governments try to manage their nations' economies through their control of fiscal and monetary policy. Fiscal policy relates to government taxation and spending, while monetary policy affects a nation's money supply and interest rates. Fiscal and monetary policies both have short- and long-term effects.
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Ralph Byrns Test Bank for Corporate Finance and Financial Markets 1 Money and the Money Supply 1. If there are five goods in a barter economy, you need to know ten pairs of relative prices to knowledgably exchange one good for another. If, however, there are ten goods in a barter economy, then the number of relative prices one needs to know to knowledgably exchange one good for another is. (a) 20. (b) 25. (c) 30. (d) 45. (e) 90.
2. One major difference between money and income is that (a) money is a flow and income is a stock. (b) money is a stock and income is a flow. (c) there is no difference--money and income are both stocks. (d) there is no difference--money and income are both flows.
3. Money most helps us avoid the problems associated with the requirement for exchange that (a) government regulations are often barriers to certain transactions. (b) a double coincidence of wants must exist. (c) specialization according to subdivisions of labor create alienation. (d) comparative disadvantages raise production costs to unprofitable levels.
4. Fiat money has value primarily because it is: (a) accepted as a medium of exchange. (b) verified by the United Nations. (c) backed by gold or silver. (d) a good hedge against inflation. (e) heterogeneous and indivisible.
5. The most important function of money is its use as a: (a) medium of exchange. (b) scoring mechanism. (c) coincider of needs. (d) store of value. (e) means of production.
6. The most important of the major functions of money is its use as a: (a) store of value. (b) medium of exchange. (c) standard of deferred payment. (d) measure of value.
7. If our economy is a car, then money as a medium exchange functions most like: (a) the steering wheel. (b) antifreeze. (c) gasoline. (d) the headlights. (e) the gear shift.
8. Alexa and Chandra were destitute before they loaded five ATM machines from three shopping malls into their rented U-Haul truck, escaped, and broke the machines open. The immediate result of their crime spree is an increase in the: (a) Keynesian spending multiplier. (b) money supply. (c) government budget deficit. (d) monetary base. (e) reserves in the banking system.
9. A bank robber who gets away with a lot of cash has most immediately and directly increased the: (a) riskiness of financial investments. (b) expectations of inflation. (c) potential money multiplier. (d) liquidity effect. (e) monetary base.
10. One effect of a successful bank robbery is to increase the: (a) expectations effect. (b) money supply. (c) liquidity effect. (d) government’s profit from printing currency. (e) potential money multiplier. © 2004 EconomicsInteractive.com 2
11. In the very short run, a successful major bank robbery increases the money supply because it increases the: (a) monetary base. (b) velocity of money. (c) potential money multiplier. (d) level of government spending on police protection.
12. The idea that using money as a medium of exchange promotes efficiency is based on the fact that money: (a) increases transactions costs. (b) is inexpensive to produce. (c) generates seignorage profits to the Treasury at lower costs than is true of taxation. (d) is a reasonably accurate measure of value. (e) facilitates divisions of labor and specialization and trade according to comparative advantage.
13. Money can comprehensively (but fuzzily) be characterized as: (a) any set of assets that is widely accepted in payment for goods and services or in the repayment of debt. (b) a unique and accurate cardinal measure of income and wealth. (c) riskless repositories of spending power. (d) bills of exchange and trade. (e) an acknowledged liability of the federal government. (f) all of the above.
14. When economists say that money promotes efficiency, they mean that money (a) increases transactions costs. (b) encourages specialization and the division of labor. (c) is inexpensive to produce. (d) generates seignorage profits to the Treasury at lower costs than is true of taxation.
15. Calculating relative prices is most difficult in a: (a) capitalist economy. (b) monetary economy. (c) socialist economy. (d) barter economy. (e) market economy.
16. If there are five goods in a barter economy, one needs to know ten prices in order to exchange one good for another. If, however, there are ten goods in a barter economy, then the number of relative prices one needs to know in order to efficiently exchange one good for another is: (a) 20 (b) 25 (c) 30 (d) 45 (e) 90. (f) 100.