宏观经济学原理与应用（第二版）教学配套课件罗伯特.E.霍尔monetary_system.pdfVIP

The Monetary System, Prices, and Inflation Slides by: John Pamela Hall ECONOMICS: Principles and Applications 3e HALL LIEBERMAN © 2005 Thomson Business and Professional Publishing The Monetary System • Establishes two different types of standardization in the economy – Unit of value—a common unit for measuring how much something is worth • Refers to the way we think about and record transactions – Means of payment—things we can use as payment when we buy goods and services • Refers to how payment is actually made • In United States, the dollar is centerpiece of our monetary system 2 History of the Dollar • How did the dollar come to play such an important role in the economy? • Prior to 1790, each colony had its own currency – Called the “pound” in every colony, but it had a different purchasing power in each of them – In 1790 Congress created a new unit of value called the dollar • Primary means of payment in United States until Civil War was paper currency issued by private banks • However, during Civil War government issued first federal paper currency—greenback – Functioned as both unit of value and major means of payment until 1879 • In 1913, a new institution was created to be the national monetary authority in United States – Federal Reserve System 3 Why Paper Currency is Accepted as A Means of Payment • Paper currency is a relatively recent development in the history of the means of payment • Earliest means of payment were precious metals and other valuable commodities such as furs or jewels – Called commodity money because they had important uses other than as