《货币银行学教学课件》MishkinCh13.pptVIP

* * * * * * * * * * * * Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. Chapter 13 Multiple Deposit Creation and the Money Supply Process Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 13-* Players in the Money Supply Process Central bank (Federal Reserve System) Banks (depository institutions; financial intermediaries) Depositors (individuals and institutions) Borrowers (individuals and institutions) Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 13-* Fed’s Balance Sheet Monetary Liabilities Currency in circulation—in the hands of the public Reserves—bank deposits at the Fed and vault cash Assets Government securities—holdings by the Fed that affect money supply and earn interest Discount loans—provide reserves to banks and earn the discount rate Federal Reserve System Assets Liabilities Government securities Currency in circulation Discount loans Reserves Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 13-* Monetary Base Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 13-* Open Market Purchase from a Bank Net result is that reserves have increased by $100 No change in currency Monetary base has risen by $100 Banking System Federal Reserve System Assets Liabilities Assets Liabilities Securities -$100 Securities +$100 Reserves +$100 Reserves +$100 Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 13-* Open Market Purchase from Nonbank Public I Person selling bonds to the Fed deposits the Fed’s check in the bank Identical result as the purchase from a bank Banking System Federal Reserve System Assets Liabilities Assets Liabilities Reserves +$100 Checkable deposits +$100 Securities +$100 Reserves +$100 Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 13-* Open Market Purchase from Nonbank Public II The person selling the bonds cashes the Fed’s check Reserves are unchanged Currency in circulation increases by the amount of the open market purchase Monetary base increas