- 1、本文档共38页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
- 5、该文档为VIP文档,如果想要下载,成为VIP会员后,下载免费。
- 6、成为VIP后,下载本文档将扣除1次下载权益。下载后,不支持退款、换文档。如有疑问请联系我们。
- 7、成为VIP后,您将拥有八大权益,权益包括:VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
- 8、VIP文档为合作方或网友上传,每下载1次, 网站将根据用户上传文档的质量评分、类型等,对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档
查看更多
The Federal Reserve System USI联邦储备系统的使用
The portfolio decision is the choice of how (where) to hold idle funds. People do not hold all their idle funds in transactions accounts or cash. The Fed’s open-market operation focus on the portfolio choices people make. The Fed attempts to influence the choice by making bonds more or less attractive, as circumstances warrant. When the Fed buys bonds from the public, it increases the flow of deposits (reserves) to the banking system. Bond sales by the Fed reduce the flow. Likewise, when the Fed sells bonds, it removes money from the banking system. Open market operations Fed BUYS bonds Buyers spend account balances Sellers deposit bond proceeds Banks The Fed Fed SELLS bonds Reserves decrease Reserves increase The Public Not all of us buy and sell bonds, but a lot of consumers and corporations do. A bond is a certificate acknowledging a debt and the amount of interest to be paid each year until repayment. It is nothing more than an IOU. The current yield paid on a bond is the rate of return on a bond. It is the annual interest payment divided by the bond’s price. A principal objective of Federal Reserve open market activity is to alter the price of bonds, and therewith their yields. The less you pay for a bond, the higher its yield. Federal Reserve open-market activity alters the price of bonds, and their yields. By doing so, the Fed makes bonds a more or less attractive alternative to holding money. Open market operations are Federal Reserve purchases and sales of government bonds for the purpose of altering bank reserves. If the Fed offers to pay a higher price for bonds, it will effectively lower bond yields and market interest rates. By buying bonds, the Fed increases bank reserves. Federal Open Market Committee Regional Federal Reserve bank Private bank Step 2: Bond seller deposits Fed check Step 3: Bank deposits check at Fed bank, as a reserve credit Public Step 1: FOMC purchases government bonds; pays for bonds with Federal Reserve check Fed funds rate act
您可能关注的文档
- The difficulty with pronouncing English vowels与英语元音发音的困难.ppt
- The Digestive and Excretory Systems SchoolRack消化和排泄系统SchoolRack.ppt
- THE DIGESTIVE SYSTEM msvillari消化系统msvillari.weebly.ppt
- The Different Seasons Hospital Authority不同季节医院管理局.ppt
- The Dimensions of Gubernatorial Power Skidmore 州长的权力Skidmore的尺寸.ppt
- THE DIGESTIVE SYSTEM I cuni我的消化系统铜镍.cz.ppt
- The Difference Between Assessment and Evaluation评价与评价的区别.ppt
- The Dini GroupDini集团.ppt
- The Direction of Information Security and Privacy in 信息安全和隐私的方向.ppt
- The Disposition to Sell Winners Too Early and Ride Losers too出售赢家的倾向太早了也要骑输家.ppt
文档评论(0)