6曼昆宏观-第六讲-货币制度综述.ppt

* In subsequent chapters (including the chapter immediately following this one), students will learn that the Federal Reserve’s monetary policy can have huge effects on many macroeconomic variables, like inflation, interest rates, unemployment, and even stock price indexes and exchange rates. As chair of the FOMC, Ben Bernanke is in the news quite frequently. * In subsequent chapters (including the chapter immediately following this one), students will learn that the Federal Reserve’s monetary policy can have huge effects on many macroeconomic variables, like inflation, interest rates, unemployment, and even stock price indexes and exchange rates. As chair of the FOMC, Ben Bernanke is in the news quite frequently. * The notion that banks create money by making loans is a new and perhaps awkward idea for students. The following slide may help. * Reserve requirements were introduced defined on the slide titled “Bank Reserves,” immediately following “The Structure of the Fed.” Reserve requirements are not a good tool for monetary policy: To make the money supply grow over time, the Fed would have to continually reduce reserve requirements. This is neither possible – they cannot be reduced below 0 – nor desirable – if reserves are too low, then banks will have liquidity problems, and bank runs (discussed later in the chapter) might become fashionable again. To reduce the money supply using reserve requirements, banks wouldn’t be able to make as many loans, which would make the banking industry less profitable and could cause it to contract. * Why might banks run low on reserves? On any given day, it might turn out that depositors make higher-than-expected withdrawals, or the bank makes more loans than expected. * Reserve requirements were introduced defined on the slide titled “Bank Reserves,” immediately following “The Structure of the Fed.” Reserve requirements are not a good tool for monetary policy: To make the money supply grow over