MankiwEconomicsChap27中山大学吴柏林教授《曼昆·经济学原理》绝密资料.pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * * * * Money Creation When one bank loans money, that money is generally deposited into another bank. This creates more deposits and more reserves to be lent out. When a bank makes a loan from its reserves, the money supply increases. Assets Liabilities First National Bank Reserves $10.00 Loans $90.00 Deposits $100.00 Total Assets $100.00 Total Liabilities $100.00 Assets Liabilities Second National Bank Reserves $9.00 Loans $81.00 Deposits $90.00 Total Assets $90.00 Total Liabilities $90.00 Money Supply = $190.00! Money Creation The Money Multiplier How much money is eventually created in this economy? ? The Money Multiplier The money multiplier is the amount of money the banking system generates with each dollar of reserves. The Money Multiplier How much money is eventually created in this economy? Original deposit = $ 100.00 First National lending = $ 90.00 [=0.9 x $100.00] Second National lending = $ 81.00 [=0.9 x $90.00] Third National lending = $ 72.90 [=0.9 x $81.00] ˉ ˉ ˉ ˉ Total money supply = $1,000 The Money Multiplier The money multiplier is the reciprocal of the reserve ratio: M = 1/R With a reserve requirement, R = 20% or 1/5, The multiplier is 5. Fed’s Tools of Monetary Control The Fed has three tools in its monetary toolbox: Open-market operations Changing the reserve requirement Changing the discount rate Open-Market Operations The Fed conducts open-market operations when it buys government bonds from or sells government bonds to the public: When the Fed buys government bonds, the money supply increases. The money supply decreases when the Fed sells government bonds. Changing the Discount Rate The reserve requirement is the amount (%) of a bank’s total reserves that may not be loaned out. Increasing the reserve requirement decreases the money supply. Decreasing the reserve requirement increases the money supply. Changing the Discount Rate The discount rate is the interest