Mishkin_02_C16.ppt

Chapter 16 Central Banks and the Federal Reserve System 中央银行和 联邦储备体系 The Price Stability Goal物价稳定目标 Low and stable inflation 低且稳定的通货膨胀水平 Inflation 通货膨胀 Creates uncertainty and difficulty in planning for the future 增加经济生活中的不确定性，对未来的计划更为困难 Lowers economic growth 减缓经济增长 Strains social fabric 使社会结构更为紧张 Nominal anchor to contain inflation expectations 名义锚有助于形成稳定的通货膨胀预期 Time-inconsistency problem 时间不一致性问题 Other Goals of Monetary Policy 货币政策的其他目标 High employment 高就业率 Economic growth 经济增长 Stability of financial markets 金融市场稳定 Interest-rate stability 利率稳定 Foreign exchange market stability 外汇市场稳定 Should Price Stability be the Primary Goal?物价稳定应该是货币政策的首要目标吗? In the long run there is no conflict between the goals 长期内目标间不存在矛盾 In the short run it can conflict with the goals of high employment and interest-rate stability 短期内物价稳定与高就业率和利率稳定这两个目标相冲突 Hierarchical mandate 层级使命 Dual mandate 双重使命 Origins of the Federal Reserve System 联邦储备体系的起源 Resistance to establishment of a central bank 美国人抵制建立中央银行 Fear of centralized power 对权力集中的恐惧 Distrust of moneyed interests 对金融业固有的不信任 No lender of last resort 不再存在最后贷款人 Nationwide bank panics on a regular basis 全国性的银行恐慌成为一种经常性事件 Panic of 1907 so severe that the public was convinced a central bank was needed 1907年的银行恐慌非常严重，使得社会公众确信需要建立中央银行 Federal Reserve Act of 1913 1913年《联邦储备法案》 Elaborate system of checks and balances 精心设计的带有制约和平衡特点的体系 Decentralized 分散化的体系 FIGURE 1 Structure and Responsibility for Policy Tools in the Federal Reserve System图1 联邦储备体系的结构及其与货币政策工具的关系 FIGURE 2 Federal Reserve System 图2 联邦储备体系 Source: Federal Reserve Bulletin. Federal Reserve Banks联邦储备银行 Quasi-public institution owned by private commercial banks in the district that are members of the Fed system 准公共机构，其股东是储备区内作为联邦储备体系成员的私人商业银行 Member banks elect six directors for each district; three more are appointed by the Board of Governors 会员银行推选本地区联邦储备银行的6名董事，其他三位董事由联邦储备理事会任命 Three A directors are professional bankers 三位A类董事是职业银行家 Three B directors are prominent leaders