第七章货币需求和货币市场均衡3.pptVIP

A Peculiar特殊 Structure;The Fed’s Structure;The Federal Reserve;Functions of the Fed;Conducting Monetary Policy;Open Market Committee;Setting The Reserve Requirement;The Discount Rate I;Open Market Operations;Federal Open Market Committee;The Main Point;What Can the Fed Do?;Whom Do the Bonds Go To?;For Example;The Important Point;Open Market Sales;中央银行对货币供给的其他控制措施;货币市场均衡;货币供给对货币市场均衡的影响;Closing a Recessionary Gap;The Fed Reduces Reserves;Monetary Policy in the AD-AS Framework;(1) (2) Easy money policy Tight money policy Problem: unemployment and recession Problem: inflation Federal Reserve buys Federal Reserve sells bonds, increases bonds, lowers reserve ration, or reserve ratio, or increases the discount rate lowers the discount rate Excess reserves increase Excess reserves decrease Money supply rises Money supply falls Interest rates fall Interest rate rises Investment spending increases Investment spending decreases Aggregate demand increases Aggregate demand decreases Real GDP rises by a multiple Inflation declines of the increase in investment;An Important Point ;More of a Guessing Game;A Major Paradox;The Keynesian View: I;The Keynesian View: II;The Monetarist View;The Bad Driver Fed: I;The Bad Driver Fed: II;To accommodate适应调节 this tax cut, the Fed reluctantly勉强的不情愿的 increased the money supply and then stood by as a new and ugly macroeconomic phenomenon called “stagflation” -- simultaneous high unemployment and high inflation -- began to tighten its deadly grip支配控制 on the nation.;Prior To The 1970s;The Keynesian Dilemma;The Monetarist Cure;The Fed’s Monetarist Fling突然投入转向: I;Unfortunately, the Fed’s Monetarist cure proved to be almost as bad as the stagflation disease. Interest rates soared to above 20 percent, inflation remained in the double digits, and the economy entered into the beginning of a severe three-year recession. ;The Fed’s Monetarist Fling: II;Finally, in the summer of 1982, the Fed relaxed its Monetarist rules, and b