宏观经济学之货币理论与货币政策.ppt

四、货币理论与货币政策 MONETARY THEORY AND MONETARY POL CY 金融资产结构 ·货币与货币供给 M。流通中现金 M, = M。＋活期存款 M 1= M1＋定期存款 M 3 = M 1＋其他短期流动资产 （ 如国库券 、 银行承兑汇票 、商业票据 ） ＋外汇存款 ．有价证券 ：分为政府债券和企业债券两种 。 ．股票 。 The Meaning of Money Money is the set of assets C 资产） in the economy that people regularly use to buy goods and services from other people. Three Functions of Money Money has three functions in the economy. Medium of exchange C 交换媒介） Unit of account （ 计量单位 ） Store of value C 贮藏价值） Medium of Exchange A medium of exchange is anything that is readily acceptable as payment. Unit of Account A unit of account is the yardstick people use to post prices and record debts. Store of Value A store of value is an item that people can use to transfer purchasing power （ 购买力 ） future. from the present to the Liquidity C 流动性 ） Liquidity is the ease with which an asset can be converted into the economy’ S medium of exchange. The Kinds of Moneγ Commodity money c 1刮 目i货 币） takes the form of a commodity with intrinsic value （ 内在价值） ． Examples: Gold,silver,cigarettes Fiat money c法定货币 ） is used as money because of government decree. It does not have intrinsic value. Examples: Coins,currency,check deposits Moneγ in the Economy Currency （ 通货 ） is the paper bills and coins in the hands of the public. Demand deposits （活期存款 ） are balances in bank accounts that depositors can access on demand by writing a check. 中央银行职能 ．垄断发行本国的法定 货币。 ．以债务方式接受存款 机构缴存的存款准 备金 ，以垫款或票据再贴现方式对存款 机构发放贷款 ，承担金融机构之间的票 据交换和结算业务。 ．代理国库 ，即经办政府的收支，管理国 家的外汇 ，制定和实施国家的金融 政策。 The Federal Reserve联邦储备体系 The Federal Reserve (Fed) serves as the nation’ s central bank It is designed to oversee the banking system. It regulates the quantity of money in the economy. The Federal Reserve The Fed was created in 1914 a仕er a series of bank failures convinced Congress that the U.S. needed C 国会） a central bank to ensure the health of the nation’ s banking system. The Fed’s Organization The Fed is run by a Board of Governors （ 董事局） ,which has seven members appointed