米什金货币金融学(商学院版)第16章课件备课讲稿.pptVIP

Copyright ? 2010 Pearson Addison-Wesley. All rights reserved. 17-* Copyright ? 2010 Pearson Addison-Wesley. All rights reserved. Chapter 16 Multiple deposit Creation and the Money Supply Process 第一页，共21页。 Players in the Money Supply Process Central bank (Federal Reserve System) Banks (depository institutions; financial intermediaries) Depositors (individuals and institutions) Borrowers from banks (individuals and institutions that borrow and institutions that issue bonds) 第二页，共21页。 Fed’s Balance Sheet Federal Reserve System Assets Liabilities Government securities Currency in circulation Discount loans Reserves 第三页，共21页。 Monetary Liabilities Currency in circulation: in the hands of the public Reserves: bank deposits at the Fed and vault cash Reserves= required reserves + excess reserves Assets Government securities: holdings by the Fed that affect money supply and earn interest Discount loans: provide reserves to banks and earn the discount rate Very important Changes in the asset items lead to changes in reserves and consequently to changes in the money supply. These assets earn interest while the liabilities do not. 第四页，共21页。 Monetary Base 第五页，共21页。 Open Market Purchase from a Bank Net result is that reserves have increased by $100 No change in currency Monetary base has risen by $100 Banking System Federal Reserve System Assets Liabilities Assets Liabilities Securities -$100 Securities +$100 Reserves +$100 Reserves +$100 第六页，共21页。 Open Market Purchase from Nonbank Public I Person selling bonds to the Fed deposits the Fed’s check in the bank Identical result as the purchase from a bank Banking System Federal Reserve System Assets Liabilities Assets Liabilities Reserves +$100 Checkable deposits +$100 Securities +$100 Reserves +$100 第七页，共21页。 Open Market Purchase from Nonbank Public II The person selling the bonds cashes the Fed’s check Reserves are unchanged Currency in circulation increases by the amount of the open market purchase Monetary base increase