《金融专业英语》课件-Chapter-6-Central-Banking.pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * * * * * How do central banks regulate money supply 1 2 change reserve requirements 改变存款准备金率 buy and sell government securities on the open market 公开市场买卖政府债券 3 raise or lower the discount rate 提高或降低贴现率 6.3 Central Bank Interest Rate Control Several interest rates that the Fed sets Changes of Fed’s monetary policy conducting system Floor system Refined floor system Several interest rates that the Fed sets （几种联邦基金利率） （1）The fed funds rate, that the Federal Open Market Committee (FOMC) of the Fed sets at its eight regular meetings a year, is an interest rate on overnight credit arrangements among financial institutions—that is, a very short-term interest rate. 联邦基金利率，同业市场拆借形成的利率 （2）The Fed also sets the discount rate, or the interest rate on primary credit, which is an interest rate at which the Fed lends to commercial banks in its role as a lender of last resort.贴现利率，一级信贷利率，美联储作为最后贷款人向商业银行发放贷款的利率 （3）Still another rate is the one that on interest paid by the Fed on reserves. Banks hold reserve accounts with the Fed; these accounts essentially play the role of checking accounts for financial institutions. Thus, a reserve account is a loan to the Fed from a bank.对存款准备金支付的利率 Changes of Fed’s monetary policy conducting system （美联储货币政策实施体系的变化） Prior to the financial crisis (late 2007 through 2008), the Fed conducted monetary policy within what economists call a channel system. The Fed targeted the overnight fed funds rate within a channel, with the discount rate as the upper bound on the channel and the interest rate on reserves as the lower bound on the channel. 通道系统，以贴现率作为通道上限，以存款准备金率作为通道下限 First, since late 2008, the reserves held at the Fed by financial institutions have earned interest. Further, and more importantly, the interest rate on excess reserves, or IOER, is set by the Fed and can be changed over time. Second, during the Great Recession (late 2007 to mid-2009) and its aftermath, the Fed engaged in som