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6MONEYANDPRICESINTHELONGRUN
6TheMonetarySystem
6.1THEMEANINGOFMONEYMoneyisthesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.
6.1.1TheFunctionsofMoneyMoneyhasthreefunctionsintheeconomy:MediumofexchangeUnitofaccountStoreofvalue
6.1.1TheFunctionsofMoneyMediumofExchangeAmediumofexchangeisanitemthatbuyersgivetosellerswhentheywanttopurchasegoodsandservices.UnitofAccountAunitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.
6.1.1TheFunctionsofMoneyStoreofValueAstoreofvalueisanitemthatpeoplecanusetotransferpurchasingpowerfromthepresenttothefuture.Liquidityistheeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.
6.1.2TheKindsofMoneyCommoditymoneytakestheformofacommoditywithintrinsicvalue.Examples:Gold,silver,cigarettes.Fiatmoneyisusedasmoneybecauseofgovernmentdecree.Itdoesnothaveintrinsicvalue.Examples:Coins,currency,checkdeposits.
6.1.3MoneyintheU.S.EconomyCurrencyisthepaperbillsandcoinsinthehandsofthepublic.Demanddepositsarebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.
Figure1MoneyintheU.S.EconomyCopyright?2003Southwestern/ThomsonLearningBillionsofDollars?Currency($580billion)?Demanddeposits?Traveler’schecks?Othercheckabledeposits($599billion)?EverythinginM1($1,179billion)?Savingsdeposits?Smalltimedeposits?Moneymarketmutualfunds?Afewminorcategories($4,276billion)0M1$1,179M2$5,455
CASESTUDY:WhereIsAllTheCurrency?In2001therewasabout$580billionofU.S.currencyoutstanding.Thatis$2,734incurrencyperadult.Whoisholdingallthiscurrency?CurrencyheldabroadCurrencyheldbyillegalentities
6.2THEFEDERALRESERVESYSTEMTheFederalReserve(Fed)servesasthenation’scentralbank.Itisdesignedtooverseethebankingsystem.Itregul
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