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TheFed,Money,andCredit.
IntroductionInGreatRecession,FedaggressivelycutinterestratesReducedtoalmostzeroContinuedevenafterofficialendofrecession17-2
MoneyStockDeterminationThemoneysupplyconsistsmainlyofdepositsatbanks?FeddoesnotcontroldirectlyAkeyconceptconcerningmoneyintheU.S.isthefractionalreservebankingsystem:banksrequiredtokeeponlyafractionofalldepositsonhandoronreserve(notloanedout)Highpoweredmoney(monetarybase)consistsofcurrencyandbanks’depositsattheFedThepartofthecurrencyheldbythepublicformspartofthemoneysupplyCurrencyinbankvaultsandbanks’depositsattheFedareusedasreservesbackingindividualandbusinessdepositsatbanksFed’scontroloverthemonetarybaseisthemainroutethroughwhichitdeterminesthemoneysupply17-3
MoneyStockDeterminationTheFedhasdirectcontroloverhighpoweredmoney(H)Moneysupply(M)islinkedtoHviathemoneymultiplier,mmTopoffigure17-2isthemoneystockBottomoffigureisthestockofhigh-poweredmoney=monetarybaseMoneymultiplier(mm)istheratioofthestockofmoneytothestockofhighpoweredmoney?mm1Thelargerdepositsare,asafractionofM,thelargerthemultiplier17-4
MoneyStockDeterminationMoneysupplyconsistsofcurrency,CU,plusdeposits:(1)Highpoweredmoneyconsistsofcurrencyplusreserves:(2)Summarizethebehaviorofthepublic,thebanks,andtheFedinthemoneysupplyprocessbythreevariables:Currency-depositratio:Reserveratio:Stockofhighpoweredmoney:H17-5
MoneyStockDeterminationWecanrewriteequations(1)and(2)as:andThisallowsustoexpressthemoneysupplyintermsofitsprincipaldeterminants,re,cu,andH:(3)wheremmisthemoneymultiplier,givenby:
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