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1、Copyright 2010 Pearson Addison-Wesley. All rights reserved.Chapter 16Multiple deposit Creation and the Money Supply ProcessCopyright 2010 Pearson Addison-Wesley. All rights reserved.17-2我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Players in the Money Supply Process Central ba
2、nk (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)Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-3我吓了一跳，蝎子是多么丑
3、恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Feds Balance SheetFederal Reserve SystemAssetsLiabilitiesGovernment securitiesCurrency in circulationDiscount loansReservesCopyright 2010 Pearson Addison-Wesley. All rights reserved.17-4我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：
4、表里边有一个活的生物 Monetary Liabilities Currency in circulation: in the hands of the public Reserves: bank deposits at the Fed and vault cashReserves= required reserves + excess reserves Assets Government securities: holdings by the Fed that affect money supply and earn interest Discount loans: provide rese
5、rves to banks and earn the discount rateVery 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.Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-5我吓了一跳，蝎子是多么丑恶和恐怖的东西，
6、为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Monetary BaseHigh-powered money = += currency in circulation = total reserves in the banking systemMBC RC RCopyright 2010 Pearson Addison-Wesley. All rights reserved.17-6我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Open Market Pu
7、rchase from a Bank Net result is that reserves have increased by $100 No change in currency Monetary base has risen by $100Banking SystemFederal Reserve SystemAssetsLiabilitiesAssetsLiabilitiesSecurities-$100Securities+$100Reserves+$100Reserves+$100Copyright 2010 Pearson Addison-Wesley. All rights r
8、eserved.17-7我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Open Market Purchase from Nonbank Public I Person selling bonds to the Fed deposits the Feds check in the bank Identical result as the purchase from a bankBanking SystemFederal Reserve SystemAssetsLiabilitiesAssetsLiabil
9、itiesReserves+$100Checkable deposits+$100Securities+$100Reserves+$100Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-8我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Open Market Purchase from Nonbank Public II The person selling the bonds cashes the Feds check Reser
10、ves are unchanged Currency in circulation increases by the amount of the open market purchase Monetary base increases by the amount of the open market purchaseNonbank PublicFederal Reserve SystemAssetsLiabilitiesAssetsLiabilitiesSecurities-$100Securities+$100Currency in circulation+$100Currency+$100
11、Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-9我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Open Market Purchase: Summary The effect of an open market purchase on reserves depends on whether the seller of the bonds keeps the proceeds from the sale in currency o
12、r in deposits The effect of an open market purchase on the monetary base always increases the monetary base by the amount of the purchaseCopyright 2010 Pearson Addison-Wesley. All rights reserved.17-10我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Open Market Sale Reduces the mo
13、netary base by the amount of the sale Reserves remain unchanged The effect of open market operations on the monetary base is much more certain than the effect on reservesNonbank PublicFederal Reserve SystemAssetsLiabilitiesAssetsLiabilitiesSecurities+$100Securities-$100Currency in circulation-$100Cu
14、rrency-$100Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-11我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Shifts from Deposits into Currency Net effect on monetary liabilities is zeroReserves are changed by random fluctuationsMonetary base is a more stable variab
15、leNonbank PublicBanking SystemAssetsLiabilitiesAssetsLiabilitiesCheckable deposits-$100Reserves-$100Checkable deposits-$100Currency+$100Federal Reserve SystemAssetsLiabilitiesCurrency in circulation+$100Reserves-$100Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-12我吓了一跳，蝎子是多么丑恶和恐怖的东西，
16、为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Making a Discount Loan to a Bank Monetary liabilities of the Fed have increased by $100 Monetary base also increases by this amountBanking SystemFederal Reserve SystemAssetsLiabilitiesAssetsLiabilitiesReserves+$100Discount loans+$100Discount loan+$100R
17、eserves+$100(borrowing from Fed)(borrowing from Fed)Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-13我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Paying Off a Discount Loan from the Fed Net effect on monetary base is a reduction Monetary base changes one-for-one
18、 with a change in the borrowings from the Federal Reserve SystemBanking SystemFederal Reserve SystemAssetsLiabilitiesAssetsLiabilitiesReserves-$100Discount loans-$100Discount loans-$100Reserves-$100(borrowing from Fed)(borrowing from Fed)Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-
19、14我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Other Factors Affecting the Monetary Base Float Treasury deposits at the Federal Reserve Interventions in the foreign exchange market They are not fully controlled by the central bank.Copyright 2010 Pearson Addison-Wesley. All rig
20、hts reserved.17-15我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物 Although float and Treasury deposits with the Fed undergo substantial short-run fluctuations, they do not prevent the Fed from accurately controlling it. Open market operations are controlled by the Fed The Fed ca
21、nnot determine the amount of borrowing by banks from the Fed Split the monetary base into two components MBn= MB - BR The money supply is positively related to both the non-borrowed monetary base MBn and to the level of borrowed reserves, BR, from the FedFeds Ability to Control the Monetary BaseCopy
22、right 2010 Pearson Addison-Wesley. All rights reserved.17-16我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Multiple Deposit Creation: A Simple Model Multiple deposit creation: When the Fed supplies the banking system with $1 of additional reserves, deposits increase by a multipl
23、e of this amount.Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-17我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Deposit Creation: Single BankExcess reserves increaseBank loans out the excess reservesCreates a checking accountBorrower makes purchasesThe money supp
24、ly has increasedFirst National BankFirst National BankAssetsLiabilitiesAssetsLiabilitiesSecurities-$100Securities-$100Checkable deposits+$100Reserves+$100Reserves+$100Loans+$100First National BankAssetsLiabilitiesSecurities-$100Loans+$100Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-
25、18我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Deposit Creation: The Banking SystemBank ABank AAssetsLiabilitiesAssetsLiabilitiesReserves+$100Checkable deposits+$100Reserves+$10Checkable deposits+$100Loans+$90Bank BBank BAssetsLiabilitiesAssetsLiabilitiesReserves+$90Checkable
26、deposits+$90Reserves+$9Checkable deposits+$90Loans+$81Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-19我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Table 1 Creation of Deposits (assuming 10% reserve requirement and a $100 increase in reserves)Copyright 2010 Pear
27、son Addison-Wesley. All rights reserved.17-20我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物The Formula for Multiple Deposit CreationAssuming banks do not hold excess reservesRequired Reserves () = Total Reserves ( ) = Required Reserve Ratio ( ) times the total amountof checkabl
28、e deposits ( )Substituting = Dividing both sRRRRRrDrDRides by 1 = Taking the change in both sides yields1 = rDRrDRr Copyright 2010 Pearson Addison-Wesley. All rights reserved.17-21我吓了一跳，蝎子是多么丑恶和恐怖的东西，为什么把它放在这样一个美丽的世界里呢？但是我也感到愉快，证实我的猜测没有错：表里边有一个活的生物Critique of the Simple Model Holding cash stops the process Currency has no multiple deposit expansion Banks may not use all of their excess reserves to buy securities or make loans. Depositors decisions (how much currency to hold) and banks decisions (amount of excess reserves to hold) also cause the money supply to change.