29monetary_system 曼昆微观经济学课件

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导读：曼昆微观经济学课件 10MONEY AND PRICES IN THE LONG RUN 曼昆微观经济学课件 The Monetary System 29 Copyright 2004 South-Western 曼昆微观经济学课件 THE MEANING OF MONEY Money is the set of assets in an economy that people regularly use to b

曼昆微观经济学课件

10MONEY AND PRICES IN THE LONG RUN

曼昆微观经济学课件

The Monetary System

曼昆微观经济学课件

THE MEANING OF MONEY Money is the set of assets in an economy that people regularly use to buy goods and services from other people.

曼昆微观经济学课件

The Functions of Money Money has three functions in the economy: Medium of exchange Unit of account Store of value

曼昆微观经济学课件

The Functions of Money Medium of Exchange A medium of exchange is an item that buyers give to sellers when they want to purchase goods and services. A medium of exchange is anything that is readily acceptable as payment.

曼昆微观经济学课件

The Functions of Money Unit of Account A unit of account is the yardstick people use to post prices and record debts.

Store of Value A store of value is an item that people can use to transfer purchasing power from the present to the future.

曼昆微观经济学课件

The Functions of Money Liquidity Liquidity is the ease with which an asset can be converted into the economy’s medium of exchange.

曼昆微观经济学课件

The Kinds of Money Commodity money takes the form of a commodity with intrinsic value. Examples: Gold, silver, cigarettes.

Fiat money is used as money because of government decree. It does not have intrinsic value. Examples: Coins, currency, check deposits.

曼昆微观经济学课件

Money in the U.S. Economy Currency is the paper bills and coins in the hands of the public. Demand deposits are balances in bank accounts that depositors can access on demand by writing a check.

曼昆微观经济学课件

Figure 1 Money in the U.S. EconomyBillions of Dollars $5,455 M2 Savings deposits Small time deposits Money market mutual funds A few minor categories ($4,276 billion) M1 $1,179 Demand deposits Traveler’s checks Other checkable deposits ($599 billion) Currency ($580 billion) Everything in M1 ($1,179 billion)

曼昆微观经济学课件

CASE STUDY: Where Is All The Currency? In 2001 there was about $580 billion of U.S. currency outstanding. That is $2,734 in currency per adult.

Who is holding all this currency? Currency held abroad Currency held by illegal entities

曼昆微观经济学课件

THE FEDERAL RESERVE SYSTEM The Federal Reserve (Fed) serves as the nation’s central bank. It is designed to oversee the banking system. It regulates the quantity of money in the economy.

曼昆微观经济学课件

THE FEDERAL RESERVE SYSTEM The Fed was created in 1914 after a series of bank failures convinced Congress that the United States needed a central bank to ensure the health of the nation’s banking system.

曼昆微观经济学课件

THE FEDERAL RESERVE SYSTEM The Structure of the Federal Reserve System: The primary elements in t

he Federal Reserve System are: 1) The Board of Governors 2) The Regional Federal Reserve Banks 3) The Federal Open Market Committee

曼昆微观经济学课件

The Fed’s Organization The Fed is run by a Board of Governors, which has seven members appointed by the president and confirmed by the Senate. Among the seven members, the most important is the chairman. The chairman directs the Fed staff, presides over board meetings, and testifies about Fed policy in front of Congressional Committees.

曼昆微观经济学课件

The Fed’s Organization The Board of Governors Seven members Appointed by the president Confirmed by the Senate Serve staggered 14-year terms so that one comes vacant every two years. President appoints a member as chairman to serve a four-year term.

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29monetary_system 曼昆 微观经济学课件

29monetary_system 曼昆微观经济学课件