货币银行学-第15章.ppt

Chapter 15Multiple Deposit Creation and the Money Supply Process(多倍存款创造和货币供给过程）学习本章的意义货币与经济周期13-213-3Players in the Money Supply ProcessCentral bank(Federal Reserve System)Banks(depository institutions;financial intermediaries)Depositors(individuals and institutions)Borrowers(individuals and institutions)13-4Feds Balance SheetLiabilitiesCurrency in circulationin the hands of the publicReservesbank deposits at the Fed and vault cashAssetsGovernment securitiesholdings by the Fed that affect money supply and earn interestDiscount loansprovide reserves to banks and earn the discount rateFederal Reserve SystemAssetsLiabilitiesGovernment securitiesCurrency in circulationDiscount loansReserves我国央行资产负债表现在如何？次贷危机对美联储负债表的影响13-513-6Monetary Base央行的资产负债表的膨胀必然意味着央行钞票吗？13-713-8Open Market Purchase from a BankNet result is that reserves have increased by$100No change in currencyMonetary base has risen by$100Banking SystemFederal Reserve SystemAssetsLiabilitiesAssetsLiabilitiesSecurities-$100Securities+$100Reserves+$100Reserves+$10013-9Open Market Purchase from Nonbank Public IPerson selling bonds to the Fed deposits the Feds check in the bankIdentical result as the purchase from a bankBanking SystemFederal Reserve SystemAssetsLiabilitiesAssetsLiabilitiesReserves+$100Checkable deposits+$100Securities+$100Reserves+$10013-10Open Market Purchase from Nonbank Public IIThe person selling the bonds cashes the Feds checkReserves are unchangedCurrency in circulation increases by the amount of the open market purchaseMonetary base increases by the amount of the open market purchaseNonbank PublicFederal Reserve SystemAssetsLiabilitiesAssetsLiabilitiesSecurities-$100Securities+$100Currency in circulation+$100Currency+$10013-11Open Market Purchase:SummaryThe effect of an open market purchase on reserves depends on whether the seller of the bonds keeps the proceeds from the sale in currency or in depositsThe effect of an open market purchase on the monetary base always increases the base by the amount of the purchase13-12Open Market SaleReduces the monetary base by the amount of the saleReserves remain unchangedThe 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-$100Currency-$10013-13Shifts from Deposits into CurrencyNonbank PublicBanking SystemAssetsLiabilitiesAssetsLiabilitiesCheckable deposits+$100Reserves+$100Checkable deposits-$100Currency-$100Federal Reserve SystemAssetsLiabilitiesCurrency in circulation+$100Reserves-$10013-14Making a Discount Loan to a BankMonetary liabilities of the Fed have increased by$100Monetary base also increases by this amountBanking SystemFederal Reserve SystemAssetsLiabilitiesAssetsLiabilitiesReserves+$100Discount loans+$100Discount loan+$100Reserves+$100(borrowing from Fed)(borrowing from Fed)13-15Paying Off a Discount Loan from the FedNet effect on monetary base is a reductionMonetary base changes one-for-one 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)13-16Other Factors Affecting the Monetary BaseFloat(浮款）13-17 支票支付流程 发票人收款人银行B银行A联邦储备清算系统13-18Other Factors Affecting the Monetary BaseTreasury deposits at the Federal Reserve（财政存款）Interventions in the foreign exchange market13-19Deposit Creation:Single BankFirst National BankFirst National BankAssetsLiabilitiesAssetsLiabilitiesSecurities-$100Securities-$100Checkable deposits+$100Reserves+$100Reserves+$100Loans+$100First National BankAssetsLiabilitiesSecurities-$100Loans+$10013-20Deposit Creation:The Banking SystemBank ABank AAssetsLiabilitiesAssetsLiabilitiesReserves+$100Checkable deposits+$100Reserves+$10Checkable deposits+$100Loans+$90Bank BBank BAssetsLiabilitiesAssetsLiabilitiesReserves+$90Checkable deposits+$90Reserves+$9Checkable deposits+$90Loans+$8113-2113-22The Formula for Multiple Deposit Creation13-23Critique of the Simple ModelHolding cash stops the processBanks may not use all of their excess reserves to buy securities or make loans 13-24案例分析：1929-1933美国经济大萧条美国经济大萧条 表现产量和物价大幅度下降 股市暴跌奇高的失业率银行与工厂倒闭 l解释：总需求不足，财政政策，货币政策不重要美联储负有重大责任“多数研究机构认为，通货膨胀居高不下，根本原因在于“票子”发多了。高盛中国首席经济学家梁红认为，控制票子有两条途径：要么控制外汇资金的流入，减少外汇占款而投放的基础货币量；要么控制信贷。”（节选自经济观察报2007/11/19）如何理解上述观点？13-25