貨幣金融學(xué)（第十三版）課件 英文第14章 貨幣供給過程

TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionChapter14TheMoneySupplyProcessCopyright?2022,2019,2016PearsonEducation,Inc.AllRightsReservedPreviewThischapterprovidesanoverviewofhowcommercialbankscreatedepositsanddescribesthebasicprinciplesofthemoneysupplycreationprocessLearningObjectives(1of2)14.1Listanddescribethe“threeplayers”thatinfluencethemoneysupply.14.2ClassifythefactorsaffectingtheFederalReserve’sassetsandliabilities.14.3IdentifythefactorsthataffectthemonetarybaseanddiscusstheireffectsontheFederalReserve’sbalancesheet.14.4ExplainandillustratethedepositcreationprocessusingT-accounts.LearningObjectives(2of2)14.5Listthefactorsthataffectthemoneysupply.14.6Summarizehowthe“threeplayers”caninfluencethemoneysupply.14.7Calculateandinterpretchangesinthemoneymultiplier.ThreePlayersintheMoneySupplyProcessTheCentralbank:FederalReserveSystemBanks:depositoryinstitutions;financialintermediariesDepositors:individualsandinstitutionsTheFed’sBalanceSheetFederalReserveSystemBlankAssetsLiabilitiesSecuritiesCurrencyincirculationLoanstoFinancialInstitutionsReservesLiabilitiesCurrencyincirculation:inthehandsofthepublicReserves:bankdepositsattheFedandvaultcashAssetsGovernmentsecurities:holdingsbytheFedthataffectmoneysupplyandearninterestDiscountloans:providereservestobanksandearnthediscountrateControloftheMonetaryBaseHigh-poweredmoneyM

B=C+RC=currencyincirculationR=totalreservesinthebankingsystemOpenMarketPurchasefromaBankBankingSystemBlankBlankAssetsBlankLiabilitiesSecuritiesnegative$100lowermBlankReserves+$100mBlankFederalReserveSystemBlankBlankBlankAssetsBlankLiabilitiesBlankSecurities+$100mReserves+$100mNetresultisthatreserveshaveincreasedby$100NochangeincurrencyMonetarybasehasrisenby$100OpenMarketPurchasefromtheNonbankPublic(1of2)BankingSystemBlankBlankAssetsBlankLiabilitiesReserves+$100mCheckabledepositsFederalReserveSystemBlankBlankBlankAssetsBlankLiabilitiesBlankSecurities+$100mReserves+$100mPersonsellingbondstotheFeddepositstheFed’scheckinthebankIdenticalresultasthepurchasefromabankOpenMarketPurchasefromtheNonbankPublic(2of2)NonbankPublicBlankBlankBlankAssetsBlankLiabilitiesBlankSecuritiesnegative$100lowermBlankBlankCurrency+$100mBlankBlankFederalReserveSystemBlankBlankBlankAssetsBlankLiabilitiesBlankSecurities+$100mCurrencyincirculation+$100mThepersonsellingthebondscashestheFed’scheckReservesareunchangedCurrencyincirculationincreasesbytheamountoftheopenmarketpurchaseMonetarybaseincreasesbytheamountoftheopenmarketpurchaseOpenMarketPurchase:SummaryTheeffectofanopenmarketpurchaseonreservesdependsonwhetherthesellerofthebondskeepstheproceedsfromthesaleincurrencyorindeposits.Theeffectofanopenmarketpurchaseonthemonetarybasealwaysincreasesthemonetarybasebytheamountofthepurchase.OpenMarketSaleNonbankPublicBlankBlankBlankAssetsBlankLiabilitiesBlankSecurities+$100mBlankBlankCurrencynegative$100lowermBlankBlankFederalReserveSystemBlankBlankBlankAssetsBlankLiabilitiesBlankSecuritiesnegative$100lowermCurrencyincirculationnegative$100lowermReducesthemonetarybasebytheamountofthesaleReservesremainunchangedTheeffectofopenmarketoperationsonthemonetarybaseismuchmorecertainthantheeffectonreserves.ShiftsfromDepositsintoCurrencyNonbankPublicBlankBlankAssetsBlankLiabilitiesCheckabledepositsnegative$100lowermBlankCurrency+$100mBlankBankingSystemBlankBlankBlankAssetsBlankLiabilitiesBlankReservesnegative$100lowermCheckabledepositsnegative$100lowermFederalReserveSystemBlankBlankBlankAssetsBlankLiabilitiesBlankBlankBlankCurrencyincirculation+$100mBlankBlankReservesnegative$100lowermNeteffectonmonetaryliabilitiesiszeroReservesarechangedbyrandomfluctuationsMonetarybaseisarelativelystablevariableLoanstoFinancialInstitutionsBankingSystemBlankBlankBlankAssetsBlankLiabilitiesBlankReserves+$100mLoans+$100mBlankBlank(borrowingfromFed)BlankFederalReserveSystemBlankBlankBlankAssetsBlankLiabilitiesBlankLoans+$100mReserves+$100m(borrowingfromFed)BlankBlankBlankMonetaryliabilitiesoftheFedhaveincreasedby$100MonetarybasealsoincreasesbythisamountOtherFactorsThatAffecttheMonetaryBaseFloatTreasurydepositsattheFederalReserveInterventionsintheforeignexchangemarketOverviewoftheFed’sAbilitytoControltheMonetaryBaseOpenmarketoperationsarecontrolledbytheFed.TheFedcannotdeterminetheamountofborrowingbybanksfromtheFed.Splitthemonetarybaseintotwocomponents:Themoneysupplyispositivelyrelatedtoboththenon-borrowedmonetarybaseandtothelevelofborrowedreserves,B

R,fromtheFed.MultipleDepositCreation:ASimpleModel(1of2)DepositCreation:SingleBankFirstNationalBankBlankBlankBlankAssetsBlankLiabilitiesBlankSecuritiesnegative$100lowermBlankBlankReserves+$100mBlankBlankExcessreservesincreaseBankloansouttheexcessreservesCreatesacheckingaccountBorrowermakespurchasesTheMoneysupplyhasincreasedFirstNationalBankBlankBlankBlankAssetsBlankLiabilitiesBlankSecuritiesnegative$100lowermCheckabledeposits+$100mReserves+$100mBlankBlankLoans+$100mBlankBlankFirstNationalBankBlankBlankBlankAssetsBlankLiabilitiesBlankSecuritiesnegative$100lowermBlankBlankReserves+$100mBlankBlankMultipleDepositCreation:ASimpleModel(2of2)DepositCreation:TheBankingSystemBankABlankBlankBlankAssetsBlankLiabilitiesBlankReserves+$100mCheckabledeposits+$100mBankBBlankBlankBlankAssetsBlankLiabilitiesBlankReserves+$90Checkabledeposits+$90BankABlankBlankBlankAssetsBlankLiabilitiesBlankReserves+$10Checkabledeposits+$100mLoans+$90BlankBlankBankBBlankBlankBlankAssetsBlankLiabilitiesBlankReserves+$9Checkabledeposits+$90Loans+$81BlankBlankTable1CreationofDeposits(Assuming10%ReserveRequirementanda$100IncreaseinReserves)BankIncreaseinDeposits($)IncreaseinLoans($)IncreaseinReserves($)FirstNational0.00100.00m0.00A100.00m90.00m10.00mB90.00m81.00m9.00mC81.00m72.90m8.10mD72.90m65.61m7.29mE65.61m59.05m6.56mF59.05m53.14m5.91m................Totalforallbanks1,000.00m1,000.00m100.00mDerivingtheFormulaforMultipleDepositCreationAssumingbanksdonotholdexcessreservesRequiredReserves(R

R)=TotalReserves(R)R

R=RequiredReserveRatio(r)timesthetotalamountofcheckabledeposits(D)SubstitutingDividingbothsidesbyrTakingthechangeinbothsidesyieldsCritiqueoftheSimpleModelHoldingcashstopstheprocessCurrencyhasnomultipledepositexpansionBanksmaynotusealloftheirexcessreservestobuysecuritiesormakeloans.Depositors’decisions(howmuchcurrencytohold)andbank’sdecisions(amountofexcessreservestohold)alsocausethemoneysupplytochange.FactorsThatDeterminetheMoneySupply(1of2)ChangesinthenonborrowedmonetarybaseThemoneysupplyispositivelyrelatedtothenon-borrowedmonetarybaseChangesinborrowedreservesfromtheFedThemoneysupplyispositivelyrelatedtothelevelofborrowedreserves,B

R,fromtheFedFactorsThatDeterminetheMoneySupply(2of2)ChangesintherequiredreservesratioThemoneysupplyisnegativelyrelatedtotherequiredreserveratio.ChangesinexcessreservesThemoneysupplyisnegativelyrelatedtotheamountofexcessreserves.ChangesincurrencyholdingsThemoneysupplyisnegativelyrelatedtocurrencyholdings.OverviewoftheMoneySupplyProcessSummaryTable1MoneySupplyResponsePlayerVariableChangeinVariableMoneySupplyResponseReasonFederalReserveSystemNonborrowedmonetarybase,MBsubn

UparrowUparrowMoreM

BfordepositcreationBlankRequiredreserveratio,rrUparrowDownarrowLessmultipledepositexpansionBanksBorrowedreserves,B

RUparrowUparrowMoreM

BfordepositcreationBlankExcessreservesUparrowDownarrowLessloansanddepositcreationDepositorsCurrencyholdingsUparrowDownarrowLessmultipledepositexpansionNote:Onlyincreasesinthevariablesareshown.Theeffectsofdecreasesonthemoneysupplywouldbetheoppositeofthoseindicatedinthe“MoneySupplyResponse”column.TheMoneyMultiplierDefinemoneyascurrencypluscheckabledeposits:M1Linkthemoneysupply(M)tothemonetarybase(M

B)andletmbethemoneymultiplierDerivingtheMoneyMultiplier(1of4)AssumethatthedesiredholdingsofcurrencyCandexcessreservesE

RgrowproportionallywithcheckabledepositsD.Then,DerivingtheMoneyMultiplier(2of4)Thetotalamountofreserves(R)equalsthesumofrequiredreserves(R

R)andexcessreserves(E

R).ThetotalamountofrequiredreservesequalstherequiredreserveratiotimestheamountofcheckabledepositsSubsitutingforR

RinthefirstequationTheFedsetsrtolessthan1DerivingtheMoneyMultiplier(3of4)ThemonetarybaseM

Bequalscurrency(C)plusreserves(R):Equationrevealstheamountofthemonetarybaseneededtosupporttheexistingamountsofcheckabledeposits,currency,andexcessreserves.DerivingtheMoneyMultiplier(4of4)SubstitutinginthepreviousequationDividebothsidesbytheterminparenthesesSubstitutingagainThemoneymultiplieristhenIntuitionBehindtheMoneyMultiplierr=requiredreserveratio=0.10C=currencyincirculation=$400BD=checkabledeposits=$800BE

R=excessreserves=$0.8BThisislessthanthesimpledepositmultiplierAlthoughthereismultipleexpansionofdeposits,thereisnosuchexpansionforcurrencyQuantitativeEasingandtheMoneySupply,2007–2017Whentheglobalfinancialcrisisbeganinthefallof2007,theFedinitiatedlendingprogramsandlarge-scaleasset-purchaseprogramsinanattempttobolstertheeconomy.Bythefallof2017,thesepurchasesofsecuritieshadledtoaquintuplingoftheFed’sbalancesheetanda350%increaseinthemonetarybase.WhenthecoronaviruspandemicstruckinMarch2020,theFederalReserveagainengagedinmassivequantitativeeasingprogramstopreventacollapseoftheeconomy.Theeffectsonthemonetarybaseandthemoneysupplydisplayedasimilarpatterntothatwhichoccurredwhentheglobalfinancialcrisisstruck.QuantitativeEasingandtheMoneySupply,2007–2014Theselending