The Fed's Balance Sheet and the Monetary Base-美联储资产负债表教程

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1、APPENDIXTOCHAPTERTheFed’sBalanceSheet13andtheMonetaryBaseJustasanyotherbankhasabalancesheetthatlistsitsassetsandliabilities,sodoestheFed.WeexamineeachofitscategoriesofassetsandliabilitiesbecausechangesinthemareanimportantwaytheFedmanipulatesthemoneysup

2、ply.Assets1.Securities.ThesearetheFed’sholdingsofsecurities,whichconsistprimarilyofTreasurysecuritiesbutinthepasthavealsoincludedbanker’sacceptances.Thetotalamountofsecuritiesiscontrolledbyopenmarketoperations(theFed’spurchaseandsaleofthesesecurities).

3、AsshowninTable1,“Securities”isbyfarthelargestcategoryofassetsintheFed’sbalancesheet.2.Discountloans.TheseareloanstheFedmakestobanks.TheamountisaffectedbytheFed’ssettingthediscountrate,theinterestratethattheFedchargesbanksfortheseloans.ThesefirsttwoFeda

4、ssetsareimportantbecausetheyearninterest.Becausethelia-bilitiesoftheFeddonotpayinterest,theFedmakesbillionsofdollarseveryyear—itsassetsearnincome,anditsliabilitiescostnothing.Althoughitreturnsmostofitsearn-ingstothefederalgovernment,theFeddoesspendsome

5、ofiton“worthycauses,”suchassupportingeconomicresearch.TABLE1ConsolidatedBalanceSheetoftheFederalReserveSystem($billions,endof2005)AssetsLiabilitiesSecurities:U.S.government789.5FederalReservenotes789.6andagencysecuritiesandoutstandingbanker’sacceptance

6、sBankdeposits(Reserves)17.1Discountloans0.1U.S.Treasurydeposits4.2GoldandSDRcertificateaccounts13.2Foreignandotherdeposits0.4Coin0.7Deferred-availabilitycashitems6.7Cashitemsinprocessofcollection7.8OtherFederalReserveliabilitiesOtherFederalReserveasset

7、s39.2andcapitalaccounts32.5









Total850.5Total850.5Source:FederalReserveBulletin.4344AppendixtoChapter133.GoldandSDRcertificateaccounts.Specialdrawingrights(SDRs)areissuedtogov-ernmentsbytheInternationalMonetaryFund(IMF)tosettleinternationaldebts

8、andhavereplacedgoldininternationalfinancialtransactions.WhentheTreasuryacquiresgoldorSDRs,itissuescertificatestotheFedthatareclaimsonthegoldorSDRsandisinturncreditedwithdepositbalancesattheFed.ThegoldandSDRaccountsaremadeupofthesecertif