Modern Money Mechanics (1)

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1、ModernMoneyMechanicsAWorkbookonBankReservesandDepositExpansionFederalReserveBankofChicagoModernMoneyMechanicsThepurposeofthisbookletistodescribethebasicMoneyissucharoutinepartofeverydaylivingthatprocessofmoneycreationinafractionalreserve"bank•itsexistenceandacceptanceordinarilyaretaken

2、forgrant•ed.Ausermaysensethatmoneymustcomeintobeingingsystem.Theapproachtakenillustratesthechangeseitherautomaticallyasaresultofeconomicactivityorasinbankbalancesheetsthatoccurwhendepositsinbanksanoutgrowthofsomegovernmentoperation.ButjusthowchangeasaresultofmonetaryactionbytheFederalt

3、hishappensalltoooftenremainsamystery.ReserveSystem—thecentralbankoftheUnitedStates.WhatIsMoney?TherelationshipsshownarebasedonsimplifyingIfmoneyisviewedsimplyasatoolusedtofacilitateassumptions.Forthesakeofsimplicity,therelationshipstransactions,onlythosemediathatarereadilyacceptedinare

4、shownasiftheyweremechanical,buttheyarenot,exchangeforgoods,services,andotherassetsneedtobeasisdescribedlaterinthebooklet.Thus,theyshouldnotconsidered.Manythings—fromstonestobaseballcards—haveservedthismonetaryfunctionthroughtheages.beinterpretedtoimplyacloseandpredictablerelation•Today

5、,intheUnitedStates,moneyusedintransactionsisshipbetweenaspecificcentralbanktransactionandmainlyofthreekinds—currency(papermoneyandcoinsthequantityofmoney.inthepocketsandpursesofthepublic);demanddeposits(non-interest-bearingcheckingaccountsinbanks);andTheintroductorypagescontainabriefge

6、neralothercheckabledeposits,suchasnegotiableorderofdescriptionofthecharacteristicsofmoneyandhowthewithdrawal(NOW)accounts,atalldepositoryinstitutions,U.S.moneysystemworks.Theillustrationsinthefol•includingcommercialandsavingsbanks,savingsandloanassociations,andcreditunions.Travelersche

7、cksalsoarelowingtwosectionsdescribetwoprocesses:first,howincludedinthedefinitionoftransactionsmoney.Since$1bankdepositsexpandorcontractinresponsetochangesincurrencyand$1incheckabledepositsarefreelycon•intheamountofreservessuppliedbythecentralbank;vertibleintoeachotherandbothcanbeused