TheMonetarySystem：货币制度

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1、TheMonetarySystemETPEconomics102JackWuMoneyisthesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.MoneyMoneyhasthreefunctionsintheeconomy:MediumofexchangeUnitofaccountStoreofvalueFunctionsofMoneyMediumofExchangeAmediumofexchangeisanitemthatbuyersgive

2、tosellerswhentheywanttopurchasegoodsandservices.Amediumofexchangeisanythingthatisreadilyacceptableaspayment.MediumofExchangeUnitofAccountAunitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.UnitofAccountStoreofValueAstoreofvalueisanitemthatpeoplecanusetotransferpurchasi

3、ngpowerfromthepresenttothefuture.StoreofValueLiquidityLiquidityistheeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.LiquidityCommoditymoneytakestheformofacommoditywithintrinsicvalue.Examples:Gold,silver,cigarettes.Fiatmoneyisusedasmoneybecauseofgovernmentdecree.

4、Itdoesnothaveintrinsicvalue.Examples:Coins,currency,checkdeposits.KindsofMoneyCurrencyisthepaperbillsandcoinsinthehandsofthepublic.Demanddepositsarebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.MoneyintheEconomyM1_M1A_M1BM2MoneySupplyMoneyintheU.S.EconomyCop

5、yright©2003Southwestern/ThomsonLearningBillionsofDollars•Currency($580billion)•Demanddeposits•Traveler’schecks•Othercheckabledeposits($599billion)•EverythinginM1($1,179billion)•Savingsdeposits•Smalltimedeposits•Moneymarketmutualfunds•Afewminorcategories($4,276billion)0M1$1,179M2$5

6、,455TheFederalReserve(Fed)servesasthenation’scentralbank.Itisdesignedtooverseethebankingsystem.Itregulatesthequantityofmoneyintheeconomy.FederalReserveTheStructureoftheFederalReserveSystem:TheprimaryelementsintheFederalReserveSystemare:1)TheBoardofGovernors2)The(12)RegionalFederal

7、ReserveBanks3)TheFederalOpenMarketCommitteeFederalReserveSystemTheBoardofGovernorsSevenmembersAppointedbythepresidentConfirmedbytheSenateServestaggered14-yeartermssothatonecomesvacanteverytwoyears.Presidentappointsamemberaschairmantoserveafour-yearterm.BoardofGovernorsTheFederalRe

8、serveSystemismadeupoftheFederalRe