《金融学(双语)》PPT课件

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1、Chapter17ToolsofMonetarypolicy金融学（双语）国家级精品课程PreviewThemarketforreservesandtheFederalFundsRateOpenmarketOperationsDiscountPolicyReserveRequirements金融学（双语）国家级精品课程ThreepolicytoolstheFedusetocontrolmoneysupplyandtheinterestrate:OMOsDiscountrateReserverequirements金融学（双语）国家级精品课程1

2、7.1ThemarketforreservesandtheFederalFundsRate(iff):OMOsandDiscountlendingaffecttheFed'sbalancesheetandtheamountofreserves(R).Themarketforreservesiswherethe(iff)isdetermined.金融学（双语）国家级精品课程17.1.1SupplyandDemandinthemarketforreserves:1.DemandCurveforReserves:（1）Whathappenstoth

3、equantityofreservesdemandedas(iff)changes?（2）R=RR+ER（3）RecallthatERareinsuranceagainstdepositoutflow,andthecostofholdingERistheiropportunitycost:theinterestratethatcouldhavebeenearnedonlendingtheseER,whichisiff.（4）Result:Asiffdecreases,theOCofholdingERfallsandthequantityofR

4、demanded(Rd)increases.(Negativeslope)金融学（双语）国家级精品课程2.SupplyCurve:（1）Asdiscountlendingincreases,thequantityofreservessupplied(Rs)tothebankingsystemalsoincreases.（2）WhenthebankborrowsfromtheFed,thebankisnothavingtoborrowfromtheFEDmarket.（3）Thus:Discountlendingisasubstitutefor

5、borrowingFederalFunds.（4）Result:when(iff)increases,bankswillborrowmorefromtheFederalReserve,andtheresultingincreaseindiscountlendingmeansthatthequantityofreservessuppliedrises.(Positiveslope)金融学（双语）国家级精品课程FFR(iff)RSi*ff1RDQuantityofReserves(R)金融学（双语）国家级精品课程3.Equilibriuminth

6、eMarketforReserves（1）HowChangesintoolsofmonetarypolicyaffectthe(iff)?（2）OMOs:（a）OMpurchaseleadstoahigherlevelofRs,thiswillshiftthesupplycurvetotherightloweringthe(iff)（b）OMsaleleadstoalowerlevelofRs,thiswillshiftthesupplycurvetotheleftrisingthe(iff).（3）Result:Anopenmarketpu

7、rchasecausesifftofallwhileanopenmarketsalecausesifftorise.金融学（双语）国家级精品课程FFR(iff)RSi*ffRDQuantityofReserves(R)金融学（双语）国家级精品课程4.DiscountLending:（1）Anincreaseindiscountlendingrisesquantityofreservessupplied(cost=discountrate).（2）BanksborrowmorefromtheFedasthediscountratefalls.T

8、hus,alowerdiscountrateleadstoagreaterquantityofreservessuppliedandshiftsthesupplyc