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1、Chapter13/MonetaryPolicy:ConventionalandUnconventionalChapter13MonetaryPolicy:ConventionalandUnconventionalTestYourself1.Supposethereis$120billionofcashandthathalfofthiscashisheldinbankvaultsasreserves,allofwhicharerequired(thatis,banksholdnoexcessreserves).Howlargewillthemoneysup
2、plybeiftherequiredreserveratiois10percent?1212percent?1623percent?Ineachcase,thereis$60billionintheformofcashincirculation,andtherestofthemoneysupplyisheldinbankdeposits,backedby$60billioninreserves.Thetotalmoneysupplyiscalculatedasfollows:TheM1moneysupplyalwaysexceedstotaldeposit
3、sbythe$60billionincashoutsidebanks.2.ShowthebalancesheetchangesthatwouldtakeplaceiftheFederalReserveBankofNewYorkpurchasedanofficebuildingfromCitigroupforapriceof$100million.Comparethiseffecttotheeffectofanopen-marketpurchaseofsecuritiesshowninTable1.Whatdoyouconclude?CITIBANKNEWY
4、ORKFEDASSETSLIABILITIESASSETSLIABILITIESReserves+100nochangeBuilding+100Reserves–100Building–100ComparisonwithTable1inthetextshowsthattheFedincreasesbankreservesbypurchasinganyasset.Abuildingwilldoaswellasagovernmentsecurity.3.SupposetheFedpurchases$5billionworthofgovernmentbondsf
5、romBillGates,whobanksattheBankofAmericainSanFrancisco.ShowtheeffectsonthebalancesheetsoftheFed,theBankofAmerica,andGates.(Hint:WherewilltheFedgetthe$5billiontopayGates?)DoesitmakeanydifferenceiftheFedbuysbondsfromabankoran©2016CengageLearning.AllRightsReserved.Maynotbecopied,scann
6、ed,orduplicated,inwholeorinpart,exceptforuseaspermittedinalicensedistributedwithacertainproductorserviceorotherwiseonapassword-protectedwebsiteforclassroomuse.Chapter13/MonetaryPolicy:ConventionalandUnconventionalindividual?Note:allfiguresareinbillionsofdollars.TheFedsimplycreates
7、the$5billion(intheformofbankreserves)tobuythebonds.Inthelongrun,itmakesnodifferencewhethertheFedbuysthebondsfromabankorfromanindividual.Inthiscase,BankofAmerica’s$5billioninnewreservesareoffsetby$5billioninnewdeposits,sothatnotallofthenewreservesareexcessreserves,whereasiftheFedha
8、dboughtthebondsfromBankofAmericad
