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1、Chapter16/TheMonetarySystem❖27929THEMONETARYSYSTEMWHAT’SNEWINTHESEVENTHEDITION:ThereisanewIntheNewsboxon“WhyGold?”LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øwhatmoneyisandwhatfunctionsmoneyhasintheeconomy.ØwhattheFederalReserveSystemis.Øhowthebanking
2、systemhelpsdeterminethesupplyofmoney.ØwhattoolstheFederalReserveusestoalterthesupplyofmoney.CONTEXTANDPURPOSE:Chapter16isthefirstchapterinatwo-chaptersequencedealingwithmoneyandpricesinthelongrun.Chapter16describeswhatmoneyisanddevelopshowtheFederalReservecontrolsthequantit
3、yofmoney.Becausethequantityofmoneyinfluencestherateofinflationinthelongrun,thefollowingchapterconcentratesonthecausesandcostsofinflation.ThepurposeofChapter16istohelpstudentsdevelopanunderstandingofwhatmoneyis,whatformsmoneytakes,howthebankingsystemhelpscreatemoney,andhowth
4、eFederalReservecontrolsthequantityofmoney.Anunderstandingofmoneyisimportantbecausethequantityofmoneyaffectsinflationandinterestratesinthelongrun,andproductionandemploymentintheshortrun.KEYPOINTS:·Thetermmoneyreferstoassetsthatpeopleregularlyusetobuygoodsandservices.·Moneyse
5、rvesthreefunctions.Asamediumofexchange,itistheitemusedtomaketransactions.Asaunitofaccount,itprovidesthewayinwhichpricesandothereconomicvaluesarerecorded.Asastoreofvalue,itoffersawaytotransferpurchasingpowerfromthepresenttothefuture.©2012CengageLearning.AllRightsReserved.May
6、notbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter16/TheMonetarySystem❖279·Commoditymoney,suchasgold,ismoneythathasintrinsicvalue:Itwouldbevaluedevenifitwerenotusedasmoney.Fiatmoney,suchaspaperdollars,ismoneywithoutintrinsicvalue:It
7、wouldbeworthlessifitwerenotusedasmoney.·IntheU.S.economy,moneytakestheformofcurrencyandvarioustypesofbankdeposits,suchascheckingaccounts.·TheFederalReserve,thecentralbankoftheUnitedStates,isresponsibleforregulatingtheU.S.monetarysystem.TheFedchairmanisappointedbythepresiden
8、tandconfirmedbyCongresseveryfouryears.ThechairmanistheleadmemberoftheFederalOpenMa
