四丶货币理论与货币政策

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1、四丶货币理论与货币政策四、货币理论与货币政策MONETARYTHEORYANDMONETARYPOLICY金融资产结构货币与货币供给=流通中现金=+活期存款=+定期存款=+其他短期流动资产（如国库券、银行承兑汇票、商业票据）+外汇存款有价证券：分为政府债券和企业债券两种。股票。TheMeaningofMoneyMoneyisthesetofassets（资产）intheeconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.Th

2、reeFunctionsofMoneyMoneyhasthreefunctionsintheeconomy.??Mediumofexchange（交换媒介）??Unitofaccount（计量单位）??Storeofvalue（贮藏价值）MediumofExchangeAmediumofexchangeisanythingthatisreadilyacceptableaspayment.UnitofAccountAunitofaccountistheyardstickpeopleusetopostpri

3、cesandrecorddebts.StoreofValueAstoreofvalueisanitemthatpeoplecanusetotransferpurchasingpower（购买力）fromthepresenttothefuture.Liquidity（流动性）Liquidityistheeasewithwhichanassetcan9><>beconvertedintotheeconomy’smediumofexchange.TheKindsofMoneyCommoditymoney（商品

4、货币）takestheformofacommoditywithintrinsicvalue（内在价值）.??Examples:Gold,silver,cigarettesFiatmoney（法定货币）isusedasmoneybecauseofgovernmentdecree.??Itdoesnothaveintrinsicvalue.??Examples:Coins,currency,checkdepositsMoneyintheEconomyCurrency（通货）isthepaperbillsan

5、dcoinsinthehandsofthepublic.Demanddeposits（活期存款）arebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.中央银行职能垄断发行本国的法定货币。以债务方式接受存款机构缴存的存款准备金，以垫款或票据再贴现方式对存款机构发放贷款，承担金融机构之间的票据交换和结算业务。代理国库，即经办政府的收支，管理国家的外汇，制定和实施国家的金融政策。TheFederalReserve联邦储备

6、体系TheFederalReserve(Fed)servesasthenation’scentralbank??Itisdesignedtooverseethebankingsystem.??Itregulatesthequantityofmoneyintheeconomy.TheFederalReserveTheFedwascreatedin1914afteraseriesofbankfailuresconvincedCongress（国会）thattheU.S.neededacentralbankt

7、oensurethehealthofthenation’sbankingsystem.TheFed’sOrganizationTheFedisrunbyaBoardofGovernors（董事局）,whichhassevenmembersappointedbythePresidentandconfirmedbytheSenate（参议院）.TheFed’sOrganizationThechairmanoftheboardpresidesatboardmeetings,directsthestaff,an

8、dtestifiesaboutFedpolicy.TheFed’sOrganizationTheFederalReserveSystem（联邦储备体系）ismadeupoftheFederalReserveBoardinWashington,D.C.,andtwelveregionalFederalReserveBanks（联邦储备银行）.TheFed’sOrganizationMonetarypolicy（货币政策）isconducted