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1、Chapter8MonetaryPolicyMonetarypolicymaybedefinedastheuseofvarioustoolsbythecentralbanktocontroltheavailabilityofloanablefundsinanefforttoachievenationaleconomicgoals,suchasfullemploymentandreasonablepricestability.2021/9/152Chapter8MonetaryPolicy1)ReserveRequirements2)Dis
2、countRate3)OpenMarketOperations1.ToolsofMonetaryPolicy2021/9/153Chapter8MonetaryPolicy1)ReserveRequirementsGenerallyspeaking,alldepositoryinstitutionsofferingselectedkindsofdepositsarerequiredtoholdasmallpercentageofthosedepositsinanassetaccountofthecentralbankknownaslega
3、lreserves.Reserverequirementsareapercentageofdepositoryinstitutions'demanddepositliabilitiesthatmustbekeptondepositatthecentralbankasarequirementofbankingregulations.Thoughseldomused,thispercentagemaybechangedbythecentralbankatanytime,therebyaffectingthemoneysupplyandcred
4、itconditions.2021/9/154Chapter8MonetaryPolicyReserverequirementaffectstheso-calledmultiplemoneycreation.Suppose,forexample,thereserverequirementratiois10percent.Abankthatreceivesa$100deposit(bank1)canlendout$90.Bank1canthenissuea$90checktoaborrower,whodepositsitinbank2,wh
5、ichcanthenlendout$81.Asthisprocesscontinues,thebankscanexpandtheinitialdepositof$100intoamaximumof$1,000($100+$90+81+$72.90+...=$1,000).2021/9/155Chapter8MonetaryPolicyFractional-ReserveLendingwitha10%reserveratebankamountdepositedamountloanedoutreservesA1009010B90819C817
6、2.908.10D72.9065.617.29E65.6159.056.56F59.0553.145.91…………totalamountdeposited:totalamountloanedout:totalreserves:100+90+81+…=100/1-0.9=100090+81+72.90+…=9001002021/9/156Chapter8MonetaryPolicyIncontrast,witha20%reserverequirement,thebankingsystemwouldbeabletoexpandtheiniti
7、al$100depositintoamaximumof$500($100+$80+$64+$51.20+...=$500).Thus,higherreserverequirementsshouldresultinreducedmoneysupplybyrequiringalargerpercentageofthebanks’anddepositoryinstitutions’demanddepositstobeheldbythecentralbank,thustakingthemoutofsupply.Asaresult,anincrea
8、seinreserverequirementswouldincreaseinterestrates,aslesscurrencyisavailabletoborrowers.2021/9/15
