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1、®CHAPTER18MoneySupplyandMoneyDemandMANKIW'SMACROECONOMICSMODULES1MoneySupplyTounderstandthemoneysupply,wemustunderstandtheinteractionbetweencurrencyanddemanddepositsandhowtheFedpolicyinfluencesthesetwocomponentsofthemoneysupply.2MoneySupplyM=C+DMoneySupplyCurrencyDemandDepositsInthischapte
2、r,we’llseethatthemoneysupplyisdeterminednotonlybytheFederalReserve,butalsobythebehaviorofhouseholds(whichholdmoney)andbanks(wheremoneyisheld).3Thedepositsthatbankshavereceivedbuthavenotlentoutarecalledreserves.Considerthecasewherealldepositsareheldasreserves:banksacceptdeposits,placethemon
3、eyinreserve,andleavethemoneythereuntilthedepositormakesawithdrawalorwritesacheckagainstthebalance.Ina100-percent-reservebankingsystem,alldepositsareheldinreserve;thusthebankingsystemdoesnotaffectthesupplyofmoney.100-Percent-ReserveBankingASample100-Percent-ReserveBankBalanceSheetAssetsLiab
4、ilitiesReserves$1,000Deposits$1,0004Aslongastheamountofnewdepositsapproximatelyequalstheamountofwithdrawals,abankneednotkeepallitsdepositsinreserves.Note:areserve-depositratioisthefractionofdepositskeptinreserve.Excessreservesarereservesabovethereserverequirement.Fractional-reservebanking,
5、asystemunderwhichbankskeeponlyafractionoftheirdepositsinreserve.Inasystemoffractional-reservebanking,bankscreatemoney.ASampleFractional-ReserveBankBalanceSheetAssetsLiabilitiesReserves$200Loans$800Deposits$1,000Let’slookathowmoneycreationworks…Fractional-ReserveBanking5FirstbankBalanceShee
6、tSecondbankBalanceSheetThirdbankBalanceSheetAssetsLiabilitiesAssetsLiabilitiesAssetsLiabilitiesReserves$200Deposits$1,000Loans$800Reserves$128Deposits$640Loans$512Reserves$160Deposits$800Loans$640Acloserlookatmoneycreation...Assumeeachbankmaintainsareserve-depositratio(rr)of20percentandtha
7、ttheinitialdepositis$1,000.Mathematically,theamountofmoneytheoriginal$1000depositcreatesis:OriginalDeposit=$1,000FirstbankLending=(1-rr)$1,000SecondbankLending=(1-rr)2$1,000ThirdbankLending=(1-rr)3$1,000FourthbankLending=(1-rr)4$1,000TotalMoneySupply=[1+(1
