曼昆《经济学原理》10 monetary_system--(汉魅HanMei—.ppt

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1、10MONEYANDPRICESINTHELONGRUN29TheMonetarySystemTHEMEANINGOFMONEYMoneyisthesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.TheFunctionsofMoneyMoneyhasthreefunctionsintheeconomy:MediumofexchangeUnitofaccountStoreofvalueTheFunctionsofMoneyMediumofExchangeAmedium

2、ofexchangeisanitemthatbuyersgivetosellerswhentheywanttopurchasegoodsandservices.Amediumofexchangeisanythingthatisreadilyacceptableaspayment.TheFunctionsofMoneyUnitofAccountAunitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.StoreofValueAstoreofvalueisanitemthatpeoplecanusetotrans

3、ferpurchasingpowerfromthepresenttothefuture.TheFunctionsofMoneyLiquidityLiquidityistheeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.TheKindsofMoneyCommoditymoneytakestheformofacommoditywithintrinsicvalue.Examples:Gold,silver,cigarettes.Fiatmoneyisusedasmoneybecauseofgove

4、rnmentdecree.Itdoesnothaveintrinsicvalue.Examples:Coins,currency,checkdeposits.MoneyintheU.S.EconomyCurrencyisthepaperbillsandcoinsinthehandsofthepublic.Demanddepositsarebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.Figure1MoneyintheU.S.EconomyCopyright©2003Southwester

5、n/ThomsonLearningBillionsofDollars•Currency($580billion)•Demanddeposits•Traveler’schecks•Othercheckabledeposits($599billion)•EverythinginM1($1,179billion)•Savingsdeposits•Smalltimedeposits•Moneymarketmutualfunds•Afewminorcategories($4,276billion)0M1$1,179M2$5,455CASESTUDY:WhereIsAllTheCurren

6、cy?In2001therewasabout$580billionofU.S.currencyoutstanding.Thatis$2,734incurrencyperadult.Whoisholdingallthiscurrency?CurrencyheldabroadCurrencyheldbyillegalentitiesTHEFEDERALRESERVESYSTEMTheFederalReserve(Fed)servesasthenation’scentralbank.Itisdesignedtooverseethebankingsystem.Itregulatesth

7、equantityofmoneyintheeconomy.THEFEDERALRESERVESYSTEMTheFedwascreatedin1914afteraseriesofbankfailuresconvincedCongressthattheUnitedStatesneededacentralbanktoensurethehealthofthenation’sbankingsystem.THEFEDERALRESERVESYSTEMTheStructureoftheFederalRes