Mankiw-Economics-Chap-27-中山大学吴柏林教授“曼昆·经济学原理”绝密资料.ppt

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1、TheMonetarySystemChapter27Copyright©2001byHarcourt,Inc.Allrightsreserved.  Requestsforpermissiontomakecopiesofanypartoftheworkshouldbemailedto:PermissionsDepartment,HarcourtCollegePublishers,6277SeaHarborDrive,Orlando,Florida32887-6777.TheMeaningofMo

2、neyMoneyisthesetofassetsintheeconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.ThreeFunctionsofMoneyMoneyhasthreefunctionsintheeconomy:MediumofexchangeUnitofaccountStoreofvalueMediumofExchangeAmediumofexchangeisanythingthatisreadilyaccept

3、ableaspayment.UnitofAccountAunitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.StoreofValueAstoreofvalueisanitemthatpeoplecanusetotransferpurchasingpowerfromthepresenttothefuture.LiquidityLiquidityistheeasewithwhichanassetcanbeconvertedintoth

4、eeconomy’smediumofexchange.TheKindsofMoneyCommoditymoneytakestheformofacommoditywithintrinsicvalue.Examples:Gold,silver,cigarettes.Fiatmoneyisusedasmoneybecauseofgovernmentdecree.Itdoesnothaveintrinsicvalue.Examples:Coins,currency,checkdeposits.Moneyinth

5、eU.S.EconomyCurrencyisthepaperbillsandcoinsinthehandsofthepublic.Demanddepositsarebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.MoneyintheU.S.EconomyMeasureAmountin1998What’sIncludedM1$1,092billionCurrencyTraveler’schecksDemanddepo

6、sitsOthercheckabledepositsM2$4,412billionEverythinginM1SavingdepositsSmalltimedepositsMoneymarketmutualfundsAfewminorcategoriesNOTE:M3=M2+LargeTimeDepositsWhereIsAllTheCurrency?In1998therewasabout$460billionofU.S.currencyoutstanding.Thatis$2,240incurrenc

7、yperadult.Whoisholdingallthiscurrency?CurrencyheldabroadCurrencyheldbyillegalentitiesTheFederalReserveTheFederalReserve(Fed)servesasthenation’scentralbank.Itisdesignedtooverseethebankingsystem.Itregulatesthequantityofmoneyintheeconomy.TheFederalReserveTh

8、eFedwascreatedin1914afteraseriesofbankfailuresconvincedCongressthattheU.S.neededacentralbanktoensurethehealthofthenation’sbankingsystem.TheFederalReserveSystemTheStructureoftheFederalReserveSystem:TheprimaryelementsintheFe