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1、TheMonetarySystemETPEconomics102JackWuMoneyisthesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.MoneyMoneyhasthreefunctionsintheeconomy:MediumofexchangeUnitofaccountStoreofvalueFunctionsofMoneyMediumofExchangeAmediumofexchangeisanitemthatbuyersgive
2、tosellerswhentheywanttopurchasegoodsandservices.Amediumofexchangeisanythingthatisreadilyacceptableaspayment.MediumofExchangeUnitofAccountAunitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.UnitofAccountStoreofValueAstoreofvalueisanitemthatpeoplecanusetotransferpurchasi
3、ngpowerfromthepresenttothefuture.StoreofValueLiquidityLiquidityistheeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.LiquidityCommoditymoneytakestheformofacommoditywithintrinsicvalue.Examples:Gold,silver,cigarettes.Fiatmoneyisusedasmoneybecauseofgovernmentdecree.
4、Itdoesnothaveintrinsicvalue.Examples:Coins,currency,checkdeposits.KindsofMoneyCurrencyisthepaperbillsandcoinsinthehandsofthepublic.Demanddepositsarebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.MoneyintheEconomyM1_M1A_M1BM2MoneySupplyMoneyintheU.S.EconomyCop
5、yright?2003Southwestern/ThomsonLearningBillionsofDollars?Currency($580billion)?Demanddeposits?Traveler’schecks?Othercheckabledeposits($599billion)?EverythinginM1($1,179billion)?Savingsdeposits?Smalltimedeposits?Moneymarketmutualfunds?Afewminorcategories($4,276billion)0M1$1,179M2$5
6、,455TheFederalReserve(Fed)servesasthenation’scentralbank.Itisdesignedtooverseethebankingsystem.Itregulatesthequantityofmoneyintheeconomy.FederalReserveTheStructureoftheFederalReserveSystem:TheprimaryelementsintheFederalReserveSystemare:1)TheBoardofGovernors2)The(12)RegionalFederal
7、ReserveBanks3)TheFederalOpenMarketCommitteeFederalReserveSystemTheBoardofGovernorsSevenmembersAppointedbythepresidentConfirmedbytheSenateServestaggered14-yeartermssothatonecomesvacanteverytwoyears.Presidentappointsamemberaschairmantoserveafour-yearterm.BoardofGovernorsTheFederalRe
8、serveSystemismadeupoftheFederalRe
