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1、TheMonetarySystemCHAPTER29Inthischapter, lookfortheanswerstothesequestions:Whatassetsareconsidered“money”?Whatarethefunctionsofmoney?Thetypesofmoney?WhatistheFederalReserve?Whatroledobanksplayinthemonetarysystem?Howdobanks“createmoney”?HowdoestheFederalReservecontr
2、olthemoneysupply?2THEMONETARYSYSTEM3WhatMoneyIsandWhyIt’sImportantWithoutmoney,tradewouldrequirebarter, theexchangeofonegoodorserviceforanother.Everytransactionwouldrequireadoublecoincidenceofwants–theunlikelyoccurrencethattwopeopleeachhaveagoodtheotherwants.Mostpe
3、oplewouldhavetospendtimesearchingforotherstotradewith–ahugewasteofresources.Thissearchingisunnecessarywithmoney, thesetofassetsthatpeopleregularlyusetobuyg&sfromotherpeople.0THEMONETARYSYSTEM4The3FunctionsofMoneyMediumofexchange:anitembuyersgivetosellerswhentheywan
4、ttopurchaseg&sUnitofaccount:theyardstickpeopleusetopostpricesandrecorddebtsStoreofvalue:anitempeoplecanusetotransferpurchasingpowerfromthepresenttothefuture0THEMONETARYSYSTEM5The2KindsofMoneyCommoditymoney: takestheformofacommoditywithintrinsicvalueExamples:goldcoi
5、ns,cigarettesinPOWcampsFiatmoney: moneywithoutintrinsicvalue,usedasmoneybecauseof govtdecreeExample:theU.S.dollar0THEMONETARYSYSTEM6TheMoneySupplyThemoneysupply(ormoneystock): thequantityofmoneyavailableintheeconomyWhatassetsshouldbeconsideredpartofthemoneysupply?T
6、wocandidates:Currency:thepaperbillsandcoinsinthehandsofthe(non-bank)publicDemanddeposits:balancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck0THEMONETARYSYSTEM7MeasuresoftheU.S.MoneySupplyM1:currency,demanddeposits, traveler’schecks,andothercheckabl
7、edeposits.M1=$1.4trillion(June2008)M2:everythinginM1plussavingsdeposits, smalltimedeposits,moneymarketmutualfunds,andafewminorcategories.M2=$7.7trillion(June2008)ThedistinctionbetweenM1andM2 willusuallynotmatterwhenwetalkabout “themoneysupply”inthiscourse.0THEMONET
8、ARYSYSTEM8CentralBanks&MonetaryPolicyCentralbank:aninstitutionthatoverseesthebankingsystemandregulatesthemoneysupplyMonetarypolicy:thesettingofth
