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Всего слайдов:
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1,2,3,4,5,6,7,8,9,10,11
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Слайды и текст к этой презентации:
№1 слайд
Содержание слайда: Interest Rates and Monetary Policy
№2 слайд
Содержание слайда: Interest Rates
The price paid for the use of money
Many different interest rates
Speak as if only one interest rate
Determined by the money supply and money demand
№3 слайд
Содержание слайда: Demand for Money
Why hold money?
Transactions demand, Dt
Determined by nominal GDP
Independent of the interest rate
Asset demand, Da
Money as a store of value
Varies inversely with the interest rate
Total money demand, Dm
№4 слайд
Содержание слайда: Demand for Money
№5 слайд
Содержание слайда: Assets
Assets
Securities
Loans to commercial banks
Liabilities
Reserves of commercial banks
Treasury deposits
Federal Reserve Notes outstanding
№6 слайд
Содержание слайда: Tools of Monetary Policy
Open market operations
Buying and selling of government securities (or bonds)
Commercial banks and the general public
Used to influence the money supply
When the Fed sells securities, commercial bank reserves are reduced
№7 слайд
Содержание слайда: Tools of Monetary Policy
Fed buys bonds from commercial banks
№8 слайд
Содержание слайда: Tools of Monetary Policy
Fed sells bonds to commercial banks
№9 слайд
Содержание слайда: Tools of Monetary Policy
The reserve ratio
Changes the money multiplier
The discount rate
The Fed as lender of last resort
Short term loans
Term auction facility
Introduced December 2007
Banks bid for the right to borrow reserves
№10 слайд
Содержание слайда: Tools of Monetary Policy
Open market operations are the most important
Reserve ratio last changed in 1992
Discount rate was a passive tool
Term auction facility is new
Guaranteed amount lent by the Fed
Anonymous
№11 слайд
Содержание слайда: The Federal Funds Rate
Rate charged by banks on overnight loans
Targeted by the Federal Reserve
FOMC conducts open market operations to achieve the target
Demand curve for Federal funds
Supply curve for Federal funds
№12 слайд
Содержание слайда: Monetary Policy
Expansionary monetary policy
Economy faces a recession
Lower target for Federal funds rate
Fed buys securities
Expanded money supply
Downward pressure on other interest rates
№13 слайд
Содержание слайда: Monetary Policy
Restrictive monetary policy
Periods of rising inflation
Increases Federal funds rate
Increases money supply
Increases other interest rates
№14 слайд
Содержание слайда: Taylor Rule
Rule of thumb for tracking actual monetary policy
Fed has 2% target inflation rate
If real GDP = potential GDP and inflation is 2%, then targeted Federal funds rate is 4%
Target varies as inflation and real GDP vary
№15 слайд
Содержание слайда: Expansionary Monetary Policy
№16 слайд
Содержание слайда: Restrictive Monetary Policy
№17 слайд
Содержание слайда: Evaluation and Issues
Advantages over fiscal policy
Speed and flexibility
Isolation from political pressure
Monetary policy is more subtle than fiscal policy
№18 слайд
Содержание слайда: Problems and Complications
Lags
Recognition and operational
Cyclical asymmetry
Liquidity trap