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The Facts about Velocity • Fisher’s logic led Milton Friedman to conclude that central banks should simply set money growth at a constant rate. • Policymakers should strive to ensure that the monetary aggregates grow at a rate equal to the rate of real growth plus the desired level of inflation.

22 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 864 | Lượt tải: 0

Review of the Previous Lecture • Central Bank’s Monetary Policy Toolbox • Open Market Operations • Discount Lending • Reserve Requirements • Linking tools to Objectives

25 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 674 | Lượt tải: 0

Target Federal Funds Rate and Open Market Operation • The central bank chooses to control the federal funds rate by manipulating the quantity of reserves through open market operations: the central bank buys or sells securities to add or drain reserves as required.

16 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 692 | Lượt tải: 0

Review of the Previous Lecture • Deposit Creation in a Single Bank • Deposit Creation in a System of Banks • Deposit Expansion Multiplier • Deposit Expansion with Excess Reserves and Cash Withdrawals • Money Multiplier

20 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 758 | Lượt tải: 0

Review of the Previous Lecture • Changing the Size and Composition of the Balance Sheet • Open Market Operation • Foreign Exchange Intervention • Discount Loans • Cash Withdrawals

28 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 702 | Lượt tải: 0

Review of the Previous Lecture • Central Bank • Roles • Objectives • Inflation • Growth • Financial System • Interest rate and exchange rate • A successful central bank • Independence • Accountability • Transparency • communication

26 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 654 | Lượt tải: 0

Meeting the Challenge: Creating a Successful Central Bank • The boom in the past decade with its associated decrease in volatility may have happened because technology sparked a boom just as central banks became better at their jobs. • Policymakers realized that sustainable growth had gone up, so interest rates could be kept low without wor...

29 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 751 | Lượt tải: 0

Low, Stable Inflation • Many central banks take as their primary job the maintenance of price stability; they strive to eliminate inflation. • The rationale for keeping the economy inflation-free is that money’s usefulness as a unit of account and as a store of value is enhanced when its purchasing power is maintained.

16 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 847 | Lượt tải: 0

The Government's Bank • The central bank started out as the government’s bank, originally created by rulers to finance wars • However, the early examples are really the exceptions, as central banking is largely a 20th century phenomenon. • The central bank occupies a privileged position: it has a monopoly on the issuance of currency

18 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 710 | Lượt tải: 1

Review of the Previous Lecture • Non-depository Institutions • Insurance Companies • Securities Firms • Finance Companies • Government Sponsored Enterprises • Banking Crisis • Sources of Runs, Panics and Crisis

24 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 710 | Lượt tải: 0