20121124 経済英語ディスカッション

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20121124 経済英語ディスカッション

  1. 1. Money
  2. 2. 2 Ten  Principles  of  Economics     Ⅰ.How  People  Make  Decisions.   1:People  Face  Trade-­‐offs.   2:The  Cost  of  Something  Is  What  You  Give  Up    to  Get  It.   3:RaIonal    People  Think  at  the  Margin.   4:People  Respond  to  IncenIves.     Ⅱ.How  People  Interact.   5:Trade  Can  Make  Everyone  BeNer  Off.   6:Markets  Are  Usually  a  Goodway  to  Organize  Economic  AcIvity.   7:Governments  Can  SomeImes  Improve  Market  Outcomes.     Ⅲ.How  the  Economy  as  a  Whole  Works   8:A  Country's  Standard  of  Living  Depends  on  its  Ability  to  Produce  Goods  and  Services.   9:Prices  Rise  When  the  Government  Prints  Too  Much  Money.   10:Society  Faces  a  Short-­‐Run  Trade-­‐off  between  InflaGon  and  Umemployment.      
  3. 3. What  is  money? What  is  the  role  of   money?
  4. 4. Money  in  economcis •  The  term  money  refers  to  assets  that  people   regularly  use  to  buy  goods  and  services. – As  a  medium  of  exchange,  it  provides  the  item   used  to  make  transacIon. – As  a  unit  account,  it  provides  the  way  in  which   prices  and  other  economic  values  are  recorded. – As  a  store  of  value,  it  provides  a  way  of   transferring  purchasing  power  from  the  present  to   the  future.
  5. 5. Central  Bank •  An  insItuIon  designed  to  oversee  the  banking   system  and  regulate  the  quanIty  of  money  in   the  economy. •  Central  bank  has  two  related  jobs. – The  first  is  to  regulate  banks  and  ensure  the   health  of  the  banking  system. – The  second  and  more  important  job  is  to  control   the  quanIty  of  money  that  is  made  available  in   the  economy,  called  the  money  supply.
  6. 6. Monetary  policy •  Decisions  by  policy  makers  concerning  the   money  supply  consItute  monetary  policy. •  Central  bank’s  primary  tool  is  the  open  market   operaIons. – If  the  FOMC  decides  to  increase  the  money   supply,  central  bank  creates  dollar’s  and  uses   them  to  buy  government  bond’s  from  the  public   in  the  naIon’s  bond  markets.  
  7. 7. How  do  money  transmit  to  the  public  
 by  monetary  policy?
  8. 8. Transmission  mechanism  of  
 monetary  policy Central  bank Bank Bank Bank Bank Open  Market Company Company Individual individual Government  bond Money lending Principal  and  interests TradiIonal  monetary  policy
  9. 9. 9 金融政策波及経路 オペレーション 中央銀行当座預金 オーバーナイト金利 貸出供給 資産価格 為替レート 担保価格 総支出 予想物価上昇率 中長期金利 実質長中長期金利 相対資産価格 金利チャネル 信用チャネル 為替チャネル マネタリストチャネル 量的緩和チャネル
  10. 10. InflaIon  targeIng •  Under  inflaIon  targeIng  ,  central  bank  would   announce  a  target  for  a  the  inflaIon  rate  and   then  adjust  the  money  supply  when  the  actual   inflaIon  rate  deviates  from  the  target. •  In  addiIon,  an  inflaIon  target  has  the  poliIcal   advantage  of  being  easy  to  explain  to  the   public.
  11. 11. 2013/07/21 QuanItaIve  easing (QE)   •  QuanItaIve  easing (QE)  is  an unconvenIonal  monetary   policy used  by central  banks to  sImulate  the  naIonal   economy  when  convenIonal  monetary  policy  has  become   ineffecIve.   •  A  central  bank  implements  quanItaIve  easing  by   buying financial  assets from commercial  banks and  other   private  insItuIons  with newly  created  money in  order  to   inject  a  pre-­‐determined quanIty of  money  into  the  economy.     •  This  is  disInguished  from  the  more  usual  policy  of  buying  or   selling government  bonds to  keep  market  interest  rates  at  a   specified  target  value.QuanItaIve  easing  increases   the excess  reserves of  the  banks,  and  raises  the  prices  of  the   financial  assets  bought,  which  lowers  their yield.  

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