Monetary Policy
- 1. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ Ζũņĸ˝▫
មក
ďĠŤņŠńеģ◦ď₤ŌĄЊŪ˝ņ₤РņŲеόĕŁŎΒĕНŔijЮýũĮĄŪŌĠ₤УũЮŵ˝ŪÐС⅜ū⅜Čũŏ ងន
О О ň Ś ង
ЯřŲď⅜ū⅜ČũŏЯĩĖ˝ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ аĕ⅜˝ŲŷЋ◦ŜŲњŎķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ƥ
Ś Ā
₤У₤БņЊijũУņ▫˝с ĕЊ₣₤Њ₤⅝ĕН₤℮Њ₤ ņЊijΒ˝Ζĕď◦БŪ₤ŵŀсŬĠсΖĕ¤
Ś Ś Ė Ś Ė
ĜЮĮŲĠşĠġĕĖņНŠ ŷЋď ũРĠŎŷij□О ĕЊ₣ĊĜýũďņНŠ ŷЋďņУŎЯřŲŌĕĕЊ₤℮Њijŗ₣ЮŪşЧĕЮŪĄЧ₤ЮũВ₤Ŏ˝ņ˝
ОĆ ą Њ ą л
₤Њ˝⅝ ĕЊ₣Ū⅜ŷŪďŷЮřЧņġБЯ₤ſ₣ŎŲсЁģĕŁĕсЯij₤НБĄЮŪō¤ ĮБņУŎаℓĞ ЮĉņУŎаℓĞ Ю₤řť˝Њş ĆÐЙŌĕŁũũВ˝şЮŪņЧĕĠ
ĕŚЊşņŚ₣Y ЯřŲĈņĈũЁŌĕŁũşРŲũУņĮБŪĠĮњĕũРĠŎŷij□ОĕЊ₣ĊĜýũЮřЧņġБĠЮ₣˛ЧĕЮŲġЪĕаĕŁũũВ˝şЮŪņЧĕĈе₣Юĕй¤
ċ Њ
ЮŢŎЮþЧŀĮБļĮČеģşсаĕņНŠ ŷЋďЮĕй Ю΅ЧŎ₤□ЊijЮĝЮŪŁņŁũЯ‗ĜеũĠ₤сЮŵ˝ŪÐС⅜ū⅜Čũŏ ₣Уĕ Ю΅₣ ЮŎЧ₣Šńе О
ą Ś
Ћ Њ Ā Б Њ Ћ
ďĕЊ₤℮ЊijņУŎŪ˝Оņаĕ ⅜˝Ųŷ◦ŜŲњŎķРņĕĕij⅜ū₤Ś ĕЊ₣ ŷ◦Ŝ⅜ū₤ŚЮ₤řť˝ş Ć ▫˝сĠũЋŔĠњŪijЮ₤řť˝ş Ć Ū˝Оņ Ăе◦Б
Њ Ė Ġ ũЋ ň ijЮ₤ Њ
Ю₤řť Ė
ư E3B4 ģĕ₤ЮŪņşşЊijЮŪĄЧ₤ЮũВ₤Ŏ˝ŪĠēĕĠ◦ņУŎņ˝ЮĊſЧŁũ₤Њ˝⅝Ū⅜ŷŪďŷÐЙ ĕЮŗģŎũРĠŎŷij□¤
ʼn Њ О
ĕЮŗģŎũРĠЊŎŷij□О ÐЙďĕЮŗģŎņУŎЯřŲΒĕНŷijŚЮŢŎ⅜Ġњĕυ˝ŬĄŏņУŎ ЯřŲŪijСŷģĕЮÐ⅜Ųс▫ď
□ ð
ĊĜýũ˝₧Ų¤ ĕЮŗģŎЮĕйÐЙŌĕ⅜ũк₤еžĕсĠеĩНijЮĝ˝ĖО₣Ю₤řť˝Њş ĆЮŪĵйǻģĕЮřЧũijУŗ₣₤еžĕс˝О₣Łũũ˝⅝
Ś л Ė
ĕРŷ₤□ЊũļĮаℓų ◦Ġс⅜ijсĕРŷΒijЊĩũ₧ ιĠŔĕЊ˝ņŊļĮďЮřЧņ¤ řРЮş ĖйЮřЧņġБ₤ЮŪņşЁģĕĕРŷЮýŲĠе‗₣Ĉе₣Юĕй
˛ Ά
ЮŎЧ₣ŪijСŷЯijЮĊſЧŁũ₤Њ˝⅝Я₤ſ₣ŎŲсЁģĕŁĕсЯijşĤ₤сЮĉЮŲЧşе‗ НşЮĕй ЮŪĵй▫ĜЮĮŲĠşĠġĕĖŪĠЮ◦₤₧˝єЮŪĠЧ
ОĆ
Ūģ₤сĕРŷĕЮŗģŎņУŎЮĕйЮřЧņġБЯ˝ЯŪĠ⅜ĕļĮЮ₤řť˝Њş ĆЁģĕŁĕсЯijŲŪĠЮ₤Чũ ĕЊ₣ĠЮ₣˛ЧĕЮŲġЪĕаĕŁũΒķЊŷűΘ
□ ∆
Ю₤řť˝Њş ĆũĠ₤сŠĕЯřũ¤
ųФ
ЮŎЧ₣Šńе₤₣−Еņ▫˝Њş ĆŁũņУŎЮĕйĕЕ₣ŁŎďņЊijřєŲ₤ŪŌĠсЮŵ˝ΒĖ˝
О ų Ś ∆ ₤Њ₤⅝ĕН₤℮Њ₤ ĕЊ₣ĕЊ₤℮ЊijŪÐĠсYũРĠ
ЯřŲЮ₤ĖΉŁũ₤Њ˝⅝Ū⅜ŷŪďŷЮřЧņġБĮŪ₣Е₣ĮŪ₣Б˝ĕРŷşеЮ‗йřЕ₣ЯřŲĈ˝с◦₣ĕЕ₣ĕЮŗģŎũРĠЊŎŷij□ОЮĕйЁģĕŁĕс
Яij₤НБĄЮŪō ĕЊ₣Ųņ∆ЊijЯℓņņУŎ˝ŪņЊijЮ◦Ьij¤
ŪÐĠс˝Њş ĆŁũĈе₣ΐŎÐЙņЊĕΖşЮĄЬ₤ĩНijĕРŷ˝е΅Н₤đð₣ģĕЮΌЧŎ řРЮş Ėй₤РņЮŵ˝ŪÐСΒ˝ŪÐС ŪĮņĈе₣₤Њ₤⅝
Ė
ĕН₤℮Њ₤ ņЊijΒ˝ΖĕŪÐĠсũРĠЮņ″₤Ю₧₤ЮŪģ₤ŪĠ‗БŠĕŚБΒķњŎЮĈ₤ĕРŷŬŲс˝е΅Н₤đð₣ЯřŲЮ˝ЧijŌĕЮŢŎ
Ś Ė Ś Ś
ΒЮşijĜ řŲсŪ˝ОņũĠ₤сŠеģ◦ ЮŢŎ˝ŚБΒĕНЮŪýй¤
Оń
ďşН₣ЮŪŁŎ Šńеģ◦₤РņЮŲЧ˝΅ij□ŷĜŪĠ‗еĠУ₣₤У₣₤РņΒ₤сŷij□О₤˝ŚЊ₤Њ◦ċЊЮĝЮŲЧķĮЯĩĕřБ ĕЊ₣Юĝ˝ĖО₣ЯřĕĠН ũВ
О Ā
˝ņįď″ņЯℓũ˝⅝ Юŵ˝ŪÐСΒ˝ŪÐС ŪĮņĈе₣ņЊij₤Њ₤⅝ĕН₤℮Њ₤ŪÐĠсũРĠЁĄУĠЯij₤е₧₣Ų ∆ ĕЊ₣₤ЮŪņş″ņĠе‗₣
О Ė Ś
Ūģ▫ďĕЊş Ƥ
Ė
ŬĄēĕБķĖеЮĮŀ аℓĞ◦Б Ơơ ЯŠ ņ˝Ŭ Ăе ƯƠơƯ
Ė
ĕЊ₤℮ЊijŪ˝Оņ◦Б ơ,
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 2. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ŌijЊŁ
ŌijЊŁ
I. Б Ч 1
Ю₤ş˝ŚЮĩŚņ..................................................................................................................................................................
II. ĕЊŎņĕњŎĕЮŗģŎũРĠŎŷij□О ĕЊ₣ũРĠŎŷij□О .............................................................................................................. 4
Њ Њ
1. ĕЊŎņĕњŎаĕĕЮŗģŎũРĠŎŷij□О................................................................................................................... 4
Њ
2. ĕЊŎņĕњŎũРĠЊŎŷij□О ŪĠЮķ◦ ĕЊ₣ņНŠİũũĠ₤сǻ ............................................................................................ 4
2.1. ĕЊŎņĕњŎ ............................................................................................................................................ 4
2.2. ŪĠЮķ◦аĕũРĠЊŎŷij□О .............................................................................................................................. 4
2.3. ņНŠİũаĕũРĠЊŎŷij□О .............................................................................................................................. 4
2.3.1. ďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũ............................................................................................. 5
2.3.2. ďυ˝″Ð‗ĕБ ..................................................................................................................... 5
2.3.3. ďžij₤ŪŌĠсũ˝⅝ĕРŷijаņų ............................................................................................... 5
Ė
2.3.4. žij₤ŪŌĠс◦РĈijсĠ₧˝с ι◦РĈijсĜЮĮŲž₣ņНŠ ....................................................... 6
Ė Ś
3. ũİ₤сũРĠЊŎŷij□О₤ũНĠ Measures of the Monetary Aggregates .................................................... 6
ſ
III. ΧĠ˝ũ‗чĕЮŗģŎũРĠŎŷij□О ..................................................................................................................................... 8
Њ
1. ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ....................................................................... 8
2. ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) .............................................................................. 11
ŪĠijЊĠijʼnЊŁũũĠ₤с Discount Loans .......................................................................................................... 11
3. ◦НĕĠŪņО₣ŁijĮſ˝Њş Ć (Reserve Requirements) ...................................................................................... 12
IV. ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с Open Market ЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣Y ................................................14
V. ◦Бĩ⅝ũ◦НĕĠŪņ₣ ĕЊ₣ΒŪ″ Federal funds (Market for Reserves and Federal Funds Rate) .........15
О
1. Łũĩðijсĩ₣с ĕЊ₣ijŪņСŷŁũЮĝЮŲЧ◦Бĩ⅝ũ◦НĕĠŪņО₣ ......................................................................................15
ð
1.1. ЯŠ℮ЮŁ₣ijŪņСŷŁũ◦НĕĠŪņО₣ ..........................................................................................................15
1.2. ЯŠ℮ЮŁ₣ĩð₣сĩ₣с◦НĕĠŪņО₣ ..............................................................................................................15
ð
1.3. şе‗ НşŲеĕЕ₣◦Бĩ⅝ũ◦НĕĠŪņО₣ ......................................................................................................... 16
2. ĩŲĠлйĵŲсаĕŁũĬ₤сĠũΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ЮŲЧ Federal Funds Rate ........................... 16
ų ŚС О
2.1. ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations)...................................................... 17
2.2. ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) ................................................................. 17
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 3. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ŌijЊŁ
2.3. ◦НĕĠŪņО₣ŁijĮſ˝Њş Ć (Reserve Requirements) ......................................................................... 18
VI. ŎН◦⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ų ............................................................................................................................20
ċ Ś
1. ŁũЮŪĠЧŪģ₤сĕРŷЮýŲЮţ (Using Targets).............................................................................................20
2. ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲЮţ (Choosing Targets) ................................................................................... 21
3. Ų˝šŠ‗Ź ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲЮţ .................................................................................................... 23
3.1. Ų˝šŠ‗Ź ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Intermediate Targets 23
...................................................................................
3.1.1. Ζşǻ₤сЯŷ₣ģĕ (Measurability)............................................................................... 23
3.1.2. ΖşŪÐĠсŪÐ₣ģĕ (Controllability) ............................................................................24
3.1.3. ◦₤℮ĕчĈŎĮБΟ◦ċЊĮŲЮĉЮŲЧЮýŲĠе‗₣ (Predictable Effect on Goals) ............24
3.2. Ų˝šŠ‗Ź ņУŎşеĕУĕ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Operating Targets .........................................................25
VII. ŁũŷŷijŚĕŷŎН◦⅜ū₤ŚũĠ₤с Federal Reserve .................................................................................................. 26
Ћ Р ċ
1. ĮБĂе ơ‹́Ơ-ơ‹́‹ ŎН◦⅜ū₤ʼn Targeting Federal Funds Rate .................................................. 26
Ė ċ
2. ĮБĂе ơ‹́‹-ơ‹,Ư Targeting Monetary Aggregates .................................................................... 27
Ė
3. ĮБĂе ơ‹,Ư-ƯƠƠƠ ŎН◦ċ⅜ū₤ʼnĠşĠġĕĖũĠ₤сĊĜýũ˝₧ŲΖЮņũЋ˝ ............................................. 27
Ė ОĆ ʼn
VIII. ◦еĜ˝с◦ĕ₣ĕЮŗģŎũРĠŎŷij□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť˝ş Ć ...................................................................................... 29
е Њ Њ
1. Inflation Targeting .................................................................................................................................... 29
2. Price Level Targeting ..............................................................................................................................31
3. Monetary Aggregates ..............................................................................................................................31
4. Fixed Exchange Rate .............................................................................................................................. 32
5. Gold Standard........................................................................................................................................... 33
6. Mixed Policy ............................................................................................................................................ 33
IX. ЮýŲĠе‗₣ĕЮŗģŎũРĠŎŷij□.О ........................................................................................................................... 34
Њ
1. ĕЊ˝ņŊļĮℓŎşНй .......................................................................................................................................... 34
2. ˝еЮ‗ЧĕЮ₤řť˝Њş ............................................................................................................................................ 34
Ć
3. Ю₤□ũļĮаℓų................................................................................................................................................... 34
4. ₤□ЊũļĮΒŪ″ŁũŪģ˝с ................................................................................................................................ 35
5. ₤□ЊũļĮ◦Бĩ⅝ũ΅ЊũŃňŷij□О ............................................................................................................................... 35
6. ₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ĠŚũŪģ˝с ....................................................................................................................... 35
С
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 4. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ŌijЊŁ
X. Ћ Њ
ÐН‗₤ņġijŚЊ ĕЊ₣ÐН‗ ŷĠijʼnаĕĕЮŗģŎũРĠŎŷij□О .................................................................................................
Њ 36
1. ÐН‗₤ņġijʼnЊаĕĕЮŗģŎũРĠЊŎŷij□О ............................................................................................................ 36
1.1. ◦Ġс⅜ijсΒijЊĩũ₧ ......................................................................................................................... 36
˛
1.2. İŎŪ₤ФŲ˝ĖО₣ŁũЮĊſЧЮ₤ş˝Б₤ЮŪņşşЊijŚ ...................................................................................... 36
Ś
1.3. ΒĕНŷijŚģĕĈе₣Юĝ˝ĖО₣Ю₤řť˝Њş ũВ˝şЮŪņЧĕ ĕЊ₣◦ĕсЮŠ⅝Ŏ........................................................... 36
Ć
1.4. ЮŢйŪ⅜ŎŷЋĠijŚЊЮ₤řť˝Њş ĆģĕļņY ............................................................................................. 36
ų
2. ÐН‗ ŷЋĠijŚЊ.......................................................................................................................................................37
2.1. ΖşĠ₣˛ЁŌĕΒijЊĩũ₧ ĕЊ₣ĠũЋĩũ₧ ......................................................................................37
2.2. şе₧ŎЮĮŲЮŷŵŎРũ˝ĖО₣ŁũΒĕНŷijŚ ............................................................................................37
2.3. ΖşĠ₣˛ЁŌĕĕЊ˝ņŊļĮ ...............................................................................................................37
XI. Ю₤ş˝Ś₤ĕĖŢĕ ......................................................................................................................................................... 39
Б Њ ť
υ˝⅜ũЮŗ₣
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 5. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ₤ĈĕНŪ˝ņ
Ā
₤ĈĕНŪ˝ņ
Ā
ЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲс ĕЊ₣˝НеЁģijсĠ₣сĕРŷΒij□ĕњŎЮřЧņŪ˝ОņũĠ₤сŠеģ◦ ₤РņņЊĕĠ˝ЯŪĠĕРŷĵ˝ŏ
Оń
ĠЮş Ć˝Ю◦₤ЮΌЧŎ ĄеĕУ₤ЁĠŔЮĕйЮŎЧ₣ŠńеģĕĠЮ₣˛ijĕРŷ₤ĈĕНŪ˝ņŠųБņУŎЮřЧņġБĮĕŏŲсĕРŷΒij□ĕњŎũĠ₤сĵ˝ŏĈе₣
Ά О Ч Ā
ЮĜйĄеĕУ₤ ŷЋŀ řРЮş Ėй₤РņЮŵ˝ŪÐС ΒĖ˝ŪÐС ŪĮņĈе₣ņЊij₤Њ₤⅝ĕН₤℮Њ₤Ĉе₣Β₤сЮņ″ΒĊŜŪ₤њŎ¤
Ś Ś
ĵ˝ŏ Βij□ĕњŎ
Banker’s Acceptance ÐЙď˝Њş Ć₤ĕŜũŎкЮĮŲŠųБ ЯřŲЮĊſЧЮΌЧ₣ЮŢŎŪ˝Оņ΅пНĕņУŎЮřЧņġБ₤₣Юĉ
ЮŲЧ◦еĕЊŀ ιЮ₤ǻ ЮŢŎŌĕŁũēĜĮБĊĜýũ˝ĖО₣Łũ₤₣ĄеĕУ₤ ŪĠ₤ЊĕЮĠЧ
Ū˝Оņ΅пНĕЮĜйņЊĕģĕ₤₣ЮĝаℓĞ˝е‗ijс Ю΅ЧŎď◦РЮĉ˝Њş Ć₤ĕŜŪĠЮķ◦Юĕй
ЮŪĠЧ₤ŪŌĠсĵ‗ЊĄ ą˝ņŊΒĕŚũďijЊ¤
Board of Governor ÐЙď Ū˝ОņŪĠЕ˝⅝ņУŎЮĝ˝ĖО₣ĊĜýũ˝₧ŲΖЮņũЋşŌĕ₤ŌĄЊ˝şеĕУĕ́ũРĠ
Ś
ЯřŲďΒĖ˝ЮĊſЧŁũ₤ЮŪņşşЊijʼn ₤ŪŌĠсŪĠijЊĠijʼnЊŁũĈе₣ΐŎЯřŲĈ˝с◦₣
ĕЕ₣ĊĜýũ˝₧Ų¤
Ś
Certificate of Deposit Rate ÐЙďΒŪ″ŁũŪģ˝сЯřŲĩŚŲсЁЮŢŎĊĜýũ ЮĉΒijЊℓЊĄĕЯřŲŌĕŪģ˝с
ĠЮŃňЧũĊеY Ю΅ЧŎΒŪ″ŁũŪģ˝сЮĕйΖŪ₤њŎЮŢŎŁũşũČũ¤
CPI ₤ĕĀ₤℮ĕчаℓųΒ˝ЮŪĠЧŪģ₤с (Consumer Price Index)¤
Ė
Defensive Open Market ÐЙďЯĩĖ˝ņУŎаĕŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations)
Operations
ЯřŲŌĕĠе‗₣ ЮĊſЧŁũ◦РĈijсĕРŷŁũЯŪĠŪĠФŲĈе₣ΐŎЯřŲŌĕΟ◦ċЊĮŲ
ЮĉЮŲЧ◦НĕĠŪņО₣ řРşď ŁũЯŪĠŪĠФŲаĕŪģ˝сĠЮŃňЧũijĜýЮĝ˝ĖО₣ĊĜýũ
˝₧ŲďЮřЧņ¤
Ś
Discount Lending ÐЙďΟ‗ĈĕũĠ₤сĊĜýũ ˝₧ŲЯřŲĩŚŲс˝ņĆБЮĉЁĊĜýũřа◦Ю◦Ьij
Ś
Юĝ˝ĖО₣ŪĠĮњĕĊĜýũ¤
ċ
Discount Loan ЮņЧŲ Discount Lending¤
Discount Policy ÐЙďΧĠ˝ũ‗чĕЮŗģŎņУŎ˝ĖО₣şеЮ₧ņΧĠ˝ũ‗чĕЮŗģŎĈе₣ĠБ ũĠ₤с
ĊĜýũ˝₧ŲЯřŲĩŚŲс˝ņĆБЮĉЁĊĜýũЮĩ℮₣Y¤
Ś
Discount Rate ÐЙďΒŪ″ŁũŪģ˝сЯřŲĊĜýũ˝₧Ų
Ś Ŏ˝ĮБĊĜýũЮĩ℮₣YЯřŲŠĆБĕРŷ
Discount Loan¤
Discount Window ÐЙďņЮĊŜģŎũĠ₤с ĊĜýũ˝₧ŲЯřŲЮŪĠЧŪģ₤сЮřЧņġБĩŲсĕРŷ
Ś Ś
Discount Loan ЮĉЁĊĜýũЮĩ℮₣Y¤
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 6. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ₤ĈĕНŪ˝ņ
Ā
Dynamic Open Market ÐЙďЯĩĖ˝ņУŎаĕĕЮŗģŎ Open Market Operations ЯřŲŌĕĠе‗₣
Operations
˝ĖО₣ŁũЮĊſЧЁŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣¤
Excess Reserves ◦НĕĠŪņО₣ЮŲЧ₤¤
Federal Funds Market ÐЙď◦Бĩ⅝ũЯřŲЮĊſЧŁũĄУŀřРũĕРŷ◦НĕĠŪņО₣ ₤ŪŌĠсЯijŪÐЕй⅜ĊĜýũ¤
□
Federal Funds Rate ÐЙďΒŪ″ŁŪģ˝саĕ˝ņĆБЯřŲď◦РЮĉŌĕũŎкЮĮŲņУŎŎĠс ЯřŲĊĜýũ
ņУŎĩŚŲс˝ņĆБĕРŷ◦НĕĠŪņО₣ ЮĉЁĊĜýũņУŎЮ◦Ьij¤
Federal Funds Rate Target ÐЙďЮýŲЮţũĠ₤сĊĜýũ˝₧Ų˝ĖО₣Łũ˝е‗ijсĕРŷΒŪ″ Federal funds
Ś
rate ЁЮĝ˝ĖО₣˝ŪņЊijņУŎЯřŲŠųĕş₣сģĕ¤
Ф
Federal Reserve ÐЙďĊĜýũ˝₧ŲũĠ₤с₤΅ũřťΖЮņũЋş¤
Ś
Fixed Exchange Targeting ÐЙď ЮýŲЮţũĠ₤сĊĜýũ˝₧ŲЮřЧņġБũ˝⅝ЁģĕĕРŷ₤□ЊũļĮ◦Бĩ⅝ũΒŪ″
Ś
ĠŚũŪģ˝с¤
С
GDP ĩŲЊijĩŲ˝ĖО₣Ū₤О˝₤ũНĠ (Gross Domestic Product)¤
Gold Standard ÐЙďŪĠĮњĕņУŎЯřŲijаņųũРĠŎŷij□ОΖŪ₤њŎЮŲЧŁũijņ˛ŲŌ₤¤
ċ Њ с
Inflation Targeting ÐЙď ЮýŲЮţũĠ₤сĊĜýũ˝₧Ų˝ĖО₣Łũũ˝⅝ĕРŷ˝ŪņЊijΒijЊĩũ₧Ё₤□Њij
Ś
Юĝ˝ŪņЊijņУŎЯřŲЮÐş₣сģĕ ЯřŲďŁũŪĠЮņЧŲ ЮņЧŲĜЮĮŲΒĜÐij¤
Intermediate Targets Intermediate Targets ÐЙďŁũЮŪĠЧŪģ₤сĕРŷΒЮℓũЮĩ℮₣YЯřŲŪijСŷģĕЮÐ
ЮŪĠЧŪģ₤сЮřЧņġБǻ₤сĕРŷĠũЋŌ‗ĩðijсĩ₣сũРĠЊŎŷij□О₤ũНĠ (řРşď M1, M2, M3
ð
ďЮřЧņ) ι˝єΒŪ″ŁũŪģ˝с Ю΅ЧŎΒЮℓũĈе₣ЮĕйŌĕΟ◦ċЊĮŲЮŢŎĬŲсЮĉ
Ā
ЮŲЧЮýŲĠе‗₣ũĠ₤сŠĕ
ųФ ĠлНЯĕŚǻņЊĕģĕ◦◦УŲũ₣Ο◦ċЊĮŲЮŢŎĬŲсĮБŁũ
Ā
ЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ОũĠ₤сĊĜýũ˝₧ŲЮΌЧŎ¤
Ś
Mixed Policy ďĕЮŗģŎşŪņОйаĕ Inflation Targeting, Price Level Targeting,
Monetary Aggregates, Fixed Exchange Rate, Gold Standard ĠлНЯĕŚ
ЮĬij₤еžĕсЮĉЮŲЧş‗ НşĮБũřеĠР₣ЮŪşЧĕď₣¤
Ś е
Monetary Affairs Division ÐЙďŪ˝ОņņУŎЯřŲЮĊſЧŁũŪ⅜ŷŪďŷĕЊ₣ ŷЋļÐЮřЧņġБýеŪ◦ЮĉŪ˝ОņŪĠЕ˝⅝ķЊģ
Ų ĕЊ₣ FOMC ЮřЧņġБŪijФijĮЊĕЊijŏĕЮŗģŎũРĠЊŎŷij□О¤
Monetary Aggregate ũРĠЊŎŷij□О₤ũНĠ (M1; M2; M3)¤
Monetary Base ÐЙďĩŲĠР˝ũǻ₣ũРĠЊŎŷij□ОЯřŲ˝еĮН₣şŬşũ ĠР˝ĕЕ₣◦НĕĠŪņО₣ЯřŲŌĕ˝ĖО₣
ŪĠĮњĕĊĜýũ¤
ċ
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 7. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ₤ĈĕНŪ˝ņ
Ā
Nonborrowed base Ю₤ŊЧĕЕ₣ Monetary Bases ř˝ĕЕ₣ ◦НĕĠŪņО₣ЯřŲģĕŠĆБ (Borrowed
Reserves) ¤
Nonborrowed Reserves ÐЙďĩŲř˝ũǻ₣◦НĕĠŪņО₣₤ũНĠ ĕЕ₣ ◦НĕĠŪņО₣ЯřŲģĕŠĆБЮŢŎĊĜýũ
(ЯřŲďĠũЋŌ‗ĕРŷ Discount Loan ũĠ₤сĊĜýũ˝₧Ų)¤
Ś
One Basis Point Ơ.Ơơ%¤
Open Market Operation ÐЙďΧĠ˝ũ‗чĕЮŗģŎņУŎ˝ĖО₣şеЮ₧ņ ΧĠ˝ũ‗чĕЮŗģŎĈе₣ĠБũĠ₤с
ĊĜýũ˝₧ŲЯřŲЮĊſЧŁũ◦Њŀ Ų˝сĕРŷņРŲĠњŪij˝ĖО₣◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤
Ś
Open Market Purchases ÐЙďЯĩĖ˝ņУŎаĕ Open Market Operations ЯřŲЮĊſЧŁũ◦ЊŀĕРŷņРŲĠњŪij
″ņũŎк◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤
Open Market Sales ÐЙďЯĩĖ˝ņУŎаĕ Open Market Operations ЯřŲЮĊſЧŁũŲ˝сĕРŷņРŲĠњŪij
″ņũŎк◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤
Operating Targets Operating Targets ιΖşЮΊģĕ▫ Instruments ÐЙďŁũЮŪĠЧŪģ₤сĕРŷ
ΒЮℓũЮĩ℮₣YЯřŲďĠсĈ˝с◦₣ĕЕ₣ Reserve Aggregate (reserves,
nonborrowed reserves, monetary base, nonborrowed base) ι˝єď
Interest Rates (Federal funds rate, Treasury Bills rate) ЯřŲΒЮℓũ
Ĉе₣ЮĕйЮđųЧŎijĠŗ₣žе₣Юĉ ĕЕ₣ŁũΒĕНŷijŚΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О
л ų
ũĠ₤сĊĜýũ˝₧Ų¤
Ś
Opportunity Cost ÐЙďijаņųаĕŁũŪģ˝сЯřŲĊĜýũģĕЮģйĠ₣с ЮŢŎ◦◦УŲŎ˝Łũũ˝⅝
◦Н˝ĕРŷŪ◦Įŏ₤˝ņŊ (◦НĕĠŪņО₣)¤
Price Level Targeting ǻřРşýĕЕ₣ Inflation Targeting Яřũ ĠлНЯĕŚǻŪijСŷģĕЮŪĠЧЮřЧņġБЯ˝ЯŪĠ ⅜ĕ
Ė □
ļĮЮĮŲΒijБijŁŲ ЯřŲЮ◦ЧĠĕЕ₣Ю˝ЧijЮΌЧ₣¤
Primary Credits ÐЙď ŁũĩŚŲс˝ņĆБũĠ₤сĊĜýũ˝₧ŲЯřŲŌĕΒŪ″ŁũŪģ˝сĈĠЮ΅ЧŎǻ
Ś
ģĕЮřЧũijУŗ₣₤еžĕсЮĝ˝ĖО₣ĕЮŗģŎũРĠЊŎŷij□О¤ Ο‗ĈĕŪĠЮķ◦ЮĕйŪijСŷ
л
ģĕĩŚŲсЮĉόŏĊĜýũ ЯřŲŌĕ⅜ĕļĮ΅ЊũŃňŷij□ОŲŪĠЮ₤Чũ¤
□ ∆
Primary Dealers ÐЙďĵ‗ЊĄ ą˝ũЯřŲ ЮĊſЧŁũĄУŀřРũĕРŷņРŲĠњŪij˝ĖО₣ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝
şе΅ũ¤
Required Reserve ÐЙď◦НĕĠŪņО₣ ЯřŲĊĜýũ˝₧ŲijŪņСŷЁĊĜýũЮĩ℮₣Yijņ˛ŲсЮĝ˝ĖО₣
Ś
⅜ĠњĕũĠ₤сŠĕ¤
□ ųФ
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 8. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ₤ĈĕНŪ˝ņ
Ā
Required Reserve Ratio ÐЙď₤ņŌŪijаĕŪģ˝сĠЮŃňЧ ЯřŲĊĜýũ˝₧ŲijŪņСŷЁĊĜýũ Юĩ℮₣Y
Ś
ũ˝⅝◦Н˝ď◦НĕĠŪņО₣¤
Reserve Aggregates ◦НĕĠŪņО₣₤ũНĠ (Reserves, nonborrowed reserves, monetary base,
nonborrowed base)¤
Reserves ◦НĕĠŪņО₣Ю₤ŊЧĕЕ₣ ◦НĕĠŪņО₣ŁijĮſ˝Њş ĆЯřŲijņ˛ŲсЮĝĊĜýũ˝₧ŲĠР˝ĕЕ₣
Ś
⅜şсŪģ˝сЯřŲЮĝ˝ĖО₣ŪĠĮњĕĊĜýũ¤
ċ
Reserves Demand or ÐЙďijŪņСŷŁũ◦НĕĠŪņО₣ũĠ₤сĊĜýũЯřŲŠſйĕРŷ◦НĕĠŪņО₣¤
Demand for Reserves
Reserves Requirement ÐЙďΧĠ˝ũ‗чĕЮŗģŎ◦БĠБũĠ₤сĊĜýũ˝₧Ų
Ś ЯřŲЮĊſЧŁũ˝е‗ijсĮБ
ĠũЋŌ‗◦НĕĠŪņО₣ЯřŲĊĜýũЮĩ℮₣YŪijСŷЯijũ˝⅝◦Н˝¤
Reserves Supply or Supply of ÐЙďŁũĩðijсĩ₣с◦НĕĠŪņО₣ЮŢŎĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ЮŲЧ₤¤
ð
Nonborrowed
Reserves
Seasonal Credit ÐЙďΟ‗ĈĕņУŎЯřŲĩŚŲсόŏ ЮřЧņġБЮđųЧŎijĠĕЕ₣ijŪņСŷŁũаĕşеĕУĕ˝е‗ijс
ņУŎũĠ₤сĊĜýũЯřŲĈ˝с◦₣ĕЕ₣ ŷЋ₤њŎ˝₤Њ˝ņŊ¤
Secondary Credit Secondary credit ÐЙďΟ‗ĈĕЯřŲĩŚŲсόŏЮĉĊĜýũЮřŲŌĕĠŔΆ
΅ЊũŃňŷij□О ĕЊ₣ŌĕĠ◦ĮЊЮ⅜ĊĕĄУĠŪĠ◦йĕРŷĠŔŲе΅Рũ⅜şсŪģ˝сŗ₣
Ά л
ĊĞĕсĊũ¤
Ğ
Standing Lending Facility ÐЙďŁũĩŚŲсΟ‗ĈĕņЊĕ˝е‗ijсЁЮĉĊĜýũЯřŲŌĕ⅜ĕļĮ΅ЊũŃňŷij□О
□
ŲŪĠЮ₤Чũ ĮБĊĜýũ˝₧Ų¤
∆ Ś
The Trading Desk ÐЙďŁũŷЋĕЊЮŗÐ ιďŁũ◦ЊŀŲ˝сĕРŷņРŲĠњŪijЮĝ˝ĖО₣ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũ
ЮĠЧ˝şе΅ũ¤
TRAPS Trading Room Automated Process Systems¤
Treasury Bills Ġњ‗‼ũijĜýũЯřŲŌĕũŎкЮĮŲŠųБ (ijЊşď₣ņУŎĂе)¤
Ė
Treasury Bills Rates ÐЙďΒŪ″ŁũŪģ˝сЯřŲ Treasury bills ŪijСŷģĕĄУŀřРũ¤
Treasury Deposits ÐЙďŪģ˝сĠЮŃňЧũĠ₤сũijĜýũďijЊЮĝ˝ĖО₣ĊĜýũ˝₧ŲΖЮņũЋş¤
Ś
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 9. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ Ю₤ş˝ŚБЮĩŚЧņ
I. Ю₤ş˝ŚЮĩŚņ
Б Ч
ĕЮŗģŎũРĠЊŎŷij□О ÐЙďĕЮŗģŎņУŎřє₤еžĕсЯřŲЮ₤ĀЧũŪÐĠсŪĠЮ◦₤ ŪÐĠсďijЊ⅜₤ĕчЮĝЮŲЧĮЊķĮЮŵ˝
ЮŎЧ₣Юĕй Ŏ˝şЊij◦Н˝Ţ˝с ЮŢŎЮĊſЧŁũŷЋļÐ ŁũĮЊČũ₧ ЮŢŎĠЮŃĆŀĕРŷ◦₤℮ĕк ιŪ◦Е₤БℓБYĄНе ŷЋŀĠŔЮĕй
ʼn Ś Ŋ Ά
ЮŪĵйЮÐŎŲс▫ ″ņũŎкĕЮŗģŎũРĠЊŎŷij□О ЯřŲŌĕĊĜýũ˝₧ŲďΒĖ˝ΒĕНŷijŚĕРŷĕЮŗģŎЮĕйģĕЮŢй
Ś
Ū⅜ŎĠŔЮ₤řť˝Њş ĆďЮŪşЧĕЯřŲģĕ ĕЊ₣˝еĮН₣Ю˝ЧijŌĕЮΌЧ₣Юĝ˝ĖО₣ŪĠЮ◦₤ďijЊũĠ₤сŠĕ¤ ÐУĠŔ˝с▫ĊĜýũ
Ά ųФ ą
˝₧Ųď⅜Ġњĕυ˝ŬĄŏņУŎ˝ĖОŁũΒĕНŷijŚĕРŷĕЮŗģŎũРĠЊŎŷij□ОЮřЧņġБũ˝⅝ĕРŷ₤□ЊũļĮаℓų Łũĵũ ι◦Ġс⅜ijсĕРŷ
Ś □ ˛
ΒijЊĩũ₧ ЮřЧņġБЮĊſЧЁЮ₤řť˝Њş ĆŌĕŁũũВ˝şЮŪņЧĕŲРijŵ₤с¤
ℓſБijġЊijЯijĊĜýũ˝₧Ųď⅜Ġњĕυ˝ŬĄŏŗ₣₧˝єЮŢŎ ˝єǻЮĝЯijŌĕ◦еĜ˝с◦еĕ₣ŗ₣ĄЊij₤ĖЊijďņУŎ
Ś □ л л
ĕЕ₣⅜Ġњĕřа◦YЮ◦ЬijďЮŪşЧĕЮřЧņġБЮŲЧ˝˝ņį₤сĕРŷŪĠ₤Њ◦ċЊļĮаĕŪĠijЊĠijʼnЊŁũũĠ₤сŠĕ¤
□ ųФ Ю΅ijНřРЮş ĖйЮ΅ЧŎģĕď
ŌĕņijЊŠйĮЊČũ₧▫ЮijЧĊĜýũ˝₧ŲÐУď⅜Ġњĕυ˝ŬĄŏι˝єÐУũЯij₤□ЊijЮĝЮŪŁņŁũŪÐĠсŪÐ₣ũĠ₤сũŢķЊģŲ ¤
ų Ś □ ť
şеЮĵйΒĖ˝ýеŪ◦υ˝ŬĄŏļĮũĠ₤сĊĜýũ˝₧ŲŎŲсЮþЧŀ▫ ĊĜýũ˝‗Ś ŲÐУũЯijď⅜Ġњĕυ˝ŬĄŏņУŎŗ₣
Ś □ л
ĮЊijŪģ˝řЮŪĵй▫ŪĠ₤ЊĕЮĠЧ⅜Ġњĕ₤□ЊijЮĝЮŪŁņŁũŪÐĠсŪÐ₣ũĠ₤сũŢķЊģŲ ЮĜйЮÐĕЕ₣ЮŪĠЧŪģ₤сĕРŷĕЮŗģŎ
□ ť
ũРĠЊŎŷij□ОЮřЧņġБĈ˝сĈŀŪĠďŪĠЊŎļĮĮБŪĠďĮŲũřť ď˝сďņЊĕžĕ¤ ЮŎЧ₣ΧĈ΅ũ‗ч▫ ΒĖ˝ĕЮŗģŎЮřЧņġБ
◦◦УŲģĕŁũýеŪ◦ЮĜйģĕĮŜŗņŁijсĠĕ□ŎĕРŷΒŪ″ĕЊ˝ņŊļĮ ЮŢŎĠЮ₣˛ЧijЁŌĕ˝еЮ‗Чĕ ŷЋĕЮŗÐ ЮŢŎ⅜ũ
Њ
ЯijŁũŁijсĠĕ□ŎΒŪ″ŁũŪģ˝с ″ņũŎкŁũĩðijсĩ₣с⅜şсŪģ˝сĠЯĕ□ņşРŲЮĉ˝ĖО₣Ю₤řť˝Њş Ƥ řРЮş ĖйşеЮĵйΒĖ˝Ю₤řť
ð
˝Њş ĆЮÐŎŲс▫◦Ю₣ſЧЯĠĠЮĕйĕЕ₣Ġ₣˛ЁŌĕΒijЊĩũ₧ŗ₣ĊĞĕсĊũЮĝЮĮŲΒĜÐij
л Ğ ℓſБijġЊijЯijǻ◦◦УŲģĕŲ◦ċĩŲŲ ∆
ЮĝЮĮŲЮĕй˝єЮŢŎ¤ ˝ũ‗БņУŎЮ◦ЬijŪĠ₤ЊĕЮĠЧ⅜ĠњĕЮĕй₤□ЊijЮŪŁņΒе₧şĕЮŗģŎ
□ ЮĜйЮÐĕЕ₣ЮŪĠЧŪģ₤с
⅜ĠњĕЮĕйЮřЧņġБ₤ŪņФŲřŲсόĕļĮℓŷЋŁũũřťŗ₣
□ л ЮŪşЧĕ₤ЮņġЧņЯřŲĕЕ₣Ġ₧ŲЁŌĕΒijЊĩũ₧ŗ₣ĊĞĕсĊũ
Ś л Ğ
ĠеĩНijЮĝ˝ĖО₣Ю₤řť˝Њş Ƥ ĠлНЯĕŚşеЮĵйΒĖ˝ĕЮŗģŎŷЋŀģĕýеŪ◦ЁĊĜýũ˝₧Ųď⅜ĠњĕņУŎЯřŲ₤□ЊijЮĝЮŪŁņ
Ś □
ŁũŪÐĠсŪÐ₣ũĠ₤сũŢķЊģŲЮŢŎЮÐŎŲс▫
ť ŁũŪĠÐŲс˝Њş ĆŁũİũЁЮĉņĕН₤℮ņУŎŪ˝ОņЮřЧņġБΒĕНŷijŚĕРŷĕЮŗ
ģŎũРĠЊŎŷij□О ǻΉ˝сřРşďņЊĕŌĕĕРŷŲ◦ċЊŪĠďĊЊĠЮijŎŏĈŲсЯijЮ⅜й ЮŪĵй▫ņĕН₤℮Ĉе₣ЮĜйņЊĕģĕЮ˝ЧijЮşŀ
ĮБđĕĀкũĠ₤сŪĠďĄĕЮĜйЮΌЧŎ¤ ŗ₣₧ņЊŀ ŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ųď⅜Ġњĕυ˝ŬĄŏЮĜй ǻÐЙņЊĕŌĕĕРŷ
л Ś □
Ų◦ċļĮŪÐĠсŪýĕсЮřЧņġБŪÐĠсŪÐ₣ЮĉЮŲЧũŢķЊģŲ
ť ЯřŲďΒĖ˝˝е‗ijсĕРŷ₤НŠНļĮЮ₤řť˝Њş ĆĈе₣ņРŲЮĜйЮΌЧŎ¤
ņŜ₣Ю◦ЬijũŢķЊģŲďΒĖ˝ΒĕНŷijŚĕРŷĕЮŗģŎ⅜ũЮĮЧũĮĕċ ЯřŲĕЮŗģŎЮĕйŪijСŷŪĠijЊĠijʼnЊŗ₣ĄЊij₤ĖЊijďņУŎ
л ť л
ĕЕ₣ĕЮŗģŎũРĠЊŎŷij□ЮřЧņġБũ˝⅝ĕРŷ˝еЮ‗ЧĕЮ₤řť˝Њş Ƥ ЮŲЧ₤ĮБЮĕйЮ◦ЬijĊĜýũ˝₧ŲÐЙēĠсĠŬĄњŎ˝ĖО₣ŁũΒĕН
О Ś ų
ŷijŚĕРŷĕЮŗģŎũРĠЊŎŷij□ОЮřЧņġБũ˝⅝ĕРŷ₤□ЊũļĮ řРşď˝ũ‗БЮĝ˝ĖО₣₤΅ũřťΖЮņũЋşďЮřЧņ¤ ĠлНЯĕŚЮĈйĠБďŗ₣
л
₧˝єЮŢŎ ˝єЮŎЧ₣ЮþЧŀ▫ĜЮĮŲĠşĠġĕĖĊĜýũ˝₧ŲЯřŲďΒĖ˝ΒĕНŷijŚĕŷĕЮŗģŎũРĠЊŎŷij□ЮĜй ŪijСŷģĕ
ОĆ Ś Р О
ЮÐĩŚŲс₤Њ◦ċЊďυ˝ŬĄŏņУŎЮŢŎņЊĕ₤□ЊijЮĝЮŪŁņΒе₧şřа◦Ю◦ЬijЮΌЧŎ¤
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 1
- 10. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ Ю₤ş˝ŚБЮĩŚЧņ
ĊĜýũ˝₧ŲÐЙď⅜ĠњĕņУŎЯřŲŌĕũşĜ₤ņįњĕ⅜ еőЮřЧņġБŪijФijĮЊĕЊijŏ
Ś □ ċ Ое ĕЊ₣ΒĕНŷijŚĕРŷĕЮŗģŎũРĠŎ
Њ
ŷij□ОЁŌĕŪĠ₤Њ◦ċЊļĮŠį₤с¤ ďΧĈ΅ũ‗чЮĝ˝ĖО₣ŪĠЮ◦₤˝ņįď ĊĜýũ˝₧ŲŪijСŷģĕЯş˝Юşŀď ̀ĜŎ˝Ţĕ
О Ś ť
₤еžĕсYũУņŌĕ ΒÐðĜŎ˝ŢĕЮŲžĊЊŁũũŢĕ ΒÐðĜŎ˝ŢĕĠЮş Ć˝Ю◦₤ ΒÐðĜŎ˝ŢĕŪijФijĮЊĕЊijŏ ΒýĊЊŁũ
ť ť ť ť ð
ũŢĕ ĕЊ₣ΒÐðЮĠΐ ЯřŲΒÐðĜŎŢĕĈе₣ ̣Юĕй ŪÐĠсŪÐ₣ЮŢŎŪ˝ОņŪĠЕ˝⅝ķЊģŲ (ЯřŲŌĕЮ◦⅜ķЊģŲď
ť ť
ŪĠēĕ)(1)¤ Юĕй₤ĠŔ˝сЁЮþЧŀ▫ ⅜ĠњĕЮĕйď⅜ĠњĕņУŎřє₤еžĕсЯřŲďΒĖ˝ΒĕНŷijŚĕЮŗģŎũРĠЊŎŷij□ОũĠ₤с
ą □ □
ŪĠЮ◦₤ďijЊĕБņУŎYЮřЧņġБũ˝⅝ĕРŷ₤□ЊũļĮ˝еЮ‗ЧĕЮ₤řť˝Њş Ƥ
ŁũΒĕНŷijŚĕРŷĕЮŗģŎũРĠŎŷij□ОģĕĩŚŲсĕРŷΒij□ŪĠЮŗĄĕчŗ₣ЮŪşЧĕřŲсЮ₤řť˝Њş Ć ĠлНЯĕŚǻ˝єΖşĩŚŲсĕРŷĩŲ
Њ л
ΖŪ˝˝сņУŎşеĕУĕřŲсЮ₤řť˝Њş ĆďijЊ ŷЋŀЯřũ¤ ĠлНЯĕŚЮĈйĠБďŗ₣Юĕй˝єЮŢŎ ˝єЮÐЮĝЯijЮŪĠЧŪģ₤сĕРŷĕЮŗģŎЮĕй
л
ЮřЧņġБЮŢйŪ⅜Ŏ⅜ĕŁũ‗чņУŎşеĕУĕЮĝ˝ĖО₣Ю₤řť˝Њş ĆřЯřŲ
□ Ю΅ЧŎď₣ЮĕйЮĉЮ◦ЬijŪĠ₤ЊĕЮĠЧŁũΒĕНŷijŚĕЮŗ
ģŎũРĠЊŎŷij□ОŪĠ˝ĠЮŢŎŁũĮЊČũ₧ ĕЊ₣Łũ ŷЋļÐŲЊijŲĕсЮĜйĠŔĈе₣ΐŎĕЕ₣ΖşЮĄЬijĩНijģĕ¤
∆ ∆ Ά
řРЮş ĖйЮřЧņġБŎŲсĮБΒij□ĕŎ ĕЊ₣ŠųЕņ⅜ũаĕĕЮŗģŎũРĠЊŎŷij□ОЁģĕŁĕсЯijşĤ₤сЮĜй Ū˝ОņũĠ₤сŠеģ◦ģĕ
њ Оń
ЮŲЧ˝ЮΌЧ₣ĕРşе‗ НşņУŎşеĕУĕ ļĠсĕЕ₣₤е‗ У₤еžĕсYЮřЧņġБЮĊſЧŁũĠ˝Ū⅜ŎŌĕřРşijЮĉк
ą
ĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□Ок şе‗ НşЮĕйĕЕ₣Ġİŀ▫ЮijЧΒЮĉďĕЮŗģŎũРĠЊŎŷij□О
Ά Бſ
Ю΅ЧŎΒſЮĉďũРĠЊŎŷij□О ЮijЧũĠЊŎŷij□ОŌĕņНŠİũΒſŠйЮĝ˝ĖО₣Ю₤řť˝Њş Ƥ
Б Р Б ų
ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□Ок ЮijЧĊĜýũ˝₧ŲЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чΒŠй˝ĖО₣ŁũΒĕНŷijŚĕРŷĕЮŗģŎ
Ś Бſ ų
ũРĠЊŎŷij□О Ю΅ЧŎ▫ЮijЧΧĠ˝ũ‗чĈе₣ЮĜйŪijСŷģĕŪĠijЊĠijʼnЊŗ₣řРşЮņŚş¤
л
⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎ Open Market Operations: şе‗ НşЮĕйЮĊſЧŁũĠ˝
Ū⅜Ŏ▫ЮijЧЮ΅ijНΒБģĕďĊĜýũ˝₧ŲļÐЮŪşЧĕşРŲşЊijΒĕНŷijŚ
ſ Ś ʼn ιЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чĕЮŗģŎ
ņУŎЮĕй¤
◦Бĩ⅝ũ◦НĕĠŪņО₣ ĕЊ₣ΒŪ″ Federal funds rate: ▫ЮijЧ◦Бĩ⅝ũ◦НĕĠŪņО₣ŪĠijЊĠijʼnЊŗ₣řРşЮņŚş Ю΅ЧŎΒŪ″
л
Federal funds rate ŪijСŷģĕ˝е‗ijсŗ₣řРşЮņŚş Ю΅ЧŎЮijЧŁũЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чĕЮŗģŎũРĠŎŷij□О
л Њ
Ĉе₣ЮĜйŌĕΟ◦ċЊĮŲŗ₣₧ŠųйЮĉЮŲЧΒŪ″Юĕй¤
л
ŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ųк ЮijЧĊĜýũ˝₧ŲЮŪĠЧŪģ₤сĕРŷŎН◦ċ⅜ū₤ŚΒБŠйЮřЧņġБ₤ЮŪņşĕРŷЮýŲ
Ś Ś ſ ų
Ġе‗₣ũĠ₤сŠĕ¤
ųФ
ŁũŷЋŷijŚĕРŷŎН◦ċ⅜ū₤Ś ũĠ₤с Federal Reserve: ▫ЮijЧŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧ŲŌĕŁũŷЋŷijŚŗ₣
Ś л
řРşЮņŚşŠųй ģĕũ΅Рijņ˝řŲсĠşĠġĕĖЮĕй¤
ОĆ
ΧĠ₤ņįњĕаĕŪĠŁ₤ЮŲŠк ŪĠ.˝. şНйаℓĞ◦Б Ừ ЯŠŷЋşŁ Ăе ƯƠơƠ
ċ ¯Њ Ė
(1)
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 2
- 11. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ Ю₤ş˝ŚБЮĩŚЧņ
◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť˝Њş Ćк ЮijЧĕЮŗģŎũРĠЊŎŷij□ОŌĕ◦еĜ˝с◦еĕ₣ŗ₣řРş
л
ЮņŚşŠųйďņУŎĕЕ₣ ₤Рşĕ˝ũаĕЮ₤řť˝Њş Ƥ
ЮýŲĠе‗₣ĕЮŗģŎũРĠŎŷij□Ок ЮijЧŁũΒĕНŷijŚĕЮŗģŎũРĠЊŎŷij□ОũĠ₤сĊĜýũ˝₧Ų˝ĖО₣ЮýŲĠе‗₣
Њ Ś
ΒſБŠй ЮijЧЮÐΖş₤ЮŪņşĕРŷЮýŲĠе‗₣Ĉе₣ЮĜйģĕЯřũιЮ◦¤
ų
ÐН‗₤ņġijʼnЊ ĕЊ₣ÐН‗ ŷЋĠijʼnаĕĕЮŗģŎũРĠЊŎŷij□к ЮijЧŁũЮŪĠЧĕЮŗģŎũРĠЊŎŷij□ŌĕÐН‗₤ņġijʼnЊřРşЮņŚş
Њ О О
Šųй Ю΅ЧŎЮijЧŁũΒĕНŷijŚЮĜйΖşŌĕÐН‗ ŷЋĠijʼnЊЯřũιЮ◦¤
řРЮş ĖйЮřЧņġБŎŲсЁģĕŁĕсЯijşĤ₤сĕРŷΒij□ĕњŎ ĕЊ₣şЮņųЧŎаĕ₤е‗ УũĈе₣Юĕй ₤РņΒЮŃąЧŀ″ņŢĕďņУŎĕЕ₣
ŁũĠ˝Ū⅜ŎũĠ₤сŪ˝ОņŠńģ◦ЯřŲŌĕďĠĕŚĠĜĠс¤
еО Ā
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 3
- 12. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ĕЊŎņĕњĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□О
II. ĕЊŎņĕњŎĕЮŗģŎũРĠŎŷij□О ĕЊ₣ũРĠŎŷij□О
Њ ŷij□ Њ
1. ĕЊŎņĕњŎаĕĕЮŗģŎũРĠŎŷij□О
Њ
ĕЮŗģŎũРĠЊŎŷij□ÐЙď ĕЮŗģŎũĠ₤сŪĠЮ◦₤ďijЊņУŎ ЯřŲģĕΒĕНņњijЮΌЧ₣ЮŢŎ ⅜Ġњĕ˝еĮРŲ (ũřť
О □
₤ļ) Ю΅ЧŎĩʼnŲс₤Њ◦ťЊυ˝ŬĄŏЮĉЁĊĜýũ˝₧Ų˝ĖО₣ŁũΒĕНŷijʼnŪĠijЊĠijʼn˝О₣ЮýŲĠе‗₣ũ˝⅝ĕРŷ₤□ЊũļĮаℓų ĕЊ₣
ʼn Њ Ė
˝еЮ‗ЧĕЮ₤řť˝Њş ĆũĠ₤сŪĠЮ◦₤ďijЊŠĕ ¤ ĕЮŗģŎũРĠЊŎŷij□О ŪijСŷēĜЁģĕĕРŷ₤□ЊũļĮЯřŲŲņУŎ řŲсЮ₤řť˝Њş Ć
ųФ ∆
ďijЊ˝єřРşďŁũĵũĕРŷ ŷЋ₤њŎЮĩ℮₣Y Юĝ˝ĖО₣ŪĠĮњĕЮ₤řť˝Њş ĆďijЊ ˝НеЁŌĕĕРŷĠĕĀ˝žе₣ЮĮ˝ ЮŢŎ⅜ũЯijŁũũЖij
ť О ų
ĠĕʼnЕ₣аĕĕЮŗģŎ Ю΅ЧŎ˝єĩŲсļĮЮĄЩď˝сřŲсΒ˝ ŷЋĕЮŗÐ◦НĕĠũЮ◦₤˝ĖО₣ŁũŎ˝◦НĕşРŲņ˝ ŷЋĕЊЮŗÐ˝ĖО₣
ʼn Ė Њ
ŪĠЮ◦₤Šųĕ řРЮş ĖйЮ΅ЧŎĕЮŗģŎũРĠЊŎŷij□О ďĕЮŗģŎ řєŌĕΟ◦ċЊĮŲĕЊ₣⅜ũк₤еžĕсņУŎаĕĕЮŗģŎЮĩ℮₣Y
Ф
ũĠ₤сũŢķЊģŲ ¤ ņНĕĕЕ₣ЮĊſЧŁũĠ˝Ū⅜ŎЁģĕşĤ₤сŵ₤сĕРŷşе‗ Нş₤еžĕсY ЮŎЧ₣ĕЕ₣ЮŲЧ˝Ŏ˝ĕРŷĕЊŎņĕњŎ
ť
ŪĠЮķ◦ũРĠЊŎŷij□О ĕЊ₣ņНŠİũ₤еžĕсYũĠ₤сǻņ˝ЮĊſЧŁũĠ˝Ū⅜ŎďņНĕ₤ЊĕďņНĕ₤Њĕ ¤
2. ĕЊŎņĕњŎũРĠŎŷij□О ŪĠЮķ◦ ĕЊ₣ņНŠİũũĠ₤сǻ
Њ
2.1. ĕЊŎņĕњŎ
ũРĠЊŎŷij□ОŪijСŷģĕЮÐČijс◦Н˝▫ď ΒſБYĈе₣Β₤сЯřŲЮÐ◦◦УŲ⅜Ųсď◦РЮĉЮĝ˝ĖО₣Łũ◦РĈijсаℓų ◦еĕЊŀ ĕЊ₣Ю₤
ð
ǻ ι₤еŬĠсЮŪĠЧŪģ₤сЮřЧņġБ◦РĈijс₤₣Ġе‗ НŲ ¤
2.2. ŪĠЮķ◦аĕũРĠŎŷij□О
Њ
ΒĖ˝Ю₤řť˝Њş ŷЋ◦РģĕЯĠ₣Яş˝ĕРŷŪĠЮķ◦ũРĠЊŎŷij□ОďĠБŪĠЮķ◦Юĩ℮₣Yýк Commodity money ÐЙďŪĠЮķ◦
Ć Ė
◦еĕЊŀņУŎŪĠЮķ◦ЯřŲŌĕijаņųřРşďŌ₤Ūģ˝сďЮřЧņ ¤ Fiat Money ÐЙďŪĠЮķ◦ ũРĠЊŎŷij□ОЯřŲijаņųũĠ₤сǻ
Ōĕ˝ŪņЊijĈĠď₣ijаņųЯřŲЮÐЮŪĠЧŪģ₤с ¤ ΧĈ΅ũ‗чк řРşď Ūģ˝с řНŵų ι˝єď ŷЋ˝њŎĠњŪijǻďŪĠЮķ◦ņУŎаĕ
Fiat Money ЮŪĵй▫ijаņų ũĠ₤сǻ ŪijСŷģĕ ЮÐЮģй ЮşŀĮБŪ˝Ţ₤ЯřŲŌĕijаņųЮ▫˝ ď₣ijаņųĮij ũĠ₤сǻ¤
Њ
Bank Money ÐЙďŪĠЮķ◦ ũРĠЊŎŷij□О ЯřŲЮşŀЮŢŎĊĜýũ″ņũŎкŪģ˝сĠЮŃňũĠ₤с ĠНÐŲ˝ĖО₣₤₣ðņ ЯřŲŌĕ
Ч ð
řРşď ņРŲĠġĈĕĠњŪij ĕЊ₣ Ġњ‗‼Ο‗ĈĕďЮřЧņ ¤
2.3. ņНŠİũаĕũРĠŎŷij□О
Њ
ũРĠЊŎŷij□ОŪijСŷģĕЮÐ₤Њ˝⅝▫ŌĕņНŠİũĠУĕ₤еžĕсЮĝ˝ĖО₣Ю₤řť˝Њş ĆÐЙ ďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũ (Medium
of Exchange) ďυ˝″Ð‗ĕБ (Unit of Account or Starndard of Value) ďžij₤еŬĠсũ˝⅝ijаņų (Store of
Ė
Value) ĕЊ₣ďžij₤ŪŌĠс◦РĈijсĠ₧˝с ι◦РĈijсĜЮĮŲž₣ņНŠ (a Standard of Deferred Payment) ¤
Ė Ś
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 4
- 13. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ĕЊŎņĕњĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□О
2.3.1. ďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũ
ЮŢŎũРĠЊŎŷij□ÐЙďΒſYЯřŲŪijСŷģĕ◦◦УŲ⅜Ųсď◦РЮĉ˝ĖО₣Łũ◦РĈijсаℓų◦еĕЊŀ ĕЊ₣Ю₤ǻ ι₤еŬĠс ЮŪĠЧŪģ₤с
О Б ð
ЮřЧņġБ◦РĈijс₤₣Ġе‗ НŲ ũРĠЊŎŷij□ОŪijСŷģĕЮŪĠЧŪģ₤сЮřЧņġБĠеģijсĕРŷŁũЮŢйřРũЮŢŎĬŲс ĮБ◦еĕЊŀņУŎЮĉ◦еĕЊŀņУŎ
Ā
Ю◦Ьij ¤ Ю₤ĀЧũЯijŪÐĠсŪĠijЊĠijʼnЊŁũ˝ĖО₣Ю₤řť˝Њş ĆũРĠЊŎŷij□ОŌĕ◦еũ₣сď Ū˝Ţ₤сŪģ˝с ιďņРŲĠġĈĕĠњŪijЯřŲŌĕņНŠ
İũďΖď˝₧Ų₤ŪŌĠсЮŢйřРũÐЙ▫ЮÐЮŪĠЧŪģ₤сǻ₤ŪŌĠсşе₧ŎЮŲЧ◦еĕЊŀ ĕЊ₣Ю₤ǻ ιĠе‗ НŲ ¤ Ζď
ń ʼn ń
˝₧Ų₤ŪŌĠсЮŢйřРũЮĕйŪijСŷģĕ ЮÐЮŪĠЧŪģ₤сЮřЧņġБĄУŎŁijсĠĕ□ŎаℓųŪĠijЊĠijʼnЊŁũ ¤ ЮĕйŌĕĕњŎ▫ ˝ĖО₣ŪĠĮњĕ ċ
ʼn
ЮŢйřРũЮŢŎņЊĕЮŪĠЧ ũРĠЊŎŷij□О ЮÐŪijСŷЮŪĠЧŪģ₤с◦еĕЊŀĕЊ₣Ю₤ǻЮřЧņġБЮŢйřРũŎ˝◦еĕЊŀ ĕЊ₣Ю₤ǻņУŎЮĩ℮₣Ю◦Ьij¤
ΧĈ΅ũ‗ч ″₤НŠď˝₤Њ˝ũĩŲЊijģĕ◦еĕЊŀņУŎŪĠЮķ◦ÐЙŪ₤Сŷ ýijсş₣сģĕ₤еЮŲЬ˝Ġеĵ˝с řРşЮĕйýijсņЊĕŪijЕņЯij
Я₤ſ₣ũ˝ΒĖ˝Ų˝с₤еЮŲЬ˝Ġеĵ˝сĠлНЮ₧йЮ◦ Ю΅ЧŎŲНйŪ″ЯijΒĖ˝Ų˝сЮĜйŌĕ ijŪņСŷŁũŪ₤Сŷĩ₣Яřũ¤ řРşЮĕйЮřЧņġБ
‼
₤ŪņФŲřŲсŁũ◦РĈijсаℓų◦еĕЊŀ ĕЊ₣Ю₤ǻ ЮÐŪijСŷЮŪĠЧũРĠЊŎŷij□О ₤ŪŌĠсďΖď˝₧Ų˝ĖО₣ŁũЮŢйřРũ¤
ń ʼn
2.3.2. ďυ˝″Ð‗ĕБ
ũРĠЊŎŷij□ОģĕĩʼnŲсņНŠİũņУŎЮ◦ЬijÐЙďυ˝″Ð‗ĕБ ¤ ЮŎЧ₣ǻ₤сijаņų◦еĕЊŀ ĕЊ₣Ю₤ǻЮŢŎЮŪĠЧŪģ₤сũРĠŎ
Њ
ŷij□ОЮĊſЧďžijřРşЯřŲЮŎЧ₣ǻ₤с◦ņĞĕсďÐБΌСŪŁņ ιǻ₤с şŌŎďÐБΌСЯņлij¤ ΧĈ΅ũ‗ч ˝ĖО₣˝ũ‗БЮ₤řť˝Њş ĆЮŢй
Ė Ğ
řРũ ΧĠŌ▫˝ĖО₣Ю₤řť˝Њş ĆŌĕ◦еĕЊŀĠБ ŪĠЮķ◦řРşďЯĩųŪ˝Сş ЯĩųЮģл ņĕЊ₣ЯĩųŌ₤сЮřЧņġБЮŢйřРũ◦еĕЊŀņУŎĕЊ₣◦еĕЊŀ
Ė
Юĩ℮₣Ю◦ЬijЮŎЧ₣ŪijСŷřЕ₣аℓų◦еĕЊŀĈе₣ĠБЮĕй¤ аℓųЯĩųŪ˝Сş ĕЊ₣ЯĩųЮģл ņ(ЮijЧŪijСŷЮŪĠЧЯĩųŪ˝СşĠлНĜĕЮřЧņġБģĕЯĩųЮģл ņ
Ŋ
ņУŎ) аℓųЯĩųЮģл ņЮĊЬĠĕЕ₣ЯĩųŌ₤с (ЮijЧŪijСŷЮŪĠЧЯĩųЮģл ņĠлНĜĕЮřЧņġБģĕЯĩųŌ₤сņУŎ) ĕЊ₣аℓųЯĩųŪ˝СşЮĊЬĠ ĕЕ₣Яĩų
Ė Ŋ Ė
Ō₤с (ЮijЧŪijСŷЮŪĠЧЯĩųŪ˝СşĠлНĜĕЮřЧņġБģĕЯĩųŌ₤сņУŎ)¤ řеЮ₧йŪ⅜ŎşеЮĵйĠŔЮĕй ÐЙ ЮÐŪijСŷ˝е‗ijсŢ˝сũРĠЊŎ
Ė Ŋ Ė ň
ŷij□ОЁЮĊſЧşŬşũ˝ĖО₣Ю₤řť˝Њş ĆĕЊ₣ŬŲсijаņųĈе₣Β₤сŪijСŷŪ₤₣сďžijаĕ ũРĠЊŎŷij□О ЯřŲΖşЁЮŎЧ₣˝е‗ijсаℓųЯĩųŪ˝Сş
Ė
ЯĩųЮģл ņ ĕЊ₣ЯĩųŌ₤сģĕŗ₣İŎŪ₤ФŲ ¤
Ė л
2.3.3. ďžij₤ŪŌĠсũ˝⅝ĕРŷijаņų
Ė
ũРĠЊŎŷij□ОŌĕņНŠİũďžij₤ŪŌĠсũ˝⅝ijаņų ιŪ◦Įŏ₤ņġijʼnЊ ¤ ņНŠİũũРĠЊŎŷij□ОΖşĄУŎŗ₣ ЮŪşЧĕřŲс
Ė л
₤₣ðņ″ņņЮĊŜģŎЮĩ℮₣Y ¤ ũРĠЊŎŷij□ОŪijСŷģĕЮŪĠЧŪģ₤сЮřЧņġБũ˝⅝Βе₧ş◦ЊŀĮБũŎкЮĮŲ◦◦УŲŪģ˝сş‗ РŲ
е
ũ΅РijřŲсũŎкЮĮŲşе₧Ŏ ¤ ņНŠİũЮĕйŌĕ⅜ũк₤еžĕс₧₤с ΖŪ₤њŎЮŢŎЮŎЧ₣Ō˝сYņЊĕş₣сşе₧ŎŬŲс
Ė
Ūģ˝сşе‗ РŲũĠ₤сЮŎЧ₣ Ĉе₣Β₤сļņYЮĜйЮ◦ ЮŢŎЮŎЧ₣ş₣с₤ĕ℮ е◦Н˝ũ΅РijřŲсЮŎЧ₣ŌĕĠе‗₣ş₣сşе₧Ŏ ¤
ų
ЮĕйŌĕĕњŎ▫ďŪĠďĄĕ ЯřŲ◦◦УŲŪģ˝сşе‗ РŲŪĠČеЯŠ ι ˝₤Њ˝ũЯřŲ◦◦УŲŪģ˝сşе‗ РŲũĠ₤сЮÐЯřŲļÐ
ЮŪşЧĕď Ūģ˝сşе‗ РŲŪĠČеĂеŌĕŲ◦ċļĮЮřЧņġБЯĠ₣ Яş˝Łũşе₧ŎũĠ₤сŠĕĮБņŎаℓĞЮĉņУŎаℓĞ ¤
Ė ųФ У ŪĠďĄĕ
Ζşũ˝⅝◦Н˝ũРĠŎŷij□ОũĠ₤сЮÐ₤ŪŌĠсşе₧ŎЮĮŲЮŪŁŎ řРşď₤ŪŌĠсЮĮŲşРŲĕЊŷijʼnĕч ₤ŪŌĠсŁũşе₧ŎĠ‗ʼnО й
Њ
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 5
- 14. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ĕЊŎņĕњĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□О
Ġ₧Ų˝Рĕ ĕЊ₣şе₧Ŏ₤ŪŌĠсŪĠ˝Ġ˝Њş ĆŁũĄеĕУŀ ¤ ЮÐΖşĮĕŜŁũşе₧ŎЮŲЧŁũЮŪĠЧŪģ₤сũĠ₤сЮÐ″ņЯřŲ
ʼn
ЮÐЮŪĄЧ₤ЮũВ₤ Ю΅ЧŎЮÐΖşЮ˝‗Ź ŪĠņРŲņРŲĕЊĊЊ₤ŪŌĠсşе₧ŎЮŲЧŁũŷЋĕЊЮŗФ
˝ĖО₣˝ũ‗БņЊĕŌĕũРĠЊŎŷij□ЮÐΖşΒĕНŷijʼnņНŠİũЮĕйЯřŲ″ņũŎкŁũũ˝⅝◦Н˝◦еĕŀ ¤ ĠлНЯĕʼn ǻŌĕŁũİŎ
О Њ
Ū₤ФŲijЊşijУşЮ΅ЧŎŪijСŷşе₧ŎЮŪşЧĕЮřЧņġБĠЮ₣˛ЧijŁũũ˝⅝◦Н˝⅜şс ĠЯĕų ₤еЮŲЬ˝Ġеĵ˝с ЮŪĠ₣ Οĕťĕк ι◦еĕЊŀЮĩ℮₣Y
Ю◦Ьij₤ŪŌĠсЮŪĠЧŪģ₤сЮĮŲЮŪŁŎ¤
2.3.4. žij₤ŪŌĠс◦ĈijсĠ₧˝с ι◦РĈijсĜЮĮŲž₣ņНŠ
Ė Р Ś
◦еĕЊŀņУŎşеĕУĕ˝ĖО₣Ю₤řť˝Њş Ć◦еЮĕЧĠijŪņСŷόŏŌĕЮĮŲЮŷŵ₤ņŪ₤Ġ₤ŪŌĠсŁũĩŲЊij Ю΅ЧŎď◦РЮĉŪijСŷģĕ
ĩŲЊijЮŪŁņ˝Њş Ć₤ĕŜ¤ ΧĈ΅ũ‗чк ĩŲЊij˝ņŊ◦еĕЊŀЮŗē ĕЊ₣Łũ⅜₣₤₣сŲеЮĝ⅜ĕď◦РЮĉĵ˝сĮњĕĕЕ₣˝Њş Ć
□ ċ
₤ĕŜЯřŲijŪņСŷόŏ◦РĈijсďũРĠЊŎŷij□ОĜЮĮŲž₣ņНŠ¤ ЮĮŲŠųй˝Њş Ć₤ĕŜŪijСŷģĕşũČũ₤ŪŌĠс◦еĕЊŀЯřŲŪijСŷ
ŪĠÐŲсόŏļņY ЮŢŎŪijСŷŌĕŁũ◦РĈijсĮĕŜũ₤ŪŌĠсĠеЮĮŀĠе‗₣ΒĖ˝◦Њŀ¤ ΧĈ΅ũ‗чк ĠНÐŲŌ˝с◦ЊŀЮŪĠ₣
ų ð Ė
ΟĕċĕкЮŢŎşНй΅ij□ЮŲž▫ĕЕ₣ЮĊſЧŁũ◦РĈijсď⅜şсŪģ˝сЮĝЮĮŲЮŪŁŎ¤ ЮŢŎ₤΅Ūý₤ş₣сŲ˝с◦еĕЊŀЮŢŎ
ņЊĕijŪņСŷόŏŌĕŁũ◦РĈijсļņYЯřŲŌĕ◦Ūņ₣сď⅜şсŪģ˝с
ų ιņРŲĠġĈĕĠњŪij₤΅Ūý₤ΖşĮĕŜŁũ◦РĈijс
ЮĜйřŲсΒ˝ЮŪĠЧŪģ₤с ιΒijЊℓЊĄĕũĠ₤сЮÐ Ю΅ЧŎŬŲс˝ş Ć₤ĕŜŪijСŷģĕǻ₤сЯŷ₣ďũРĠЊŎŷij□О¤
Ė Њ
3. ũİ₤сũĠŎŷij□₤ũНĠ Measures of the Monetary Aggregates
ſ Р Њ О
M1 = ũРĠЊŎŷij□О˝О₣şŬşũ (Currency in Circulation)
Ė
+ ņРŲĠġĈĕĠњŪijЮ◦₤şũ‗ч (Traveler’s Checks)
+ Ūģ˝сĠЮŃňЧ″ņijŪņСŷŁũĕЊ₣Ūģ˝сĠЮŃňЧďņРŲĠġĈĕĠњŪij Demand/Checkable Deposits
+ Ūģ˝сĠЮŃňЧďņРŲĠġĈĕĠњŪijЮĩ℮₣Ю◦Ьij Other Checkable Deposits
M2 = M1
+ Ūģ˝сĠЮŃňЧŌĕŁŲ˝е‗ijсЯřŲŌĕ◦е΅е⅜şсŪģ˝сijЊş (Small-denomination Time Deposits)
+ Ūģ˝сĠЮŃňЧ₤ĕ℮ е (Saving Deposits)
+ Ð‗ĕБŪģ˝сĠЮŃňЧ◦Бĩ⅝ũũРĠŎŷij□О (Money Market Deposit Accounts)
Њ
Ћ
+ ˝Њş Ć₤ĕŜŎŲсŪĮņ◦Њŀ ŷŀũŎкЮĮŲņУŎŎĠс (Overnight Repurchase Agreements)
+ Ūģ˝сĠЮŃňЧďŎРũРřНŵųŎкЮĮŲņУŎŎĠс (Overnight Eurodollars)
м
+ şеЯ‗˝΅пНĕņРŲĕЊĊЊ₤₣ð΅◦Бĩ⅝ũũРĠЊŎŷij□ОņЊĕЯņĕ⅜Ġњĕ (Non-institutional Money Market Fund
□
Shares) ¤
M3 = M2
+ Ūģ˝сĠЮŃňЧŌĕŁŲ˝е‗ijсЯřŲŌĕ◦е΅е⅜şсŪģ˝сЮŪşЧĕ (Large-denomination Time Depostis)
Ћ
+ ˝Њş Ć₤ĕŜŎŲсŪĮņ◦Њŀ ŷŀŌĕŁŲ˝е‗ijс (Term Repurchase Agreements)
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 6
- 15. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ĕЊŎņĕњĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□О
+ Ūģ˝сĠЮŃňЧďΒНЙũРřНŵųŌĕŁŲ˝е‗ijс (Term Eurodollars)
м
+ ₤ņijНŲŏņРŲĕЊĊЊ₤₣ð΅◦Бĩ⅝ũũРĠЊŎŷij□ОЯřŲď⅜Ġњĕ (Institutional Money Market Funds Balances)
□
L = M3
+ ņРŲĠњŪijũijĜýũũŎкŁŲŠųБ (Short Term Treasury Securities)
+ ĩŲĠњŪijĵ‗ЊĄ ą˝ņŊ (Commercial Papers)
+ Łũ₤ĕ℮ еď₤ŔĠњ‗‼ (Saving Bonds)
ň
+ Banker’s Acceptances
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 7
- 16. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О
III. ΧĠ˝ũ‗чĕЮŗģŎũРĠŎŷij□О
Њ
ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ОÐЙďΧĠ˝ũ‗чņУŎŗ₣₤еžĕсũĠ₤сĊĜýũ˝₧Ų˝ĖО₣ŁũŪÐĠсŪÐ₣ЮŲЧŁũĩðijс
л Ś
ĩð₣сũРĠЊŎŷij□О ĕЊ₣ŪÐĠсŪÐ₣ΒŪ″ŁũŪģ˝с¤ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ОŌĕĠБ₤žĕсYÐЙк ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝
е
şе΅ũ (Open Market Operations) ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy or Discount Lending)
ĕЊ₣ ◦НĕĠŪņО₣ŁijĮſ˝Њş Ć (Reserves Requirement)¤
řРЮş ĖйЮĝşе‗ НşĠĜĠсЮŎЧ₣ĕЕ₣ĮЊČũ₧▫ЮijЧĊĜýũ˝₧ŲΒĕНŷijŚĕРŷΧĠ˝ũ‗чĕЮŗģŎĈе₣Юĕйŗ₣řРş
Ā Ś л
ЮņŚş Ю΅ЧŎ▫ЮijЧǻŌĕΟ◦ċЊĮŲŗ₣₧ŠųйЮĉЮŲЧЮýŲĠе‗₣ũĠ₤сŠĕ¤
л ųФ
1. ŪĠijЊĠijʼnŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations)
Њ
Open Market Operations ÐЙďŪĠijЊĠijʼnЊŁũЯřŲĊĜýũ˝₧Ų◦Њŀ Ų˝сĕРŷņРŲĠњŪijЮĝ˝ĖО₣◦Бĩ⅝ũЮĠЧ˝
Ś
şе΅ũ (Open Market) Ю΅ЧŎǻ˝єďΧĠ˝ũ‗чĕЮŗģŎņУŎŗ₣₤еžĕсЮŪĵйǻЮĊſЧЁŌĕŁũЯŪĠŪĠФŲаĕ ◦Нĕ
л
ĠŪņО₣ ĕЊ₣ Federal funds rate¤
Open Market Operations ŪijСŷģĕЮÐЯş˝ЮşŀďĮБЯĩĖ˝₤еžĕсYÐЙк Dynamic Open Market Operations
ĕЊ₣ Defensive Open Market Operations¤
Dynamic Open Market Operations ÐЙŌĕЮýŲĠе‗₣˝ĖО₣ŁũĬ₤сĠũ (ЮĊſЧЁЯŪĠŪĠФŲ) аĕ◦НĕĠŪņО₣ ũВυ
ų ŚС
Defensive Open Market Operations ÐЙЮřЧņġБ◦РĈijсĕРŷŁũЯŪĠŪĠФŲĈе₣ΐŎЮŢŎĠ₧Ųņ˝ĮБ˝″Юĩ℮₣Y
Ś Ś
ЯřŲĠлйĵŲсЮĉЮŲЧ◦НĕĠŪņО₣řРşď ŁũЯŪĠŪĠФŲаĕŪģ˝сĠЮŃňЧũijĜýũ (Treasury Deposits) Юĝ˝ĖО₣ĊĜýũ
˝₧ŲďЮřЧņ¤
Ś
ŁũŪĠijЊĠijʼnЊаĕΧĠ˝ũ‗чĕЮŗģŎЮĕйŌĕĮБũÐЙ Łũ◦Њŀ ĕЊ₣ŁũŲ˝сĕРŷņРŲĠњŪij¤ Ł◦ЊŀĕРŷņРŲĠњŪij (Open
Market Purchases) ЮĊſЁŌĕŁũЮ˝ЧĕЮΌЧ₣аĕ◦НĕĠŪņО₣ ĕЊ₣Ūģ˝сĠЮŃňЧЮĝ˝ĖО₣ŪĠĮњĕĊĜýũ (◦НĕĠŪņО₣Ю˝Чĕ
Ч ċ
ЮΌЧ₣ЮŢŎ⅜ũЯijĊĜýũŎ˝◦НĕĠŪņО₣Юĉ◦ЊŀņРŲĠњŪij) ЯřŲЮĊſЧЁŌĕŁũЮ˝ЧĕЮΌЧ₣ĕРŷ monetary base ĕЊ₣
money supply¤ ĩĀŎЮĉŷЋŀŁũ◦ЊŀĕРŷņРŲĠњŪij (Open Market Sales) ЮĊſЧЁŌĕŁũℓŎşНйаĕ◦НĕĠŪņО₣ĕЊ₣
О
Ūģ˝сĠЮŃňЧЮĝ˝ĖО₣ŪĠĮњĕĊĜýũ ЯřŲЮĊſЧЁŌĕŁũℓŎşНйаĕ monetary base ĕЊ₣ money supply ¤
ċ
ĊĜýũ˝₧ŲļÐЮŪşЧĕΒĕНŷijŚ Open Market Operations ЮĉЮŲЧņРŲĠњŪijЯřŲЮşŀĩ⅝ŎЮŢŎũŢķЊģŲ
Ś ť
ÐЙņЊĕΒĕНŷijŚЮĉЮŲЧņРŲĠњŪijЯřŲЮşŀЮŢŎυ˝ĄĕЮĜйЮ◦(2)¤ Юĝ˝ĖО₣₤΅ũřťΖЮņũЋşĊĜýũ˝₧Ų (Federal
Ś
Reserves) ΒĕНŷijŚΧĠ˝ũ‗чЮĕйЮĝЯijЮŲЧņРŲĠњŪijЯřŲЮşŀЮŢŎũŢķЊģŲ ιļ˝сİũũŢķЊģŲЯijĠлНЮ₧йď
ť Ė ť ‼
ЮřЧņġБ˝НеόŏŌĕĄЮŌйЮĉЮŲЧΒŪ″ŁũŪģ˝с◦Бĩ⅝ũũŢķЊģŲģĕΒĕНŷijʼnĕРŷΧĠ˝ũ‗чĕЮŗģŎЮĕйЮĉЮŲЧЯijņРŲĠњŪijЯřŲЮşŀЮŢŎũŢ
ų ť ť
(2)
ķЊģŲЯijĠлНЮ₧й¤
‼
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 8
- 17. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О
ĮЊЮ₤₤ÐЙЮĉЮŲЧ Treasury bills¤ ģĕďĊĜýũ˝₧ŲşРŲşЊijΒĕНŷijŚЮĉЮŲЧņРŲĠњŪijЮĕйÐЙЮŢŎ⅜ũǻİŎ
Ś ʼn
ĕЕ₣ĠЯņų₣ď⅜şсŪģ˝с ĕЊ₣ŌĕЮŲġЪĕŷЋĕЮŗÐЮŲЩĕď₣ņРŲĠњŪijřа◦ (The largest trading volume)¤
Њ
Юĝ˝ĖО₣₤΅ũřťΖЮņũЋşΖďĊũЯřŲЮĊſЧŁũ₤ЮŪņşşЊij₤ŪŌĠсŪĠijЊĠijʼnЊŁũЮĕй ÐЙ Federal Open Market
ń ʼn
Committee (FOMC) ЯřŲ˝е‗ijсЮýŲЮţЮĉЮŲЧ Federal funds rate¤ ″ņĮЊijЮĉŪĠijЊĠijʼnЊŁũĈе₣ЮĕйŪijСŷ
ģĕΒĕНŷijʼn″ņũŎкŁũŷЋĕЊЮŗÐ “the Trading Desk” ЮĉЮŲЧņРŲĠњŪijũĠ₤сũŢķЊģŲ Юĝυ Federal Reserve
ť
Bank of New York(3)¤ ЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲсЮĉЮŲЧĮБΧĠ˝ũ‗чĕЮŗģŎЮĕйЮŎЧ₣İ˝ЮĉЮņЧŲ
ŪĠijЊĠijʼnЊŁũņУŎ (ŁũŷЋĕЊЮŗÐņРŲĠњŪij) Юĝ₤΅ũřťΖЮņũЋşЯřŲЮÐЮΊ▫ (A Day at the Trading Desk)¤
ŪĠēĕЯřŲΒĕНŷijŚĕРŷŪĠijЊĠijʼnЊŁũ Open Market Operations Юĝ˝ĖО₣₤΅ũřťΖЮņũЋşÐЙЮŵ˝Ū₤Б Sandy
Krieger(4) ЯřŲďΒĖ˝ŪÐĠсŪÐ₣ЮŲЧΒ˝ ŷЋļÐ ĕЊ₣ĵ‗ЊĄ ą˝ũЯřŲŪĠijЊĠijʼnЊ ĕРŷŪĠijЊĠijʼnЊŁũ◦Њŀ Ų˝сĕРŷņРŲĠњŪij¤
Ė
″ņũŎкŁũĠİŀž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ ЮýŲЮţаĕŪĠijЊĠijʼnЊŁũũĠ₤с Open Market Operations ÐЙ
Ά
Federal funds rate¤ řРЮş ĖйЮřЧņġБŁĠсόŏŌĕĕРŷĮњijхŌĕЮĝ˝ĖО₣◦Бĩ⅝ũ Federal Fund Market Юĝ˝ĖО₣аℓĞЮĕй
Ś
Sandy ĕЊ₣ĠНÐŲЊ˝ũĠ₤сĜ₣ĕЕ₣ČĠсЮĩŚЧņĕРŷŁũİũďņУŎĕЕ₣ŁũĮЊĕЊijŏЮĉЮŲЧŁũŷЋŷijŚЮĉЮŲЧ◦Бĩ⅝ũ
ð Federal
funds Market ŁŲĮБņ℮ЊŲņЊŀ ďņУŎĕЕ₣◦ЊĕĕњŎℓŊБЯřŲĠİŀĮБĠ ũЋŌ‗◦НĕĠŪņО₣ĮЊijŪģ˝řЯřŲŌĕЮĝ˝ĖО₣
Ė Ά
ŪĠĮњĕĊĜýũ¤ ĠĜĠсņ˝ĠНÐŲЊ˝ũĠ₤сĜ₣ĕЕ₣ЮşŀĕРŷũģŎŁũ‗чℓБņУŎЯřŲŌĕĕРŷŁũĮŜ˝ũ‗чŲņ∆Њij▫ЮijЧΒБſ
ċ Ā ð Ŋ
ĕЕ₣Ю˝ЧijŌĕЮΌЧ₣ЮĉЮŲЧ˝″ņУŎşеĕУĕЯřŲŌĕΟ◦ċЊĮŲЮĉЮŲЧŁũĩðijсĩ₣с ĕЊ₣ijŪņСŷŁũ◦НĕĠŪņО₣¤
ʼn ð
″ņũŎк◦ЊĕĕњчŎĈе₣Юĕй ĕЕ₣ĄУŎόŏĜ₣ ĕЊ₣ĠНÐŲЊ˝ũĠ₤сĜ₣˝ĖО₣Łũ₤ЮŪņşşЊij▫ЮijЧŪijСŷόŏŌĕŁũЯŪĠ
Ė ð ʼn
ŪĠФŲĕРŷ◦НĕĠŪņО₣˝ĖО₣˝ŪņЊij₧ЮřЧņġБ◦◦УŲģĕĕРŷ Federal funds rate ЯřŲş₣сģĕ¤ ŪĠ₤ЊĕЮĠЧ◦НĕĠŪņО₣˝ĖО₣
ŪĠĮњĕĊĜýũЮŲЧ₤ (ŌĕĠũЋŌ‗ЮŪşЧĕ) ŌĕĕњŎ▫ĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ЮŲЧ₤Ĉе₣ЮĜйĕЕ₣ŌĕĠе‗₣όŏ
ċ
ŠĆБЮĊſЧЁ Federal funds rate ĈĠď₣˝ŪņЊijЯřŲŠųĕş₣сģĕ ЮŪĵйŁũĩðijсĩ₣сЮŪşЧĕď₣ijŪņСŷŁũ¤ ĩĀŎņ˝ŷЋŀ
Ф ð О
ŪĠ₤ЊĕЮĠЧ◦НĕĠŪņО₣˝ĖО₣ŪĠĮњĕĊĜýũŌĕĠũЋŌ‗ijЊş ǻĕЕ₣ЮĊſЧЁ Federal funds rate Šį₤сď₣˝ŪņЊijЯřŲ
ċ
ĊĜýũ˝₧Ųş₣сģĕ ЮŢŎ⅜ũЯijijŪņСŷŁũ Šį₤сď₣Łũĩðijсĩ₣с¤ řРЮş ĖйĠНÐŲЊ˝ũĠ₤сĜ₣ ĕЕ₣ŪÐĠсŪÐ₣ЮŲЧ
Ś ð ð
ΟũЋŗĠℓũĠ₤с Federal funds market Ĉе₣ЮĜйģĕЮ΅ЧŎ ЮÐĕЕ₣Ĉ˝с◦₣ЮĉΒĖ˝şРŲũУņ₤еžĕсYЮĝ˝ĖО₣◦Бĩ⅝ũ
Юĕй ЮřЧņġБ◦◦УŲģĕĕРŷĮњijхŌĕυ˝ŬĄŏņУŎ ▫ЮijЧ◦НĕĠŪņО₣ЯřŲŪijСŷŁũ˝ĖО₣˝ŪņЊij₧ЮřЧņġБ◦◦УŲģĕĕРŷΒŪ″
ЯřŲЮÐş₣сģĕ Federal funds rate ¤
ĠĜĠсņ˝Ю◦ЬijĠНÐŲЊ˝ũĠ₤с Sandy ĕЕ₣Ĉ˝с◦₣ЮĉΒĖ˝ijе₧₣ņУŎşеĕУĕЯřŲЮÐЮΊ▫ primary dealers
Ā ð
ĕЊ₣ĵ‗ЊĄ ą˝ũņРŲĠњŪijũŢķЊģŲ(5) ЯřŲĈ˝с◦₣ĕЕ₣ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũЮĕй¤ ĠНÐŲЊ˝Ĉе₣ЮĕйĕЕ₣ĮЊĕijŏ
ť ð Њ
(3)
ď⅜žĊĜýũ˝₧ŲũĠ₤с₤΅ũřťΖЮņũЋş¤
Ś
◦ЊĕĕњŎЮ₤ЬŷЮŅЯřŲŪijСŷģĕЮģйĩ⅝Ŏ˝ĖО₣Ăе ƯƠỜ
Ė Ė
(4)
(5)
ΒĖ˝ЯřŲЮĊſЧŁũЮŪłĮБ⅜Ġњĕυ˝Ąĕ ĕЊ₣ĊĜýũĵ‗ЊĄ ą
□
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 9
- 18. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О
ЮņЧŲ▫ЮijЧĵ‗ЊĄ ą˝ũĕБņУŎYĠİŀĕРŷ◦₤℮ĕкŗ₣řРşЮņŚşЮĉЮŲЧŲ˝šŠ‗Ź ◦Бĩ⅝ũ
Ά л ĕЊ₣ЮņЧŲ▫ЮijЧΒБĕЕ₣Ю˝ЧijŌĕ
ſ
ЮΌЧ₣ЮĉЮŲЧijаņųаĕņРŲĠњŪijЯřŲŪijСŷŲ˝сЮĝ˝ĖО₣аℓĞЮĕй¤ ĮР˝ЮÐ˝є◦еĜ˝с◦еĕ₣ĩ₣ЯřũЮĉŁĕс Treasury ЮřЧņġБ
◦◦УŲģĕĮњijхŌĕℓŊБYĈ˝с◦₣ЮĉĕЕ₣˝ŪņЊij₤ņijНŲŏЯřŲũжĮЕ₣◦Н˝Юĝ˝ĖО₣ĊĜýũ˝₧Ų ˝ĖО₣ЮýŲĠе‗₣ЮřЧņġБЮĊſЧ
Ś
όŏŪĠЮ₤ЧũЮΌЧ₣ĕРŷŁũģл ĕс⅜ĕũĠ₤сЮÐ ˝ĖО₣Łũĩð₣сĩ₣сĕРŷ◦НĕĠŪņО₣¤
Ŋ ð
ĠĜĠсņ˝Ю◦Ьij₤ŌĄЊ˝аĕ Monetary Affairs Division Юĝυ Board of Governor ŪijСŷģĕЮÐĈ˝с◦₣
Ā
ЮřЧņġБόŏЮũЬĠşеĕРŷŁũ◦₤℮ĕчĈŎņУŎ ĮБŁũĩðijсĩ₣с ĕЊ₣ijŪņСŷŁũĕРŷ◦НĕĠŪņО₣ ЮřЧņġБЮĊſЧŁũЮĩĀЭ₣ĬijсďņУŎĕЕ₣
ð Ā
ĊĜýũ˝₧Ų¤ ĠĜĠсĮБřеЮ‗ЧũŁũşĠс₤ĮſŪÐĠс ŁũŷЋĕЊЮŗÐЮŲЧņРŲĠњŪij ĕЕ₣ŪijСŷЮũЬĠşеЮΌЧ₣ ЮŢŎļĠсņ˝ĕРŷ
Ś Ā ą
ďņУŎ₤еЮ‗ЧũЮřŀаℓųЮĝ˝ĖО₣аℓĞЮĜй ЯřŲĈ˝с◦₣ЮĉĕЕ₣ÐЮŪŌ₣ЮřЧņġБĠЯĕ□ņ ιĠĕ□ŎĕРŷĠũЋŌ‗◦НĕĠŪņО₣˝ĖО₣
ŪĠĮњĕĊĜýũ″ņũŎкŪĠijЊĠijʼnЊŁũ Open Market Operations¤
ċ
ĠĜĠсņ˝Ю◦Ьij
Ā ŁũŷЋĕЊЮŗÐŪijСŷģĕļĠсЮŢŎ₤ſŎŪĠŷijŚЊďņУŎĕЕ₣ ŷЋĕЊЮŗÐЊĕ˝ĖО₣Ū₤О˝ŪÐĠсũРĠЯřŲşРŲ
ą њ
ũУņЮĝЮŲЧ Open Market¤ ″ņũŎкŪĠĮњĕ˝ĮŏС◦њũЯřŲЮΊ▫ TRAPS(6) ŪĠijЊĠijʼnЊŁũ Open Market Operations
ċ Не
ĕЕ₣řеЮ‗ЧũŁũ″ņũŎкŪĠĮњĕЮΒΌЊşŪijСĕЊşЮĕй¤ ⅜ũ (message) ĕБņУŎYŪijСŷģĕЮĩńЧũ″ņŪĠĮњĕЮΒΌЊşŪijСĕЊşď
ċ ċ
ĠĕŚĠĜĠсЮĉŁĕс primary dealers ŪÐĠсũРĠЮŢŎĠŔ˝сĮБŪĠЮķ◦ ĕЊ₣ŁŲ˝е‗ijс₤₣аĕņРŲĠњŪijЯřŲŪijСŷŲ˝с ι
Ā ą
◦Њŀ¤ ĵ‗ЊĄ ą˝ũĕБņУŎYŪijСŷģĕЮÐ◦Н˝ЮĮŲόŏĮБ Ư Юĉ ưĜ◦БЮřЧņġБЮđųЧŎijĠЮŢŎļĠсņ˝ďņУŎĕРŷ₤еЮ‗Чũ
ą
ũĠ₤сЮФ ₤еЮ‗ЧũĕБņУŎYŪijСŷģĕĠİŀ ĕЊ₣ǻŎijаņųЮŢŎŪĠĮњĕ˝НеĮŏС◦њũ¤ ĠĜĠсņ˝Ю◦Ьij₤еЮ‗ЧũĕБņУŎYŪijСŷ
Ά ċ Ā
ģĕЮŪĄЧ₤ЮũВ₤ЮŢŎČĠсЮĩŚņĮБijаņų ũ΅РijřŲс˝ŪņЊijņУŎЯřŲĠũЋŌ‗ЯřŲŪijСŷŁũŪijСŷģĕŲ˝с ι◦Њŀ¤ ĠĜĠс
Ч Ā
ņ˝ЮÐĕЕ₣ĠİŀĮБĄЮŪņЧ₤ЮĉŁĕсĵ‗ЊĄ ą˝ũĕБņУŎY″ņũŎк TRAPS ¤ ďşН₣ЮŪŁŎņРŲĠњŪijĕЕ₣ŪijСŷŲ˝сЮĉ
Ά
όŏΒĖ˝ЯřŲΉĕĕРŷijаņųŠ₤с ĕЊ₣ĠũЋŌ‗ЮŪşЧĕ¤
п į
ĊĜýũ˝₧ŲŲ˝сĕРŷņРŲĠњŪij ÐЙņЊĕřРşď◦ЊřļĮĊņŊ″ЮĜйЮ◦ ÐЙǻŪijСŷģĕЮÐŲ˝сЮŪŁņũРĠļĮď˝Њş Ć
Ś ť
Ћ Ћ
ŪĮņЮŪĮЭ₣◦ЊŀŪijŲĠс ŷŀ (repurchase agreement) ŌĕĕњŎ▫ŠųĕΖş◦ЊŀĕРŷņРŲĠњŪijĈе₣ЮĜйŪijŲĠсņ˝ŷŀ
Ф
˝ĖО₣ijаņųď˝сŵ˝с₧ņУŎ ″ņЮĮŲ˝е‗ijс¤ Ю΅ijНЯijĊĜýũ˝₧ŲЮĊſЧĕРŷ˝Њş Ć₤ĕŜŪĠЮķ◦ЮĕйÐЙЮŢŎ⅜ũЯijǻ
Ś
ş₣сЁŌĕΟ◦ċЊĮŲЮŲЧ◦НĕĠŪņО₣ũŎкЮĮŲŠųБЯijĠлЮ₧й¤
Н ‼
″ņũŎкŁũĠ˝Ū⅜ŎĠİŀž₣ЮŲЧЮŎЧ₣₤Ю₣˛ijЮþЧŀ▫ ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ Open Market
Ά
Operations ŪijСŷģĕЮÐЯĠ₣Яş˝ďĮБũÐЙ defensive ĕЊ₣ dynamic open market operations¤ ˝ĖО₣şеЮ₧ņŪĠijЊ
ĠijŚЊŁũĈе₣ЮĕйĊĜýũ˝₧ŲşРŲşЊijΒĕНŷijŚ defensive open market operations ЮŢŎ⅜ũЯijǻģĕЮđųŎijĠ
Ś ʼn Ч
Юĉ″ņЮýŲĠе‗₣ũĠ₤сĊĜýũ˝₧ŲÐЙũ˝⅝ĕРŷ₤□ЊũļĮ◦НĕĠŪņО₣ ĕЊ₣ΒŪ″ Federal funds rate¤
Ś
(6)
Trading Room Automated Process Systems
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 10
- 19. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О
2. ĕЮŗģŎĠŃĆйΒŪ″ŁũŪģ˝с (Discount Policy)
О
ÐЙďΟ‗ĈĕũĠ₤сĊĜýũ˝₧Ų (discount loans) ЯřŲŪijСŷģĕĠЮ₣˛ЧijЮΌЧ₣ЮřЧņġБĩŲс˝ņĆБЮĉόŏĊĜýũ
Ś Ś
ЯřŲŠſй◦НĕĠŪņО₣¤ Ο‗ĈĕĈе₣ЮĕйÐЙŌĕΒŪ″ (Federal funds rate) ĈĠď₣ΒŪ″◦Бĩ⅝ũ Ю΅ЧŎď◦РЮĉŠį₤с
ď₣ΒŪ″ЮýŲЮţũĠ₤сĊĜýũ˝₧Ų ¤ ŁũĩŚŲсĕРŷΟ‗ĈĕĈе₣ЮĕйŪijСŷģĕЮÐ⅜Ųс▫ď discount window
Ś ð
¤ řРЮş ĖйЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲсĕРŷΧĠ˝ũ‗чĕЮŗģŎņУŎЮĕйЮŎЧ₣ĕЕ₣₤Ю₣˛ij▫ЮijЧ discount loans
ŪĠijЊĠijʼnЊŁũŗ₣řРşЮņŚş?
л
ŪĠijЊĠijʼnŁũũĠ₤с Discount Loans
Њ
Ο‗Ĉĕ (discount loans) ũĠ₤сĊĜýũ˝₧ŲЯřŲĩŚŲсόŏřŲсĊĜýũЯřŲŠſйĕРŷ◦НĕĠŪņО₣ (reserves)
Ś
ŪijСŷģĕЮÐЯĠ₣Яş˝ďĠБЯĩĖ˝₤еžĕсYÐЙк primary credit, secondary credit ĕЊ₣ seasonal credit¤
Primary Credit ÐЙďŁũĩŚŲс˝ņĆБũĠ₤сĊĜýũ˝₧ŲЯřŲŌĕΒŪ″ŁũŪģ˝сĈĠЮ΅ЧŎǻģĕЮřЧũijУŗ₣
Ś л
₤еžĕсЮĝ˝ĖО₣ĕЮŗģŎũРĠŎŷij□О¤
Њ Ο‗ĈĕŪĠЮķ◦ЮĕйŪijСŷģĕĩŚŲсЮĉόŏĊĜýũЯřŲŌĕ⅜ĕļĮŲŪĠЮ₤Чũ
□ ∆
ŌĕĕњŎ▫ĊĜýũЯřŲŌĕ⅜ĕļĮ΅ЊũŃňŷij□ŲŪĠŪ˝ijБŪijСŷģĕ ΒĕНŔijόŏŠĆБ◦НĕĠŪņО₣ЮĝĊĜýũ˝₧Ų″ņ
□ О ∆ ň Ś
ijŪņСŷŁũ¤ řРЮş ĖйǻŪijСŷģĕЮÐČijс◦˝▫ Standing Lending Facility ЯřŲΒŪ″ŁũŪģ˝сЮĉЮŲЧ˝ņĆБŪĠЮķ◦Юĕй
Н
ŪijСŷģĕ˝е‗ijсŠ₤сď₣ Federal funds rate target (ÐЙďΒŪ″ЮýŲЮţņУŎũĠ₤сĊĜýũ˝₧ŲЯř₣ş₣сģĕ)
į Ś
ЯřŲďĊņŊ″ÐЙ 100 basis point (1 percent point) Ю΅ЧŎЮĝ˝ĖО₣ŁŲкЮ◦₤кďЮŪşЧĕĠũЋŌ‗аĕ˝ņĆБŪĠЮķ◦Юĕй
ÐЙŌĕ˝ŪņЊijijЊşijУşĠлЮ₧й ĠлНЯĕŚşНйЮ΅ijНΒБģĕďĊĜýũ˝₧ŲĠЮ₣˛ЧijόŏŌĕ˝ņĆБŪĠЮķ◦Юĕй? řРЮş ĖйЮřЧņġБŎŲс
Н ‼ ſ Ś
ЁģĕŁĕсЯijşĤ₤сЮŎЧ₣ŪijСŷЮĊſЧŁũŷЋļÐЮĉЮŲЧŪŁķЊşž₣ЮŪŁņк
Federal Funds
Rate
B
A
DLB Rd
1
Quantity of
Rn Reserves
ũРĠļĮ◦Бơ ŁũĬ₤с◦БаĕЯŠ℮ЮŁ₣ijŪņСŷŁũЮĉ⅜ е ĮБ
ų Ś Юĉ ЮĊſЧЁşе‗ НşŲеĕЕ₣ЯŪĠŪĠФŲĮБ A Юĉ B
Ġ₧ŲЁΒŪ″ (Federal funds rate) Ю˝ЧĕĮБ
Ś Юĉ ĕЊ₣ discount loan Ю˝ЧĕĮБ 0 Юĉ DLB ¤
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 11
- 20. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О
″ņŪŁķЊşž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ Юĝşе‗ НşŲеĕЕ₣řеĠР₣ЯŠ℮ЮŁ₣ijŪņСŷŁũ ĕЊ₣Łũĩðijсĩ₣сĕРŷ◦НĕĠŪņО₣
ð
ĠЮ₣˛Чijģĕďşе‗ НşŲеĕЕ₣ЮĝŪij₣сşе‗ Нş A ЯřŲ Federal funds rate ÐЙЮ₤ŊЧĕЕ₣ΒŪ″ďЮýŲЮţũĠ₤с ĊĜýũ
˝₧Ų
Ś ¤ ĠĜĠсņ˝ЮŎЧ₣₤ĕŊij▫ŌĕŁũЯŪĠŪĠФŲŗ₣žе₣ĕРŷijŪņСŷŁũЯřŲĜеЁЯŠ℮ЮŁ₣ijŪņСŷŁũĬ₤с◦Б
Ā л ų ų
Юĉž₣⅜ е ÐЙĮБ
Ś Юĉ ЯřŲĠЮ₣˛ЧijģĕďŲеĕЕ₣ℓŊБЮĝŪij₣сşе‗ Нş B ¤ ЮŎЧ₣ЮþЧŀ▫ŪĠ₤ЊĕЮĠЧĊĜýũ
˝₧ŲņЊĕĩŚŲсĕРŷ discount loans (DLB) Ю◦ ЮĜйΒŪ″ũĠ₤с Federal funds rate ĕЊ₣Ю˝ЧĕЮΌЧ₣ЮŲЧ₤ĮБ
Ś ¤
řРЮş ĖйŁũĩŚŲсΟ‗ĈĕũĠ₤сĊĜýũ˝₧ŲÐЙďŁũ˝е‗ijсĕРŷΒŪ″ Federal funds rate ΒijЊĠũŌ ЯřŲĈĠď₣
Ś
ΒŪ″ĮЊijŪģ˝řЮĝЮŲЧ◦Бĩ⅝ũЯřŲЮ˝ЧijЮΌЧ₣ЮŢŎ⅜ũŁũĩðijсĩ₣с ĕЊ₣ijŪņСŷŁũ◦НĕĠŪņО₣ũĠ₤сŪĠĮњĕĊĜýũ¤
ð ċ
řРЮş ĖйЮřЧņġБ˝НеЁΒŪ″ Federal funds rate Ю˝ЧĕЮΌЧ₣Šį₤сЮĮ˝ĊĜýũ˝₧ŲŪijСŷЯijЮşŀņНŠĩŚŲсĕРŷ
Ś
discount loan ЮĉŁĕсĊĜýũ₧ЯřŲŠſйĕРŷ◦НĕĠŪņО₣ЮřЧņġБŁũĵũĮБŁũ˝℮њŎĊĕĩ₣ ĕЊ₣ЮřЧņġБ₤ЊũļĮ◦Бĩ⅝ũ◦Нĕ
□
ĠŪņО₣ĩ₣ (Federal Funds Market)¤
Secondary credit ÐЙďΟ‗ĈĕЯřŲĩŚŲсόŏЮĉĊĜýũЯřŲŌĕĠŔ΅ЊũŃňŷij□О ĕЊ₣ŌĕĠ◦ĮЊЮ⅜ĊĕчĄУĠ
Ά
ŪĠ◦йĕРŷĠŔŲе΅Рũ⅜şсŪģ˝сŗ₣ĊĞĕсĊũ¤ ΒŪ″ŁũŪģ˝сЮĝЮŲЧΟ‗ĈĕŪĠЮķ◦ЮĕйÐЙŠ₤сď₣ΒŪ″ discount
Ά л Ğ į
rate 50 basis point (0.5% percent point) ЯřŲďŁũĮЊĕњŎřŲсĊĜýũЯřŲŪÐĠсŪÐ₣΅ЊũŃňŷij□ОŠĕņЊĕģĕŲ¤
ųФ ∆
Seasonal Credit ÐЙďΟ‗ĈĕņУŎЯřŲĩŚŲсόŏ ЮřЧņġБЮđųЧŎijĠĕЕ₣ijŪņСŷŁũаĕşеĕУĕ˝е‗ijсņУŎũĠ₤с
ĊĜýũЯřŲĈ˝с◦₣ĕЕ₣ ŷЋ₤њŎ˝₤Њ˝ņŊ¤ ΒŪ″ŁũŪģ˝сЮŲЧΟ‗ĈĕŪĠЮķ◦ЮĕйÐЊijďņĊŏņũǻ₣ Federal funds
rate ĕЊ₣ Certificate of deposit rates¤
ЮýŲĠе‗₣₤еžĕс˝О₣ŁũĠЮ₣˛ЧijόŏŌĕĊĜýũ˝₧ŲÐЙ
Ė Ś ЮřЧņġБŁũĵũĕРŷŁũ˝℮њŎĊĕũĠ₤сĊĜýũЯřŲ
ŌĕĠŔ΅ЊũŃňŷij□О″ņũŎкŁũĩŚŲсĕРŷ discount loan ◦БόŏĊĜýũЯřŲŌĕĠŔЮĜй ЯijЮĈйĠБďŗ₣₧˝є
Ά Ά л
ЮŢŎǻĮЊijďŌĕŁũŲеģ˝ĠĕŚЊş˝ĖО₣ŁũόŏĊĜýũņУŎЯřŲŌĕĠŔž₣΅ЊũŃňŷij□ОŠБĕРŷ◦НĕĠŪņО₣ЮĜй¤
Ά Ć
3. О
◦НĕĠŪņ₣ŁijĮſ˝ş Ć (Reserve Requirements)
Њ
◦НĕĠŪņО₣ŁĮſ˝Њş Ć˝єďΧĠ˝ũ‗чĕЮŗģŎņУŎ ˝ĖО₣şеЮ₧ņΧĠ˝ũ‗чĈе₣ĠБũĠ₤сĊĜýũ˝₧Ų ĠлНЯĕŚЮÐ
Ś
ņЊĕ₤РŷŎ˝ΧĠ˝ũ‗чЮĕйņ˝ЮŪĠЧŪģ₤с₧₤с₧Ю◦ЮŢŎ⅜ũЯijǻЮĊſЧЁŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣ ЮŲЧ˝ЯŲ₣
Яij˝ĖО₣˝ũ‗БЯřŲĊĜýũ˝₧Ųş₣сЁŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣ЮĜй¤
Ś ĠлНЯĕŚЮĝ˝ĖО₣⅜ĕļĮď◦РЮĉЮÐņЊĕ
□
Ŏ˝ǻņ˝ЮŪĠЧŪģ₤сЮΌЧŎЮŪĵй▫ ЮĝЮĮŲЯřŲ reserve requirements Ю˝ЧĕЮΌЧ₣ ЮĜйĊĜýũŪijСŷЯijũ˝⅝◦Нĕ
ĕРŷ◦НĕĠŪņО₣ЁģĕŁĕсЯijЮŪşЧĕ¤ ĩĀŎņ˝ŷЋŀЮĝЮĮŲЯřŲ reserve requirements ℓŎşНй ЮĜйĊĜýũďЮŪşЧĕ
О
ĕЕ₣ņЊĕũ˝⅝◦НĕĕРŷ◦НĕĠŪņО₣ЮŪşЧĕЮ◦ ЯřŲşе‗ НşĈе₣ĮБЮĕй₤Н◦ċЯijďĠŔ₤еžĕс ЯřŲĈņĈũόŏŌĕŁũĮЊČũ₧
Ά
ņНĕĕЕ₣₤ЮŪņşşЊijĠЮ₣˛Чĕ ιĠĕ□Ŏ¤ ЮĝЮĮŲЯřŲĊĜýũĠЮ₣˛ЧĕŁũũ˝⅝◦Н˝◦НĕĠŪņО₣ ЮĜй⅜şсŪģ˝сЯřŲşŬşũ
ʼn
Юĝ˝ĖО₣Ю₤řť˝Њş ĆĕЕ₣ŪijСŷℓŎşНй¤ řРşýЮĕйЯřũЮĝЮĮŲЯřŲĊĜýũŁijсĠĕ□ŎŁũũ˝⅝◦Н˝◦НĕĠŪņО₣ЮĜйЮ₤řť˝Њş Ć
Ė
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 12
- 21. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О
ĕЕ₣ŌĕĠũЋŌ‗ŲНŎşŬşũЮŪşЧĕЮĮ˝ ņŜ₣Ю◦ЬijĊĜýũĕЕ₣ģijсĠ₣сĕРŷŪÐЕй˝ĖО₣Łũ◦Ġс◦ŲсďņУŎĕЕ₣ΉĕЊķњŎ
л
ЯřŲĕЕ₣Ю˝ЧijЮΌЧ₣ЮĝаℓĞ₧ņУŎЮĜй¤ ĕЊŗŎďũУņΧĠ˝ũ‗чЮĕйĊĜýũ˝₧Ų˝ŪņŎ˝ǻņ˝ЮŪĠЧЮŢŎ⅜ũ
Ś
ЯijǻЮĊſЧόŏŌĕĠŔļņYЮĉЮŲЧĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ijЊşijУş¤
Ά ų
ĠлНЯĕŚĊĜýũ˝₧Ų
Ś ÐЙΖşĠЮ₣˛ЧĕĕРŷ◦НĕĠŪņО₣ŁijĮſ˝Њş ĆЮĉŪij₣сşе‗ НşņУŎЯřŲŠųĕş₣сģĕ″ņũŎкŁũ
Ф
ЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О◦БņУŎÐЙ ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ι˝є
″ņ ũŎкĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) ЮĉŁĕсĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ijЊş¤ ĠлНЯĕŚ
ЮĈйĠБďŗ₣₧˝єЮŢŎ
л ˝єŁũĠЮ₣˛ЧĕĕРŷ◦НĕĠŪņО₣″ņũŎкņЮĊŜģŎЮĕйǻĕЕ₣ЮĊſЧЁĠлйĵŲсřŲсĊĜýũņУŎ
şеĕУĕĕЊ₣ĮЊģ˝˝ĖО₣ŁũŪÐĠсŪÐ₣ЮŲЧŲе΅Рũ⅜şсŪģ˝с¤
ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 13
- 22. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć
Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с Open Market Operations
IV. ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с Open Market ЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣Y
˝ĖО₣şеЮ₧ņΧ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ОĈе₣ĠБ ΧĠ˝ũ‗чşņġ₣ЯřŲĊĜýũ˝₧ŲşРŲşЊijЮŪĠЧÐЙ
Ś ʼn Open
Market Operations¤ ŁũЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чЮĕйÐЙΖŪ₤њŎЮŢŎŲ˝š‗кĮЊЮ₤₤ ̉ŗ₣ЮŲЧŲΧĠ˝ũ‗ч
л
ĕЮŗģŎřа◦Ю◦Ьij¤
◦Бơ Open Market Operations Ю˝ЧijЮΌЧ₣ЮĝЮŪŁņŁũΒĕНŷijŚЮŢŎĊĜýũ˝₧ŲЮŢŎĬŲс ЯřŲŠųĕ
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ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 14