Econ 2020, Topic 4
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Money is anything widely accepted as a medium of exchange and provides liquidity. The alternative to money is barter, which is inefficient. There are different types of money including commodity, convertible paper currency, commodity-backed money, and fiat money. The Federal Reserve was created in 1913 and functions as the central bank by setting monetary policy and controlling the money supply through tools like required reserve ratios, interest rates, and open market transactions. The money multiplier estimates how money is created through the reserve requirement ratio of banks. Money supply growth affects interest rates and prices in the economy.
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Mbb6
This document provides information about central banks and their duties. It discusses how central banks such as the US Federal Reserve print currency, regulate banks, set monetary policy, and serve as a lender of last resort. It also describes the tools that central banks use to implement monetary policy, including open market operations, discount rates, and reserve ratios. Central banks can increase or decrease the money supply through buying or selling bonds in open market operations.
Fed In Action
The Federal Reserve is the central bank of the United States and was established in 1913 to conduct monetary policy and promote a stable economy. It oversees monetary policy through the Federal Open Market Committee and uses tools like adjusting interest rates and reserve requirements to achieve its goals of maximum employment, stable prices, and moderate long-term interest rates. The Fed also regulates banks, provides financial services, and works to promote the safety and soundness of the banking and financial system.
Money and Our Monetary SystemThe monetary system in any economy fa.pdf
Money and Our Monetary System
The monetary system in any economy facilitates trade and allows people to trade more
efficiently, as compared to a barter economy. In the United States, the monetary authority is the
Federal Reserve System (also referred to as the Federal Reserve, or informally, as the “Fed”.)
For this use the Fed’s website (http://www.federalreserve.gov/) when addressing the questions
below.
What are the requirements for something to be considered money? Why does the dollar have
value?
What does the money supply consist of and what are the respective amounts in the total money
supply for the United States?
What are the primary functions of the Fed? What role does the Federal Open Market Committee
(FOMC) play in our economy?
What role do the financial institutions (commercial banks and other institutions) play in our
financial system?
What is meant by the term “fractional-reserve banking” in our system? What are the implications
for consumers?
What are the tools available to the FED for controlling the money supply? Which are used most
often? Which are most effective?
How does the money multiplier help to determine the effects of monetary policy?
What are the pros and cons of using monetary policy, as opposed to the use of fiscal policy, for
implementing economic policies and practices?
Solution
Money is basically medium of exchange so for anything to be consideredd money there are three
eligibility criterias
It is a currency which is backed by a stable and sound government, other than that dollar has
value because it fulfills all the three criteria mentioned above. It is widely accepted which
provides good strength to its value.
It consist of M1 and M2(the definitions and details are copied from fedreserve site)
Money Stock Measures. Billions of dollars.
There are four primar functions of Fed
The role of FOMC is to make monetary policy for federal reserve stsrem which it could
implement in the U.S.
The most basic role of financial institutions is to provide circulate money in the economy and
facilitate liquidity. It enables the flow of economic activities and helps in spreading the effects of
implemented monetary policies.Table 1
Money Stock Measures. Billions of dollars.DateSeasonally adjustedNot seasonally adjustedM1
1M2 2M1 1M2 2Jan. 20142,688.411,033.82,697.511,058.9Feb.
20142,712.911,098.92,701.711,110.3Mar. 20142,746.111,153.52,768.711,235.4Apr.
20142,770.911,212.32,805.211,288.7May 20142,790.511,281.82,777.711,231.9June
20142,820.811,335.32,820.211,293.7July 20142,836.811,402.02,837.411,348.7Aug.
20142,807.411,438.72,786.111,379.9Sept. 20142,869.611,476.62,831.111,430.4Oct.
20142,874.011,528.62,860.411,496.4Nov. 20142,884.711,566.72,856.011,572.2Dec.
20142,927.311,636.42,985.211,717.4Jan. 20152,937.911,703.52,944.611,723.7Feb.
20152,985.111,800.12,976.111,812.2Mar. 20152,990.211,835.13,019.611,921.3Apr.
20152,995.611,888.03,032.411,970.7May 20152,989.811,923.92,973.111,873.0June
20153,015.311,970.63,017.011,926.7July 2015.
Liquidity preference theory
Keynes' liquidity preference theory holds that individuals and firms demand to hold cash, or liquidity, for three main motives: transaction, precautionary, and speculative. The transaction motive refers to holding cash for daily transactions, while the precautionary motive involves holding cash as a buffer against unexpected events. The speculative motive refers to holding cash in order to take advantage of anticipated price changes in bonds and securities. Together these three motives determine the overall demand for money, or liquidity preference, in the economy. The interest rate is determined by the interaction of liquidity preference and the fixed money supply. When liquidity preference is very high, so that demand for money vastly exceeds supply even at very low interest rates, monetary policy
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Econ 2020, Topic 4
- 1. Money Spring 2013 Topic 4
- 2. What is the alternative to money? Barter Inefficiency
- 3. What is money? Anything widely accepted as a medium of exchange Liquidity Is gold money?
- 4. Functions of money Medium of exchange Unit of account Store of value
- 5. Types of money Commodity Convertible paper currency Commodity backed money Fiat money
- 6. Measures of money M1 M2 MZM Why so many measures?
- 7. Federal Reserve Created 1913 12 regional banks Quasi-governmental entity
- 8. Functions of the Fed Clearinghouse for transactions Supervisor of bank operations Controller of the money supply
- 9. FOMC Main entity for setting monetary policy for the US Members Board of Governors Head of the NY Fed 4 other Fed presidents
- 10. Money creation 100% reserve requirement
- 11. Money creation 100% reserve requirement 10% reserve requirement
- 12. Which is it?
- 13. Tools of monetary policy Required reserve ratio
- 14. Tools of monetary policy Required reserve ratio Primary credit rate
- 15. Tools of monetary policy Required reserve ratio Primary credit rate Federal funds rate
- 16. Tools of monetary policy Required reserve ratio Primary credit rate Federal funds rate Open market transactions
- 17. Money multiplier 1 ÷ reserve ratio At best an estimate
- 18. Why care about money? Connection to interest rates Money market
- 19. Why care about money? Connection to interest rates Connection to prices Equation of exchange MxV=PxY
- 20. Golden Rule Milton Friedman 3 percent growth
- 21. Why is it not that easy? “Pushing on a string” Loans may not be given Hoarding Velocity may change
- 22. Velocity
- 23. So why worry? Costs of inflation Shoeleather costs Menu costs Tax distortions Redistribution of wealth
- 24. So why worry? Costs of inflation Deflation is worse