【ppt精品課件】貨幣金融學7版英文課件--17-大學課件2(存儲版)
【正文】 ntrale Desjardins du Qu233。 2023 Pearson Education Canada Inc. The Role of Money Before we go on, we have to clear up a potential confusion: Although the Bank of Canada can control both i and M, it would be wrong to view i and M as distinct policy instruments. The reason is that a given i policy has to be supported by a given M policy. That is , the Bank influences i by adjusting M. To put it differently, i is the price of M and the Bank affects the price of M (that is, the interest rate) by controlling the quantity of money. With this in mind, let’s discuss the institutional framework within which the Bank conducts moary policy. 3 169。s settlement account with the Bank of Canada 8 169。 2023 Pearson Education Canada Inc. The Bank’s Current Approach to Moary Policy In February 1991, the Bank’s governor and the minister of finance announced a series of declining ? targets. The targets were 3% by the end of 1992, falling to 2% by the end of 1995, to remain within a range of 1%3% thereafter. The 1%3% target range for ? was renewed in December 1995, in early 1998, and again in May 2023, to apply until the end of 2023. The goal of the Bank’s current policy is to keep ? at the midpoint of the ? target range, 2%. 16 169。 2023 Pearson Education Canada Inc. Bank of Canada Lending (Advances) Two Types 1. Standing Liquidity Facility, to reinforce the operating band for ior 2. Last Resort Lending Lender of Last Resort Function 1. To prevent banking panics CDIC fund not big enough Examples: Canadian Commercial Bank and Northland Bank 2. To prevent nonbank financial panics Examples: 1987 ‘Black Monday’ stock market crash Announcement Effect 1. Problem: False signals 24 169。s accounts at the LVTS participants to the government39。 2023 Pearson Education Canada Inc. (Continued) The endofday effect on the balance sheets of the Bank and the direct clearers is as follows: Bank of Canada Assets Liabilities SRAs +100 Government Deposits 100 Direct Clearers Assets Liabilities SRAs +100 Government Deposits +100 The Bank’s moary tightening has been effected through the management of settlement balances, during the course of the day, with no change in the aggregate settlement balances 34 169。 2023 Pearson Education Canada Inc. Neutralizing a Net Government Disbursement If there were a government disbursement of $100 (., the government39。 2023 Pearson Education Canada Inc. The Bank’s Use of SPRAs to Reinforce the Target ior If overnight funds are traded at a rate higher than the target ior, the Bank enters into SPRAs at a price that works out to the target ior. Bank of Canada Assets Liabilities SPRAs +100 Settlement Balances +100 Direct Clearers Assets Liabilities Settlement Balances +100 SPRAs +100 Hence, SPRAs relieve undesired upward pressure on ior 22 169。 2023 Pearson Education Canada Inc. The Bank’s Implementation of the Operating Band for ior If ior ? towards the upper limit, then the Bank will lend at ib to put a ceiling on ior If ior ? towards the lower limit, then the Bank will accept deposits at ib less 50 basis points, to put a floor on ior 14 169。 2023 Pearson Education Canada Inc. RealTime Settlement S
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