【正文】 erved. 133 Other Goals of Moary Policy ? High employment ? Economic growth（貨幣政策能促進(jìn)經(jīng)濟(jì)增長嗎？） ? Stability of financial markets ? Interestrate stability（有助于穩(wěn)定經(jīng)濟(jì)活動(dòng)和金融市場） ? Foreign exchange market stability Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 134 Should Price Stability be the Primary Goal? ? In the long run there is no conflict between the goals ? In the short run it can conflict with the goals of high employment and interestrate stability（如經(jīng)濟(jì)擴(kuò)張期，失業(yè)率下降，經(jīng)濟(jì)過熱，通脹上升，為穩(wěn)定物價(jià)，央行提高利率，該措施會減少就業(yè)和投資） ? Hierarchical mandate階梯目標(biāo)（只有實(shí)現(xiàn)物價(jià)穩(wěn)定的情況下才能追求其他目標(biāo)，如英格蘭銀行、加拿大銀行、新西蘭儲備銀行和歐洲中央銀行） ? Dual mandate（雙重目標(biāo)）：即將物價(jià)穩(wěn)定和就業(yè)最大化兩個(gè)目標(biāo)放在平等的地位上 ? 物價(jià)穩(wěn)定應(yīng)當(dāng)是貨幣政策首要的長期目標(biāo)，但由于貨幣政策同樣關(guān)注產(chǎn)出波動(dòng)，物價(jià)穩(wěn)定的目標(biāo)只有在長期的條件下才被作為首要目標(biāo) Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1310 Functions of the Federal Reserve Banks ? Clear checks支票清算 ? Issue new currency貨幣發(fā)行 ? Withdraw damaged currency from circulation回收流通中破損貨幣 ? Administer and make discount loans to banks in their districts管理和向本地區(qū)商業(yè)銀行發(fā)放貼現(xiàn)貸款 ? Evaluate proposed mergers and applications for banks to expand their activities評估提出的合并案與銀行擴(kuò)展業(yè)務(wù)的申請 Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1318 Federal Open Market Committee (FOMC聯(lián)邦公開市場委員會 ) ? 每年 8次會議 Meets eight times a year ? 該委員會由聯(lián)邦儲備委員會的 7位委員、紐約聯(lián)邦儲備銀行行長和其他 4位聯(lián)邦儲備銀行行長組成（其余 7位聯(lián)儲行長列席會議） Consists of seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and the presidents of four other Federal Reserve banks ? 聯(lián)儲委員會主席還擔(dān)任聯(lián)邦公開市場委員會的主席 Chairman of the Board of Governors is also chair of FOMC ? 公開市場委員會不實(shí)際買賣證券，而是向紐約聯(lián)邦儲備銀行的交易室發(fā)布指令 Issues directives to the trading desk at the Federal Reserve Bank of New York Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1325 ECB Independence ? Most independent in the world ? 執(zhí)行委員會的成員任期很長 Members of the Executive Board have long terms ? Determines own budget ? 《 馬斯特里赫特條約 》 量化貨幣政策的目標(biāo)是通脹率低于 2%Less goal independent – Price stability ? 歐元體系的章程不能由法律改變，只有修改馬約 Charter cannot by changed by legislation。 2020 Pearson AddisonWesley. All rights reserved. 1332 Demand in the Market for Reserves ? What happens to the quantity of reserves demanded by banks, holding everything else constant, as the federal funds rate changes? ? Excess reserves are insurance against deposit outflows – The cost of holding these is the interest rate that could have been earned minus the interest rate that is paid on these reserves, ier Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1340 FIGURE 2 Response to an Open Market Operation Copyright 169。 the decision maker is the bank ? Discount facility is used as a backup facility to prevent the federal funds rate from rising too far above the target Copyright 169。 10% of checkable deposits over $ million ? The Fed can vary the 10% requirement between 8% to 14% Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1342 FIGURE 4 Response to a Change in Required Reserves Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1334 Supply in the Market for Reserves ? Two ponents: nonborrowed and borrowed reserves ? Cost of borrowing from the Fed is the discount rate ? Borrowing from the Fed is a substitute for borrowing from other banks ? If iff id, then banks will not borrow from the Fed and borrowed reserves are zero ? The supply curve will be vertical ? As iff rises above id, banks will borrow more and more at id, and relend at iff ? The supply curve is horizontal (perfectly elastic) at id Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1326 Structure