【文章內(nèi)容簡(jiǎn)介】 y. 2022/8/19 Chen Jianhui 41 Exercises Turn the following into Chinese: 1) fractional reserve 2) fractional reserve deposit money expansion activities 3) fractional reserve ratio 4) reserve requirement 5) money supply 2022/8/19 Chen Jianhui 42 6) interest rate 7) set aside some money 8) Federal Reserve Bank 9) loan out an amount of money 10) Fed 2022/8/19 Chen Jianhui 43 Multiple choice: 1) Assume that the fractional reserve ratio is 12 percent. Thus, when a customer deposits $1,000 in a bank, it may immediately set aside _____________ as a reserve. A. $12 C. $100 B. $1000 D. $120 D 2022/8/19 Chen Jianhui 44 2) If the fractional reserve ratio is 12 percent and the original deposit is $1000, how much new money will be created in the system? ___________. A. $8, B. $7, C. $6, D. $120 B 2022/8/19 Chen Jianhui 45 3) Suppose the Fed issues a change requiring that 15 percent of deposits be set side as a reserve. The new maximum number of dollars in circulation will ________. less more change the same as what we have learned A 2022/8/19 Chen Jianhui 46 4) If your bank has lent all of its available funds based on a reserve of 12 percent and there is a new reserve requirement, it must immediately ______ to build its reserves to meet the new reserve requirement. new deposits new loans bank deposits aside more money A 2022/8/19 Chen Jianhui 47 5) Strictly enforced government regulations control how many of the deposited dollars must be held in reserve _____. loan out more attract new deposits make more profits support loans D 2022/8/19 Chen Jianhui 48 6) Loans made against the _______ are a key factor in banking and current fractional reserve deposit money expansion activities. A. requirement B. fractional reserve C. the amount of deposits D. banking regulations B 2022/8/19 Chen Jianhui 49 Part 3: The Three Ms The Federal Reserve System tracks three measures of the money supply and reports on them weekly. The three measures are conveniently labeled M1, M2, and M3. 2022/8/19 Chen Jianhui 50 the three Ms 指 M1, M2 , M3, 三種貨幣供應(yīng)量。 M1是狹義的貨幣。在美國(guó)指商業(yè)銀行以外的市面上流通的通貨，商業(yè)銀行中以支票存取的活期存款、可轉(zhuǎn)讓提單帳戶、股份匯款帳戶、自動(dòng)轉(zhuǎn)帳存款以及旅行支票之和。 2022/8/19 Chen Jianhui 51 M2是定義范圍較寬的一些貨幣。在美國(guó)指 M1加上不能以支票提取的儲(chǔ)蓄存款、 10萬(wàn)美元以下的定期存款、貨幣市場(chǎng)共同基金以及美國(guó)居民與銀行在美國(guó)境外銀行持有的過(guò)夜歐洲美元存款之和。 2022/8/19 Chen Jianhui 52 M3是定義更寬的貨幣。在美國(guó)指 M2加上 10萬(wàn)美元面值的定期存款單（ CDs）以及回買(mǎi)協(xié)議之和。 2022/8/19 Chen Jianhui 53 M1 is a narrowly defined measure of money that includes currency, coins, and demand deposits (such as checking accounts) in mercial banks that are used primarily for transactions or as a medium of exchange. demand deposit 活期存款 checking accounts 支票帳戶 medium of exchange 交換媒介 a 2022/8/19 Chen Jianhui 54 M2 is a broader measure of the money supply. In addition to the items in M1, M2 includes the amounts collected in savings and small time deposits (certificates of deposit), including money market deposit accounts (MMDA), noninstitutional money market mutual funds (MMMF), and other shortterm money market assets. savings n. 儲(chǔ)蓄 time deposit 定期存款 certificate of deposit 大額存單；存款證 money market 貨幣市場(chǎng) 指一年或不足一年到期的短期借貸市場(chǎng)。 money market deposit account貨幣市場(chǎng)存款帳戶，簡(jiǎn)稱(chēng) MMDA money market mutual funds (MMMF) 貨幣市場(chǎng)共同基金 指美國(guó)的一種小額信托投資。 a 2022/8/19 Chen Jianhui 55 M2 is the most often used reference to money supply. M3 is an even broader definition of the money supply, as it includes all of the ponents of M1 and M2 plus a number of financial assets and instruments generally employed by large (jumbo) certificates of deposit. 2 is the most often used reference to money supply. M2是衡量貨幣供應(yīng)量最常用的參考值。 financial assets 金融資產(chǎn) financial instruments n. 金融票據(jù) jumbo certificates of deposit 大額存單 a 2022/8/19 Chen Jianhui 56 The Federal Reserve Board, known as the Fed, considers numerous factors when it defines the money supply. What ultimately matters is how the public uses the various forms of money. 2022/8/19 Chen Jianhui 57 For example, depositors can write checks on their money market deposit accounts or their money market mutual funds. Even so, the public uses these two forms of money mainly for savings and only secondarily for transactions. 2022/8/19 Chen Jianhui 58 Thus, the Fed places the MMDAs and MMMFs in M2 along with savings and time deposits. The Fed revised the Ms as necessary whenever financial innovations, such as the appearance of money market mutual funds, lead people to alter the forms in which they hold money. financial innovations 金融創(chuàng)新 a 2022/8/19 Chen Jianhui 59 Technically, the three measures of the money supply are known as moary aggregates, or totals. M2 is the most closely watched of the three. Changes for the week are noted each Thursday on the Nightly Business Report. As of June 8, 1992, the total for M2 was $3, billion that is, nearly $ trillion. moary aggregate 貨幣總量 a 2022/8/19 Chen Jianhui 60 The Fed reports to Congress twice a year on its target rates for growth of money. Although the Federal Reserve Board can and does change the elements affecting the money supply as often as every day, it cannot control the moary aggregates precisely. Congress （美國(guó)）國(guó)會(huì) a 2022/8/19 Chen Jianhui 61 Much attention is focused on the rate at which the money supply grows because money growth influences inflation, unemployment, and general economic activity. 2022/8/19 Chen Jianhui 62 Exercises Turn the following into Chinese: 1) money supply 2) demand deposit 3) medium of exchange 4) time deposit 2022/8/19 Chen Jianhui 63 5) certificate of deposit 6) financ