centralbanksandthefederalreservesystem-資料下載頁(yè)
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【導(dǎo)讀】名義錨是鎖定物價(jià)水平以實(shí)現(xiàn)物價(jià)穩(wěn)定目標(biāo)的名義變量，如通脹率或貨。名義錨就像行為規(guī)則，通過(guò)約束自由放任政策的預(yù)期，有助于避免貨幣。Economicgrowth（貨幣政策能促進(jìn)經(jīng)濟(jì)增長(zhǎng)嗎？Interest-ratestability（有助于穩(wěn)定經(jīng)濟(jì)活動(dòng)和金。Dualmandate：即將物價(jià)穩(wěn)定和就業(yè)最大化兩個(gè)目標(biāo)放。物價(jià)穩(wěn)定應(yīng)當(dāng)是貨幣政策首要的長(zhǎng)期目標(biāo)，但由于貨幣政策同樣關(guān)注產(chǎn)。準(zhǔn)公共機(jī)構(gòu)，部分私有部分政府所有，股東來(lái)自聯(lián)邦儲(chǔ)備體。成員銀行選取6名聯(lián)邦儲(chǔ)備銀行董事Memberbankselect
【正文】 on of the supply curve, a change in the discount rate will have no effect on the federal funds rate. ? If the intersection of supply and demand occurs on the horizontal section of the supply curve, a change in the discount rate shifts that portion of the supply curve and the federal funds rate may either rise or fall depending on the change in the discount rate Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1339 Affecting the Federal Funds Rate (cont’d) ? When the Fed raises reserve requirement, the federal funds rate rises and when the Fed decreases reserve requirement, the federal funds rate falls. Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1340 FIGURE 2 Response to an Open Market Operation Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1341 FIGURE 3 Response to a Change in the Discount Rate 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. 1343 Open Market Operations ? Dynamic open market operations ? Defensive open market operations ? Primary dealers ? TRAPS (Trading Room Automated Processing System) ? Repurchase agreements ? Matched salepurchase agreements Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1344 Advantages of Open Market Operations ? The Fed has plete control over the volume ? Flexible and precise ? Easily reversed ? Quickly implemented Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1345 Discount Policy ? Discount window ? Primary credit: standing lending facility – Lombard facility ? Secondary credit ? Seasonal credit ? Lender of last resort to prevent financial panics – Creates moral hazard problem Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1346 FIGURE 5 How the Federal Reserve’s Operating Procedures Limit Fluctuations in the Federal Funds Rate Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1347 Advantages and Disadvantages of Discount Policy ? Used to perform role of lender of last resort – Important during the subprime financial crisis of 20202020. ? Cannot be controlled by the Fed。 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。 2020 Pearson AddisonWesley. All rights reserved. 1348 Reserve Requirements ? Depository Institutions Deregulation and Moary Control Act of 1980 sets the reserve requirement the same for all depository institutions ? 3% of the first $ million of checkable deposits。 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. 1349 Disadvantages of Reserve Requirements ? No longer binding for most banks ? Can cause liquidity problems ? Increases uncertainty for banks Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1350 Moary Policy Tools of the European Central Bank ? Open market operations – Main refinancing operations ? Weekly reverse transactions – Longerterm refinancing operations ? Lending to banks – Marginal lending facility/marginal lending rate – Deposit facility Copyright 169。 2020 Pearson AddisonWesley. All rights reserved. 1351 Moary Policy Tools of the European Central Bank (cont’d) ? Reserve Requirements – 2% of the total amount of checking deposits and other shortterm deposits – Pays interest on those deposits so cost of plying is low
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