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【正文】 e 53 The supply and demand for reserves The Determination of the Interest Rates: II ? The Federal Funds Market: The market for bank reserves ? The Federal Funds Rate: The interest rate that equates the supply of Reserves (HCud) with demand for reserves (Rd) Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 54 The supply and demand for reserves The Determination of the Interest Rates: II What happens to H and the Federal Funds Rate if the Fed engages in contractionary moary policy? Question: Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 55 The supply and demand for money The Determination of the Interest Rates: II ? ? )($)1( iLYccH ????Recall: Therefore: Supply of Money = Demand for Money ? ? )($)1(1 iYLHcC????Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 56 The supply and demand for money The Determination of the Interest Rates: II Observations: 1)1( ???? CCTherefore: 1 ) 1 ( 1 ? ? ? ? A C C Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 57 The supply and demand for money The Determination of the Interest Rates: II Observations: M ul t i pl i e rM one y )1(1???? CC?The supply of money is a multiple of the Central Bank money. ?Central Bank money (moary base) is Highpowered money (H) Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 58 Open market operations revisited The Determination of the Interest Rates: II ?????1 )1(1CC If: C=O (People hold only checkable deposits) , The Multiplier = If: ?= .10, The Multiplier = 1010.1 ?Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 59 Open market operations revisited The Determination of the Interest Rates: II An example of the multiplier Assume: ? = .10 amp。 the Fed buys $100 worth of bonds ? Seller1 deposits $100 in bank A and Central Bank money increases ? Bank A puts $10 (.10x100) in reserve and buys $90 in bonds ? Seller2 deposits $90 (.10x90) in Bank B and checkable deposits increase $90 ? Bank B puts $9(.10x90) in reserve and buys $81 in bonds ? Seller3 deposits $81 in bank C and checkable deposit increases $81 Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 60 Open market operations revisited The Determination of the Interest Rates: II An Example Questions: ? How much money has been created after seller 3 deposits the $81? ? How much money could be created from the Fed’s original $100 purchase? Hint: The Multiplier = 10.amp。1 ???Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 61 ? Increases in Central Bank money (Fed buys bonds) decrease the interest rate ? Decreases in Central Bank money (Fed sells bond) increase the interest rate The Determination of the Interest Rates: II A Summary:
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