曼昆经济学原理英文版文案加习题答案29章.docx
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曼昆经济学原理英文版文案加习题答案29章.docx
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曼昆经济学原理英文版文案加习题答案29章
曼昆经济学原理英文版文案加习题答案29章
WHAT’SNEWINTHESEVENTHEDITION:
ThereisanewIntheNewsboxon“WhyGold?
”
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
Øwhatmoneyisandwhatfunctionsmoneyhasintheeconomy.
ØwhattheFederalReserveSystemis.
Øhowthebankingsystemhelpsdeterminethesupplyofmoney.
ØwhattoolstheFederalReserveusestoalterthesupplyofmoney.
CONTEXTANDPURPOSE:
Chapter16isthefirstchapterinatwo-chaptersequencedealingwithmoneyandpricesinthelongrun.Chapter16describeswhatmoneyisanddevelopshowtheFederalReservecontrolsthequantityofmoney.Becausethequantityofmoneyinfluencestherateofinflationinthelongrun,thefollowingchapterconcentratesonthecausesandcostsofinflation.
ThepurposeofChapter16istohelpstudentsdevelopanunderstandingofwhatmoneyis,whatformsmoneytakes,howthebankingsystemhelpscreatemoney,andhowtheFederalReservecontrolsthequantityofmoney.Anunderstandingofmoneyisimportantbecausethequantityofmoneyaffectsinflationandinterestratesinthelongrun,andproductionandemploymentintheshortrun.
KEYPOINTS:
∙Thetermmoneyreferstoassetsthatpeopleregularlyusetobuygoodsandservices.
∙Moneyservesthreefunctions.Asamediumofexchange,itistheitemusedtomaketransactions.Asaunitofaccount,itprovidesthewayinwhichpricesandothereconomicvaluesarerecorded.Asastoreofvalue,itoffersawaytotransferpurchasingpowerfromthepresenttothefuture.
∙Commoditymoney,suchasgold,ismoneythathasintrinsicvalue:
Itwouldbevaluedevenifitwerenotusedasmoney.Fiatmoney,suchaspaperdollars,ismoneywithoutintrinsicvalue:
Itwouldbeworthlessifitwerenotusedasmoney.
∙IntheU.S.economy,moneytakestheformofcurrencyandvarioustypesofbankdeposits,suchascheckingaccounts.
∙TheFederalReserve,thecentralbankoftheUnitedStates,isresponsibleforregulatingtheU.S.monetarysystem.TheFedchairmanisappointedbythepresidentandconfirmedbyCongresseveryfouryears.ThechairmanistheleadmemberoftheFederalOpenMarketCommittee,whichmeetsabouteverysixweekstoconsiderchangesinmonetarypolicy.
∙Bankdepositorsprovideresourcestobanksbydepositingtheirfundsintobankaccounts.Thesedepositsarepartofabank’sliabilities.Bankownersalsoprovideresources(calledbankcapital)forthebank.Becauseofleverage(theuseofborrowedfundsforinvestment),asmallchangeinthevalueofabank’sassetscanleadtoalargechangeinthevalueofthebank’scapital.Toprotectdepositors,bankregulatorsrequirebankstoholdacertainminimumamountofcapital.
∙TheFedcontrolsthemoneysupplyprimarilythroughopen-marketoperations.Thepurchaseofgovernmentbondsincreasesthemoneysupply,andthesaleofgovernmentbondsdecreasesthemoneysupply.TheFedalsousesothertoolstocontrolthemoneysupply.Itcanexpandthemoneysupplybydecreasingthediscountrate,increasingitslendingtobanks,loweringreserverequirements,ordecreasingtheinterestrateonreserves.Itcancontractthemoneysupplybyincreasingthediscountrate,decreasingitslendingtobanks,raisingreserverequirementsorincreasingtheinterestrateonreserves.
∙Whenindividualsdepositmoneyinbanksandbanksloanoutsomeofthesedeposits,thequantityofmoneyintheeconomyincreases.Becausethebankingsysteminfluencesthemoneysupplyinthisway,theFed’scontrolofthemoneysupplyisimperfect.
∙TheFederalReservehasinrecentyearssetmonetarypolicybychoosingatargetforthefederalfundsrate,ashort-terminterestrateatwhichbanksmakeloanstooneanother.AstheFedachievesitstarget,itadjuststhemoneysupply.
CHAPTEROUTLINE:
I.TheMeaningofMoney
Begintheanalysisbyaskingstudents,“Whatismoney?
”Studentswilllikelywanttostartrightinwithadiscussionofthefunctionsthatmoneyserves.Stopthem.Asktheminsteadtodescribemoney.Holdupadollarbillandapieceofpapercuttothesamesize.Askthestudentswhichtheywouldpreferandwhy.
b.Definitionofdemanddeposits:
balancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.
Figure1
3.Figure1showsthemonetaryassetsincludedintwoimportantmeasuresofthemoneysupply,M1andM2.
Pointouttostudentsthatcurrencyonlymakesupabout30%ofthevalueofM1,withtheremaining70%intheformofcheckingdeposits.Studentsneedtounderstandthatthemajorityofthemoneyintheeconomyisactuallymadeupofaccountbalancesratherthanstacksofcurrencyinavault.
MakesurethatstudentsrealizethattheassetsincludedinM1andM2differintermsoftheirliquidity.Alsonotethatthereareothermeasuresofthemoneysupply(M3and
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