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
29
THEMONETARYSYSTEM
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:
Thisisagoodchapterto“winback”thestudentswhowereboredwithnationalincomeaccounting.StudentsaregenerallyinterestedinlearningmoreaboutthebankingsystemandtheFederalReserve.TheFederalReserveoffersafree,13-minutevideoentitled“TheFedToday”thatdiscussesthehistoryandoperationsoftheFed.
I.TheMeaningofMoney
Begintheanalysisbyaskingstudents,“Whatismoney?
”Studentswilllikelywanttostartrightinwithadiscussionofthefunctionsthatmoneyserves.Stopthem.Asktheminsteadtodescribemoney.Holdupadollarbillandapieceofpapercuttothesamesize.Askthestudentswhichtheywouldpreferandwhy.
A.Definitionofmoney:
thesetofassetsinaneconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.
B.TheFunctionsofMoney
1.Moneyservesthreefunctionsinoureconomy.
a.Definitionofmediumofexchange:
anitemthatbuyersgivetosellerswhentheywanttopurchasegoodsandservices.
b.Definitionofunitofaccount:
theyardstickpeopleusetopostpricesandrecorddebts.
c.Definitionofstoreofvalue:
anitemthatpeoplecanusetotransferpurchasingpowerfromthepresenttothefuture.
2.Definitionofliquidity:
theeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.
a.Moneyisthemostliquidassetavailable.
b.Otherassets(suchasstocks,bonds,andrealestate)varyintheirliquidity.
c.Whenpeopledecidehowtoallocatetheirwealth,theymustbalancetheliquidityofeachpossibleassetagainsttheasset’susefulnessasastoreofvalue.
C.TheKindsofMoney
1.Definitionofcommoditymoney:
moneythattakestheformofacommoditywithintrinsicvalue.
2.Definitionoffiatmoney:
moneywithoutintrinsicvaluethatisusedasmoneybecauseofgovernmentdecree.
3.IntheNews:
WhyGold?
a.Historically,societieshaveusedgold,ratherthanothercommodities,forcommoditymoney.
b.ThisarticlefromNPRMorningEditiondescribeswhygoldisthebestchoiceforcommoditymoney.
D.MoneyintheU.S.Economy
1.ThequantityofmoneycirculatingintheUnitedStatesissometimescalledthemoneystock.
2.Includedinthemeasureofthemoneysupplyarecurrency,demanddeposits,andothermonetaryassets.
a.Definitionofcurrency:
thepaperbillsandcoinsinthehandsofthepublic.
b.Definitionofdemanddeposits:
balancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.
Figure1
3.Figure1showsthemonetaryassetsincludedintwoimportantmeasuresofthemoneysupply,M1andM2.
Pointouttostudentsthatcurrencyonlymakesupabout30%ofthevalueofM1,withtheremaining70%intheformofcheckingdeposits.Studentsneedtounderstandthatthemajorityofthemoneyintheeconomyisactuallymadeupofaccountbalancesratherthanstacksofcurrencyinavault.
MakesurethatstudentsrealizethattheassetsincludedinM1andM2differintermsoftheirliquidity.Alsonotethatthereareothermeasuresofthemoneysupply(M3andMZM),whichincludelessliquidassetslikelargetimedeposits.
4.FYI:
WhyCreditCardsAren’tMoney
a.Creditcardsarenotaformofmoney;whenapersonusesacreditcard,heorsheissimplydeferringpaymentfortheitem.
Studentsarequitecuriousaboutwhethercreditcardsareconsideredmoney.Youcansatisfytheircuriosityinpartbypointingoutthatcreditcardsactuallyleadtoadropinthequantityofmoneypeopleneedtocarrybecausetheyallowhouseholdstoconsolidatebillsforpaymentonceamonth.
b.Becauseusingadebitcardislikewritingacheck,theaccountbalancesthatliebehinddebitcardsareincludedinthemeasuresofmoney.
5.CaseStudy:
WhereIsAlltheCurrency?
a.IfwedividetheamountofoutstandingcurrencyintheUnitedStatesbytheadultpopulation,wefindthattheaverageadultshouldhaveapproximately$4,490incurrency.
b.Ofcourse,mostadultscarryamuchsmalleramount.
c.OneexplanationisthatagreatdealofU.S.currencymaybeheldinothercountries.
d.Anotherexplanationisthatlargeamountsofcurrencymaybeheldbycriminalsbecausetransactionsthatusecurrencyleavenopapertrail.
II.TheFederalReserveSystem
A.DefinitionofFederalReserve(Fed):
thecentralbankoftheUnitedStates.
B.Definitionofcentralbank:
Aninstitutiondesignedtooverseethebankingsystemandregulatethequantityofmoneyintheeconomy.
Activity1—WhatCanBeLearnedfromaDollar?
Type:
In-classdemonstration
Topics:
Money,FederalReserve
Materialsneeded:
None
Time:
5minutes
Classlimitations:
Worksinanysizeclass
Purpose
ThisactivityintroducestheroleoftheFederalReserveincontrollingthemoneysupply.
Instructions
Asktheclasstotakeadollarbillfromwallets(ora$5,$10,$20,or$100).Studentswithoutanycurrencycansharewithsomeonewhodoes.Asktheclasstoreadthebill.
Afteraminute,askthemwhattheyhavelearned.
CommonAnswersandPointsforDiscussion
Moststudentsfocusonthestatement“Thisnoteislegaltenderforalldebts,publicandprivate.”Thisstatementistheonly“backing”U.S.currencyhas—thenoteisnotconvertibleintogoldorsilver.Thiscanbeusedtointroducethedifferencebetweenfiatmoneyandcommoditymoney.
Someonewillusuallypointtothephraseprintedatthetopofthefaceofeachbill:
“FederalReserveNote.”ExplaintheFedfunctionsastheUnitedStates'centralbank—controllingthemoneysupplyandsupplyingcurrencytobanks.
InformationaboutthestructureoftheFederalReservecanbefoundinthesealtotheleftofWashington’sportrait.Thewritingaroundthesealsays“FederalReserveBankof___________.”
Iftheclassisbigenough,all12FederalReserveBankswillberepresented:
Boston,NewYork,Philadelphia,Richmond,Atlanta,Cleveland,Chicago,St.Louis,Minneapolis,KansasCity,Dallas,andSanFrancisco.
Thisisagood
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