Презентация на тему Interest Rates and Monetary Policy

Презентация на тему Interest Rates and Monetary Policy, предмет презентации: Финансы. Этот материал содержит 18 слайдов. Красочные слайды и илюстрации помогут Вам заинтересовать свою аудиторию. Для просмотра воспользуйтесь проигрывателем, если материал оказался полезным для Вас - поделитесь им с друзьями с помощью социальных кнопок и добавьте наш сайт презентаций ThePresentation.ru в закладки!

Слайды и текст этой презентации

Слайд 1
Текст слайда:

Interest Rates and Monetary Policy

Sergei Hariton
FC-45


Слайд 2
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Interest Rates

The price paid for the use of money
Many different interest rates
Speak as if only one interest rate
Determined by the money supply and money demand


Слайд 3
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Demand for Money

Why hold money?
Transactions demand, Dt
Determined by nominal GDP
Independent of the interest rate
Asset demand, Da
Money as a store of value
Varies inversely with the interest rate
Total money demand, Dm


Слайд 4
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Demand for Money

Rate of interest, i percent

10
7.5
5
2.5
0

Amount of money
demanded
(billions of dollars)

Amount of money
demanded
(billions of dollars)

Amount of money
demanded and supplied
(billions of dollars)

=

+

(a)
Transactions
demand for
money, Dt

(b)
Asset
demand for
money, Da

(c)
Total
demand for
money, Dm
and supply

Dt

Da

Dm

Sm

5


Слайд 5
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Assets
Securities
Loans to commercial banks
Liabilities
Reserves of commercial banks
Treasury deposits
Federal Reserve Notes outstanding

Federal Reserve Balance Sheet


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Tools of Monetary Policy

Open market operations
Buying and selling of government securities (or bonds)
Commercial banks and the general public
Used to influence the money supply
When the Fed sells securities, commercial bank reserves are reduced


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Tools of Monetary Policy

Fed buys bonds from commercial banks

Federal Reserve Banks

+ Securities

+ Reserves of Commercial Banks



(b) Reserves

Commercial Banks

Securities (a)

+Reserves (b)

Assets

Liabilities and Net Worth



(a) Securities


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Tools of Monetary Policy

Fed sells bonds to commercial banks

Federal Reserve Banks

- Securities

- Reserves of Commercial Banks

Commercial Banks

+ Securities (a)

- Reserves (b)

Assets

Liabilities and Net Worth



(a) Securities



(b) Reserves


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Tools of Monetary Policy

The reserve ratio
Changes the money multiplier
The discount rate
The Fed as lender of last resort
Short term loans
Term auction facility
Introduced December 2007
Banks bid for the right to borrow reserves


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Tools of Monetary Policy

Open market operations are the most important
Reserve ratio last changed in 1992
Discount rate was a passive tool
Term auction facility is new
Guaranteed amount lent by the Fed
Anonymous


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The Federal Funds Rate

Rate charged by banks on overnight loans
Targeted by the Federal Reserve
FOMC conducts open market operations to achieve the target
Demand curve for Federal funds
Supply curve for Federal funds


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Monetary Policy

Expansionary monetary policy
Economy faces a recession
Lower target for Federal funds rate
Fed buys securities
Expanded money supply
Downward pressure on other interest rates


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Monetary Policy

Restrictive monetary policy
Periods of rising inflation
Increases Federal funds rate
Increases money supply
Increases other interest rates


Слайд 14
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Taylor Rule

Rule of thumb for tracking actual monetary policy
Fed has 2% target inflation rate
If real GDP = potential GDP and inflation is 2%, then targeted Federal funds rate is 4%
Target varies as inflation and real GDP vary


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Expansionary Monetary Policy

Problem: Unemployment and Recession

Fed buys bonds, lowers reserve ratio, lowers the discount rate, or increases reserve auctions

Excess reserves increase

Federal funds rate falls

Money supply rises

Interest rate falls

Investment spending increases

Aggregate demand increases

Real GDP rises


















CAUSE-EFFECT CHAIN


Слайд 16
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Restrictive Monetary Policy

Problem: Inflation

Fed sells bonds, increases reserve ratio, increases the discount rate, or decreases reserve auctions

Excess reserves decrease

Federal funds rate rises

Money supply falls

Interest rate rises

Investment spending decreases

Aggregate demand decreases

Inflation declines


















CAUSE-EFFECT CHAIN


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Evaluation and Issues

Advantages over fiscal policy
Speed and flexibility
Isolation from political pressure
Monetary policy is more subtle than fiscal policy


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Problems and Complications

Lags
Recognition and operational
Cyclical asymmetry
Liquidity trap


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