长期的货币与物价

10 MONEY AND PRICES IN THE LONG RUN 長期的貨幣與物價Copyright © 2004 South-Western2929The Monetary System貨幣體系Copyright © 2004 South-WesternTHE MEANING OF MONEY Money is the set of assets in an economy that people regularly use to buy goods and services from other people. 貨幣：經濟體系中，人們通常用來購買商品 與服務的資產。Copyright © 2004 South-WesternThe Functions of Money Money has three functions in the economy: Medium of exchange Unit of account Store of value 貨幣的功能 交易媒介 計價單位 價值儲存Copyright © 2004 South-WesternThe Functions of Money Medium of Exchange (交易媒介) A medium of exchange is an item that buyers give to sellers when they want to purchase goods and services. A medium of exchange is anything that is readily acceptable as payment.Copyright © 2004 South-WesternThe Functions of Money Unit of Account (計價單位) A unit of account is the yardstick people use to post prices and record debts. Store of Value (價值儲存) A store of value is an item that people can use to transfer purchasing power from the present to the future.Copyright © 2004 South-WesternThe Functions of Money Liquidity Liquidity is the ease with which an asset can be converted into the economys medium of exchange. 流動性：一項資產被轉換成交易媒介的難易程 度。Copyright © 2004 South-WesternThe Kinds of Money 貨幣的種類 Commodity money takes the form of a commodity with intrinsic value. Examples: Gold, silver, cigarettes. 商品貨幣：貨幣本身即具備某種固有財貨的 價值。 例如：黃金、白銀、香菸Copyright © 2004 South-WesternThe Kinds of Money 貨幣的種類 Fiat money is used as money because of government decree. It does not have intrinsic value. Examples: Coins, currency, check deposits. 強制貨幣：不具備固有價值的貨幣，要靠政 府法令規定才能具備貨幣的功能。 例如：鑄幣、紙幣、支票存款。 THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATECopyright © 2004 South-WesternCopyright © 2004 South-WesternMoney in the U.S. Economy Currency is the paper bills and coins in the hands of the public. 通貨：社會大眾手中的紙鈔與鑄幣。 Demand deposits are balances in bank accounts that depositors can access on demand by writing a check. 活期存款：存款人可隨時開支票提款的存款 種類。Figure 1 Money in the U.S. EconomyCopyright©2003 Southwestern/Thomson LearningBillions of Dollars Currency ($580 billion) Demand deposits Travelers checks Other checkable deposits($599 billion) Everything in M1 ($1,179 billion) Savings deposits Small time deposits Money marketmutual funds A few minor categories($4,276 billion)0M1 $1,179M2$5,455Copyright © 2004 South-Western貨幣存量 M1A=通貨淨額+企業及個人(含非營利團體) 在貨幣機構之支票存款及活期存款 M1B=M1A+個人(含非營利團體)在貨幣機構 之活期儲蓄存款 或 M1B=通貨淨額+存款貨幣 M2=M1B+準貨幣Copyright © 2004 South-Western信用卡、簽帳卡與貨幣Copyright © 2004 South-WesternCASE STUDY: Where Is All The Currency? In 2001 there was about $580 billion of U.S. currency outstanding. That is $2,734 in currency per adult. Who is holding all this currency? Currency held abroad Currency held by illegal entities Q美國打算增加美元通貨，買進債券，引起 美元貶值，為什麼？(20090322)Copyright © 2004 South-WesternTHE FEDERAL RESERVE SYSTEM The Federal Reserve (Fed) serves as the nations central bank. It is designed to oversee the banking system. It regulates the quantity of money in the economy. Fed作為中央銀行的功能 1.監督、管理銀行(我國部份管理銀行的功能 轉交給金融機構監督管理委員會) 2.控制經濟體系中可以使用的貨幣數量。Copyright © 2004 South-Western作業 上網查詢美國的中央銀行Fed的組織、功能 、理事主席等 書面報告A4單面一張以下 口頭報告三分鐘以內Copyright © 2004 South-WesternTHE FEDERAL RESERVE SYSTEM The Fed was created in 1914 after a series of bank failures convinced Congress that the United States needed a central bank to ensure the health of the nations banking system.Copyright © 2004 South-WesternTHE FEDERAL RESERVE SYSTEM The Structure of the Federal Reserve System: The primary elements in the Federal Reserve System are: 1) The Board of Governors 2) The Regional Federal Reserve Banks 3) The Federal Open Market CommitteeCopyright © 2004 South-WesternThe Feds Organization The Fed is run by a Board of Governors, which has seven members appointed by the president and confirmed by the Senate. Among the seven members, the most important is the chairman. The chairman directs the Fed staff, presides over board meetings, and testifies about Fed policy in front of Congressional Committees.Copyright © 2004 South-WesternThe Feds Organization The Board of Governors Seven members Appointed by the president Confirmed by the Senate Serve staggered 14-year terms so that one comes vacant every two years. President appoints a member as chairman to serve a four-year term.Copyright © 2004 South-WesternThe Feds Organization The Federal Reserve System is made up of the Federal Reserve Board in Washington, D.C., and twelve regional Federal Reserve Banks.Copyright © 2004 South-WesternThe Feds Organization The Federal Reserve Banks Twelve district banks Nine directors Three appointed by the Board of Governors. Six are elected by the commercial banks in the district. The directors appoint the district president, which is approved by the Board of Governors.The Fe