🗊Interest Rates and Monetary Policy

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Interest Rates and Monetary Policy
Описание слайда:
Interest Rates and Monetary Policy

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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
Описание слайда:
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

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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
Описание слайда:
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

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Demand for Money
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Demand for Money

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

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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
Описание слайда:
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
Описание слайда:
Tools of Monetary Policy Fed buys bonds from commercial banks

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Tools of Monetary Policy Fed sells bonds to commercial banks
Описание слайда:
Tools of Monetary Policy Fed sells bonds to commercial banks

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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
Описание слайда:
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
Описание слайда:
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
Описание слайда:
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
Описание слайда:
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
Описание слайда:
Monetary Policy Restrictive monetary policy Periods of rising inflation Increases Federal funds rate Increases money supply Increases other interest rates

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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
Описание слайда:
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
Описание слайда:
Expansionary Monetary Policy

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Restrictive Monetary Policy
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Restrictive Monetary Policy

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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
Описание слайда:
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
Описание слайда:
Problems and Complications Lags Recognition and operational Cyclical asymmetry Liquidity trap

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