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1、Chapter Two,Money Supply,Learning objectives,After studying this Chapter you should be able to: 1. Define “money supply” 2. Know the factors affecting the size of the money supply 3. Effects of changes in the money supply on the economy 4. Ways of measuring the money supply in the U.S. 5. Say a few
2、words about money supply rule,Notes,I. New Words 1. to issue vt. 发行=to bring out (esp. sth. printed), e.g. to issue stocks and bonds; to issue banknotes. 2. aggregate n. 合计，总量 3. deficit n. 逆差，赤字（与surplus相对），e.g. budget deficit预算赤字 4. nationwide a. 全国性的,Notes,5. denomination n. 文中当“面额”讲，e.g. large大面
3、额，small小面额 6. deregulation n. 撤销管制或监管（与regulation相对） 7. Act n. 法，法令（当大写时=the formal product of a legislative body like U.S. congress or U.K. parliament） 8. business borrowers 企业借款人（与individual borrower相对）,Notes,II. Useful and Idiomatic Expressions 1. in circulation 在流通中 2. in pursuit of. 追求，e.g. .of
4、 long-term objectives 所追求的长期目标 3. to make up 组成，e.g. . the majority形成多数 4. as a result of. 由于结果 5. to spend money on. 在上花钱 6. to keep sth. in the form of. 将以形式保存 7. infrastructure n. 基础设施（包括铁路、公路、桥梁、港口）=the system which supports the operation of a country,Notes,III. Key Terms 1. bank deposits银行存款（包括
5、：定期存款time deposits与活期存款demand deposits） 2. liquidity n. 流动性= the extent to which an organizations assets can be converted into cash, enabling it to pay its debts when they fall due and also to move into new investment opportunities 3. financial assets金融资产（包括money, stocks, bonds, deposits, insurance
6、policy.） 4. QE1 and QE2指美国第一轮与第二轮量化宽松的货币政策= first round and second round of quantitatively easing monetary policies 5. money supply货币供给=the quantity of money issued by a countrys monetary authorities, usually the central bank,Notes,6. monetary base货币基数，基础货币，高能货币 又称base money=sum of reserve accounts
7、of financial institutions at Federal Reserve Banks, currency in circulation (currency held by the public and in the vaults of depositary institutions). The major source of the adjusted monetary base is Federal Reserve Credit; the monetary base, as the ultimate source of Americas money supply, is con
8、trollable, at least to some degree, by Federal Reserve Monetary Policy. 7. travelers check旅行支票=sight draft issued through banks acting as sales agents, or sold directly to the public. Travelers checks were first issued by American Express Co.（美国）运通公司,Notes,8. Super NOW accounts超级可转让提款单账户 简称Super NOW
9、=transaction account combining features of the negotiable orders of withdrawal (NOW account) and the money market deposit account authorized for depository institutions in January 1983. 9. automatic transfer service自动转账服务 10. bankers acceptance银行承兑汇票=negotiable time draft financing international tra
10、de. The draft is guaranteed by the accepting bank. By accepting the draft, the bank agrees to pay the face value of the obligation if the issuer (the drawer of the draft) fails to pay. 11. savings account储蓄账户=interest bearing deposit account without a stated maturity, as opposed to a time deposit.,M
11、ain Text,Definition Money supply can be defined as the total amount of money available for transactions and investment in the economy of a country. In some contexts, the amount of money existing in an economy is called monetary or money stock. But some also defines money supply as anything that is g
12、enerally accepted in payment for goods and services or in repayment of debts.,Main Text,Factors Affecting The Size of Money Supply First, interest rate policy. Second, the quantity of money issued by a countrys monetary authorities (usually the central bank) affects the size of money supply. Third,
13、monetary policy can directly affect the supply of money,Main Text,Factors Affecting The Size of Money Supply Fourth, rising financial markets like property markets, stock markets can also result in boosting money supply and flow-in of hot money from abroad. Fifth, when demands for money grow bigger,
14、 naturally there will be more money supply to satisfy them. Lastly, a nations BOP position.,Main Text,Effects of Changes in the Money Supply 1. Inflation Rate 2. Business Situation or Economic Activity 3. Interest Rates,Main Text,Ways of Measuring Money Supply in the U.S. M1: Currency held by the pu
15、blic, plus travelers checks, demand deposits. NOW accounts, Super NOW accounts, Automatic Transfer Service (ATS) accounts, and credit union share drafts. M2: M1 plus savings and small-denomination time deposits, Money Market Deposit Accounts, money market mutual fund shares owned by individual inves
16、tors. M3: M2 plus large time deposits, large denomination term repurchase agreements, shares in money market mutual funds owned by institutional investors, and certain Eurodollar deposits. L: Long-term liquid assets, including M3, plus nonbank investments in U.S. Savings bonds, short-term Treasury s
17、ecurities, commercial paper, and bankers acceptances.,Main Text,Money-Supply Rule It means a policy proposed by the new classical macroeconomists in which a government states in advance the extent to which it intends to expand the money supply. It is based on the belief that monetary policy cannot a
18、ffect the real variables in an economic situation but that uncertainty concerning government intentions can destabilize markets. In these circumstances, a stable policy rule is the best a government can achieve.,1. What is your definition of money supply? 2. What can affect a countrys money supply? 3. What impacts does money supply have on a countrys economy? 4. Do you think money supply can be controlled? How? 5. How to measure money supply?,Questions for Chapter 2,This is the end of Chapter 2,Thank you for your attention,