Recomendados
Mais conteúdo relacionado
Mais procurados
Mais procurados (20)
Destaque
Destaque (20)
Monetary Policy
- 1. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ Ζũņĸ˝▫ មក ďĠŤņŠńеģ◦ď₤ŌĄЊŪ˝ņ₤РņŲеόĕŁŎΒĕНŔijЮýũĮĄŪŌĠ₤УũЮŵ˝ŪÐС⅜ū⅜Čũŏ ងន О О ň Ś ង ЯřŲď⅜ū⅜ČũŏЯĩĖ˝ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ аĕ⅜˝ŲŷЋ◦ŜŲњŎķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ƥ Ś Ā ₤У₤БņЊijũУņ▫˝с ĕЊ₣₤Њ₤⅝ĕН₤℮Њ₤ ņЊijΒ˝Ζĕď◦БŪ₤ŵŀсŬĠсΖĕ¤ Ś Ś Ė Ś Ė ĜЮĮŲĠşĠġĕĖņНŠ ŷЋď ũРĠŎŷij□О ĕЊ₣ĊĜýũďņНŠ ŷЋďņУŎЯřŲŌĕĕЊ₤℮Њijŗ₣ЮŪşЧĕЮŪĄЧ₤ЮũВ₤Ŏ˝ņ˝ ОĆ ą Њ ą л ₤Њ˝⅝ ĕЊ₣Ū⅜ŷŪďŷЮřЧņġБЯ₤ſ₣ŎŲсЁģĕŁĕсЯij₤НБĄЮŪō¤ ĮБņУŎаℓĞ ЮĉņУŎаℓĞ Ю₤řť˝Њş ĆÐЙŌĕŁũũВ˝şЮŪņЧĕĠ ĕŚЊşņŚ₣Y ЯřŲĈņĈũЁŌĕŁũşРŲũУņĮБŪĠĮњĕũРĠŎŷij□ОĕЊ₣ĊĜýũЮřЧņġБĠЮ₣˛ЧĕЮŲġЪĕаĕŁũũВ˝şЮŪņЧĕĈе₣Юĕй¤ ċ Њ ЮŢŎЮþЧŀĮБļĮČеģşсаĕņНŠ ŷЋďЮĕй Ю΅ЧŎ₤□ЊijЮĝЮŪŁņŁũЯ‗ĜеũĠ₤сЮŵ˝ŪÐС⅜ū⅜Čũŏ ₣Уĕ Ю΅₣ ЮŎЧ₣Šńе О ą Ś Ћ Њ Ā Б Њ Ћ ďĕЊ₤℮ЊijņУŎŪ˝Оņаĕ ⅜˝Ųŷ◦ŜŲњŎķРņĕĕij⅜ū₤Ś ĕЊ₣ ŷ◦Ŝ⅜ū₤ŚЮ₤řť˝ş Ć ▫˝сĠũЋŔĠњŪijЮ₤řť˝ş Ć Ū˝Оņ Ăе◦Б Њ Ė Ġ ũЋ ň ijЮ₤ Њ Ю₤řť Ė ư E3B4 ģĕ₤ЮŪņşşЊijЮŪĄЧ₤ЮũВ₤Ŏ˝ŪĠēĕĠ◦ņУŎņ˝ЮĊſЧŁũ₤Њ˝⅝Ū⅜ŷŪďŷÐЙ ĕЮŗģŎũРĠŎŷij□¤ ʼn Њ О ĕЮŗģŎũРĠЊŎŷij□О ÐЙďĕЮŗģŎņУŎЯřŲΒĕНŷijŚЮŢŎ⅜Ġњĕυ˝ŬĄŏņУŎ ЯřŲŪijСŷģĕЮÐ⅜Ųс▫ď □ ð ĊĜýũ˝₧Ų¤ ĕЮŗģŎЮĕйÐЙŌĕ⅜ũк₤еžĕсĠеĩНijЮĝ˝ĖО₣Ю₤řť˝Њş ĆЮŪĵйǻģĕЮřЧũijУŗ₣₤еžĕс˝О₣Łũũ˝⅝ Ś л Ė ĕРŷ₤□ЊũļĮаℓų ◦Ġс⅜ijсĕРŷΒijЊĩũ₧ ιĠŔĕЊ˝ņŊļĮďЮřЧņ¤ řРЮş ĖйЮřЧņġБ₤ЮŪņşЁģĕĕРŷЮýŲĠе‗₣Ĉе₣Юĕй ˛ Ά ЮŎЧ₣ŪijСŷЯijЮĊſЧŁũ₤Њ˝⅝Я₤ſ₣ŎŲсЁģĕŁĕсЯijşĤ₤сЮĉЮŲЧşе‗ НşЮĕй ЮŪĵй▫ĜЮĮŲĠşĠġĕĖŪĠЮ◦₤₧˝єЮŪĠЧ ОĆ Ūģ₤сĕРŷĕЮŗģŎņУŎЮĕйЮřЧņġБЯ˝ЯŪĠ⅜ĕļĮЮ₤řť˝Њş ĆЁģĕŁĕсЯijŲŪĠЮ₤Чũ ĕЊ₣ĠЮ₣˛ЧĕЮŲġЪĕаĕŁũΒķЊŷűΘ □ ∆ Ю₤řť˝Њş ĆũĠ₤сŠĕЯřũ¤ ųФ ЮŎЧ₣Šńе₤₣−Еņ▫˝Њş ĆŁũņУŎЮĕйĕЕ₣ŁŎďņЊijřєŲ₤ŪŌĠсЮŵ˝ΒĖ˝ О ų Ś ∆ ₤Њ₤⅝ĕН₤℮Њ₤ ĕЊ₣ĕЊ₤℮ЊijŪÐĠсYũРĠ ЯřŲЮ₤ĖΉŁũ₤Њ˝⅝Ū⅜ŷŪďŷЮřЧņġБĮŪ₣Е₣ĮŪ₣Б˝ĕРŷşеЮ‗йřЕ₣ЯřŲĈ˝с◦₣ĕЕ₣ĕЮŗģŎũРĠЊŎŷij□ОЮĕйЁģĕŁĕс Яij₤НБĄЮŪō ĕЊ₣Ųņ∆ЊijЯℓņņУŎ˝ŪņЊijЮ◦Ьij¤ ŪÐĠс˝Њş ĆŁũĈе₣ΐŎÐЙņЊĕΖşЮĄЬ₤ĩНijĕРŷ˝е΅Н₤đð₣ģĕЮΌЧŎ řРЮş Ėй₤РņЮŵ˝ŪÐСΒ˝ŪÐС ŪĮņĈе₣₤Њ₤⅝ Ė ĕН₤℮Њ₤ ņЊijΒ˝ΖĕŪÐĠсũРĠЮņ″₤Ю₧₤ЮŪģ₤ŪĠ‗БŠĕŚБΒķњŎЮĈ₤ĕРŷŬŲс˝е΅Н₤đð₣ЯřŲЮ˝ЧijŌĕЮŢŎ Ś Ė Ś Ś ΒЮşijĜ řŲсŪ˝ОņũĠ₤сŠеģ◦ ЮŢŎ˝ŚБΒĕНЮŪýй¤ Оń ďşН₣ЮŪŁŎ Šńеģ◦₤РņЮŲЧ˝΅ij□ŷĜŪĠ‗еĠУ₣₤У₣₤РņΒ₤сŷij□О₤˝ŚЊ₤Њ◦ċЊЮĝЮŲЧķĮЯĩĕřБ ĕЊ₣Юĝ˝ĖО₣ЯřĕĠН ũВ О Ā ˝ņįď″ņЯℓũ˝⅝ Юŵ˝ŪÐСΒ˝ŪÐС ŪĮņĈе₣ņЊij₤Њ₤⅝ĕН₤℮Њ₤ŪÐĠсũРĠЁĄУĠЯij₤е₧₣Ų ∆ ĕЊ₣₤ЮŪņş″ņĠе‗₣ О Ė Ś Ūģ▫ďĕЊş Ƥ Ė ŬĄēĕБķĖеЮĮŀ аℓĞ◦Б Ơơ ЯŠ ņ˝Ŭ Ăе ƯƠơƯ Ė ĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 2. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ŌijЊŁ ŌijЊŁ I. Б Ч 1 Ю₤ş˝ŚЮĩŚņ.................................................................................................................................................................. II. ĕЊŎņĕњŎĕЮŗģŎũРĠŎŷij□О ĕЊ₣ũРĠŎŷij□О .............................................................................................................. 4 Њ Њ 1. ĕЊŎņĕњŎаĕĕЮŗģŎũРĠŎŷij□О................................................................................................................... 4 Њ 2. ĕЊŎņĕњŎũРĠЊŎŷij□О ŪĠЮķ◦ ĕЊ₣ņНŠİũũĠ₤сǻ ............................................................................................ 4 2.1. ĕЊŎņĕњŎ ............................................................................................................................................ 4 2.2. ŪĠЮķ◦аĕũРĠЊŎŷij□О .............................................................................................................................. 4 2.3. ņНŠİũаĕũРĠЊŎŷij□О .............................................................................................................................. 4 2.3.1. ďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũ............................................................................................. 5 2.3.2. ďυ˝″Ð‗ĕБ ..................................................................................................................... 5 2.3.3. ďžij₤ŪŌĠсũ˝⅝ĕРŷijаņų ............................................................................................... 5 Ė 2.3.4. žij₤ŪŌĠс◦РĈijсĠ₧˝с ι◦РĈijсĜЮĮŲž₣ņНŠ ....................................................... 6 Ė Ś 3. ũİ₤сũРĠЊŎŷij□О₤ũНĠ Measures of the Monetary Aggregates .................................................... 6 ſ III. ΧĠ˝ũ‗чĕЮŗģŎũРĠŎŷij□О ..................................................................................................................................... 8 Њ 1. ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ....................................................................... 8 2. ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) .............................................................................. 11 ŪĠijЊĠijʼnЊŁũũĠ₤с Discount Loans .......................................................................................................... 11 3. ◦НĕĠŪņО₣ŁijĮſ˝Њş Ć (Reserve Requirements) ...................................................................................... 12 IV. ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с Open Market ЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣Y ................................................14 V. ◦Бĩ⅝ũ◦НĕĠŪņ₣ ĕЊ₣ΒŪ″ Federal funds (Market for Reserves and Federal Funds Rate) .........15 О 1. Łũĩðijсĩ₣с ĕЊ₣ijŪņСŷŁũЮĝЮŲЧ◦Бĩ⅝ũ◦НĕĠŪņО₣ ......................................................................................15 ð 1.1. ЯŠ℮ЮŁ₣ijŪņСŷŁũ◦НĕĠŪņО₣ ..........................................................................................................15 1.2. ЯŠ℮ЮŁ₣ĩð₣сĩ₣с◦НĕĠŪņО₣ ..............................................................................................................15 ð 1.3. şе‗ НşŲеĕЕ₣◦Бĩ⅝ũ◦НĕĠŪņО₣ ......................................................................................................... 16 2. ĩŲĠлйĵŲсаĕŁũĬ₤сĠũΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ЮŲЧ Federal Funds Rate ........................... 16 ų ŚС О 2.1. ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations)...................................................... 17 2.2. ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) ................................................................. 17 ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 3. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ŌijЊŁ 2.3. ◦НĕĠŪņО₣ŁijĮſ˝Њş Ć (Reserve Requirements) ......................................................................... 18 VI. ŎН◦⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ų ............................................................................................................................20 ċ Ś 1. ŁũЮŪĠЧŪģ₤сĕРŷЮýŲЮţ (Using Targets).............................................................................................20 2. ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲЮţ (Choosing Targets) ................................................................................... 21 3. Ų˝šŠ‗Ź ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲЮţ .................................................................................................... 23 3.1. Ų˝šŠ‗Ź ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Intermediate Targets 23 ................................................................................... 3.1.1. Ζşǻ₤сЯŷ₣ģĕ (Measurability)............................................................................... 23 3.1.2. ΖşŪÐĠсŪÐ₣ģĕ (Controllability) ............................................................................24 3.1.3. ◦₤℮ĕчĈŎĮБΟ◦ċЊĮŲЮĉЮŲЧЮýŲĠе‗₣ (Predictable Effect on Goals) ............24 3.2. Ų˝šŠ‗Ź ņУŎşеĕУĕ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Operating Targets .........................................................25 VII. ŁũŷŷijŚĕŷŎН◦⅜ū₤ŚũĠ₤с Federal Reserve .................................................................................................. 26 Ћ Р ċ 1. ĮБĂе ơ‹́Ơ-ơ‹́‹ ŎН◦⅜ū₤ʼn Targeting Federal Funds Rate .................................................. 26 Ė ċ 2. ĮБĂе ơ‹́‹-ơ‹,Ư Targeting Monetary Aggregates .................................................................... 27 Ė 3. ĮБĂе ơ‹,Ư-ƯƠƠƠ ŎН◦ċ⅜ū₤ʼnĠşĠġĕĖũĠ₤сĊĜýũ˝₧ŲΖЮņũЋ˝ ............................................. 27 Ė ОĆ ʼn VIII. ◦еĜ˝с◦ĕ₣ĕЮŗģŎũРĠŎŷij□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť˝ş Ć ...................................................................................... 29 е Њ Њ 1. Inflation Targeting .................................................................................................................................... 29 2. Price Level Targeting ..............................................................................................................................31 3. Monetary Aggregates ..............................................................................................................................31 4. Fixed Exchange Rate .............................................................................................................................. 32 5. Gold Standard........................................................................................................................................... 33 6. Mixed Policy ............................................................................................................................................ 33 IX. ЮýŲĠе‗₣ĕЮŗģŎũРĠŎŷij□.О ........................................................................................................................... 34 Њ 1. ĕЊ˝ņŊļĮℓŎşНй .......................................................................................................................................... 34 2. ˝еЮ‗ЧĕЮ₤řť˝Њş ............................................................................................................................................ 34 Ć 3. Ю₤□ũļĮаℓų................................................................................................................................................... 34 4. ₤□ЊũļĮΒŪ″ŁũŪģ˝с ................................................................................................................................ 35 5. ₤□ЊũļĮ◦Бĩ⅝ũ΅ЊũŃňŷij□О ............................................................................................................................... 35 6. ₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ĠŚũŪģ˝с ....................................................................................................................... 35 С ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 4. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ŌijЊŁ X. Ћ Њ ÐН‗₤ņġijŚЊ ĕЊ₣ÐН‗ ŷĠijʼnаĕĕЮŗģŎũРĠŎŷij□О ................................................................................................. Њ 36 1. ÐН‗₤ņġijʼnЊаĕĕЮŗģŎũРĠЊŎŷij□О ............................................................................................................ 36 1.1. ◦Ġс⅜ijсΒijЊĩũ₧ ......................................................................................................................... 36 ˛ 1.2. İŎŪ₤ФŲ˝ĖО₣ŁũЮĊſЧЮ₤ş˝Б₤ЮŪņşşЊijŚ ...................................................................................... 36 Ś 1.3. ΒĕНŷijŚģĕĈе₣Юĝ˝ĖО₣Ю₤řť˝Њş ũВ˝şЮŪņЧĕ ĕЊ₣◦ĕсЮŠ⅝Ŏ........................................................... 36 Ć 1.4. ЮŢйŪ⅜ŎŷЋĠijŚЊЮ₤řť˝Њş ĆģĕļņY ............................................................................................. 36 ų 2. ÐН‗ ŷЋĠijŚЊ.......................................................................................................................................................37 2.1. ΖşĠ₣˛ЁŌĕΒijЊĩũ₧ ĕЊ₣ĠũЋĩũ₧ ......................................................................................37 2.2. şе₧ŎЮĮŲЮŷŵŎРũ˝ĖО₣ŁũΒĕНŷijŚ ............................................................................................37 2.3. ΖşĠ₣˛ЁŌĕĕЊ˝ņŊļĮ ...............................................................................................................37 XI. Ю₤ş˝Ś₤ĕĖŢĕ ......................................................................................................................................................... 39 Б Њ ť υ˝⅜ũЮŗ₣ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 5. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ₤ĈĕНŪ˝ņ Ā ₤ĈĕНŪ˝ņ Ā ЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲс ĕЊ₣˝НеЁģijсĠ₣сĕРŷΒij□ĕњŎЮřЧņŪ˝ОņũĠ₤сŠеģ◦ ₤РņņЊĕĠ˝ЯŪĠĕРŷĵ˝ŏ Оń ĠЮş Ć˝Ю◦₤ЮΌЧŎ ĄеĕУ₤ЁĠŔЮĕйЮŎЧ₣ŠńеģĕĠЮ₣˛ijĕРŷ₤ĈĕНŪ˝ņŠųБņУŎЮřЧņġБĮĕŏŲсĕРŷΒij□ĕњŎũĠ₤сĵ˝ŏĈе₣ Ά О Ч Ā ЮĜйĄеĕУ₤ ŷЋŀ řРЮş Ėй₤РņЮŵ˝ŪÐС ΒĖ˝ŪÐС ŪĮņĈе₣ņЊij₤Њ₤⅝ĕН₤℮Њ₤Ĉе₣Β₤сЮņ″ΒĊŜŪ₤њŎ¤ Ś Ś ĵ˝ŏ Βij□ĕњŎ Banker’s Acceptance ÐЙď˝Њş Ć₤ĕŜũŎкЮĮŲŠųБ ЯřŲЮĊſЧЮΌЧ₣ЮŢŎŪ˝Оņ΅пНĕņУŎЮřЧņġБ₤₣Юĉ ЮŲЧ◦еĕЊŀ ιЮ₤ǻ ЮŢŎŌĕŁũēĜĮБĊĜýũ˝ĖО₣Łũ₤₣ĄеĕУ₤ ŪĠ₤ЊĕЮĠЧ Ū˝Оņ΅пНĕЮĜйņЊĕģĕ₤₣ЮĝаℓĞ˝е‗ijс Ю΅ЧŎď◦РЮĉ˝Њş Ć₤ĕŜŪĠЮķ◦Юĕй ЮŪĠЧ₤ŪŌĠсĵ‗ЊĄ ą˝ņŊΒĕŚũďijЊ¤ Board of Governor ÐЙď Ū˝ОņŪĠЕ˝⅝ņУŎЮĝ˝ĖО₣ĊĜýũ˝₧ŲΖЮņũЋşŌĕ₤ŌĄЊ˝şеĕУĕ́ũРĠ Ś ЯřŲďΒĖ˝ЮĊſЧŁũ₤ЮŪņşşЊijʼn ₤ŪŌĠсŪĠijЊĠijʼnЊŁũĈе₣ΐŎЯřŲĈ˝с◦₣ ĕЕ₣ĊĜýũ˝₧Ų¤ Ś Certificate of Deposit Rate ÐЙďΒŪ″ŁũŪģ˝сЯřŲĩŚŲсЁЮŢŎĊĜýũ ЮĉΒijЊℓЊĄĕЯřŲŌĕŪģ˝с ĠЮŃňЧũĊеY Ю΅ЧŎΒŪ″ŁũŪģ˝сЮĕйΖŪ₤њŎЮŢŎŁũşũČũ¤ CPI ₤ĕĀ₤℮ĕчаℓųΒ˝ЮŪĠЧŪģ₤с (Consumer Price Index)¤ Ė Defensive Open Market ÐЙďЯĩĖ˝ņУŎаĕŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) Operations ЯřŲŌĕĠе‗₣ ЮĊſЧŁũ◦РĈijсĕРŷŁũЯŪĠŪĠФŲĈе₣ΐŎЯřŲŌĕΟ◦ċЊĮŲ ЮĉЮŲЧ◦НĕĠŪņО₣ řРşď ŁũЯŪĠŪĠФŲаĕŪģ˝сĠЮŃňЧũijĜýЮĝ˝ĖО₣ĊĜýũ ˝₧ŲďЮřЧņ¤ Ś Discount Lending ÐЙďΟ‗ĈĕũĠ₤сĊĜýũ ˝₧ŲЯřŲĩŚŲс˝ņĆБЮĉЁĊĜýũřа◦Ю◦Ьij Ś Юĝ˝ĖО₣ŪĠĮњĕĊĜýũ¤ ċ Discount Loan ЮņЧŲ Discount Lending¤ Discount Policy ÐЙďΧĠ˝ũ‗чĕЮŗģŎņУŎ˝ĖО₣şеЮ₧ņΧĠ˝ũ‗чĕЮŗģŎĈе₣ĠБ ũĠ₤с ĊĜýũ˝₧ŲЯřŲĩŚŲс˝ņĆБЮĉЁĊĜýũЮĩ℮₣Y¤ Ś Discount Rate ÐЙďΒŪ″ŁũŪģ˝сЯřŲĊĜýũ˝₧Ų Ś Ŏ˝ĮБĊĜýũЮĩ℮₣YЯřŲŠĆБĕРŷ Discount Loan¤ Discount Window ÐЙďņЮĊŜģŎũĠ₤с ĊĜýũ˝₧ŲЯřŲЮŪĠЧŪģ₤сЮřЧņġБĩŲсĕРŷ Ś Ś Discount Loan ЮĉЁĊĜýũЮĩ℮₣Y¤ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 6. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ₤ĈĕНŪ˝ņ Ā Dynamic Open Market ÐЙďЯĩĖ˝ņУŎаĕĕЮŗģŎ Open Market Operations ЯřŲŌĕĠе‗₣ Operations ˝ĖО₣ŁũЮĊſЧЁŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣¤ Excess Reserves ◦НĕĠŪņО₣ЮŲЧ₤¤ Federal Funds Market ÐЙď◦Бĩ⅝ũЯřŲЮĊſЧŁũĄУŀřРũĕРŷ◦НĕĠŪņО₣ ₤ŪŌĠсЯijŪÐЕй⅜ĊĜýũ¤ □ Federal Funds Rate ÐЙďΒŪ″ŁŪģ˝саĕ˝ņĆБЯřŲď◦РЮĉŌĕũŎкЮĮŲņУŎŎĠс ЯřŲĊĜýũ ņУŎĩŚŲс˝ņĆБĕРŷ◦НĕĠŪņО₣ ЮĉЁĊĜýũņУŎЮ◦Ьij¤ Federal Funds Rate Target ÐЙďЮýŲЮţũĠ₤сĊĜýũ˝₧Ų˝ĖО₣Łũ˝е‗ijсĕРŷΒŪ″ Federal funds Ś rate ЁЮĝ˝ĖО₣˝ŪņЊijņУŎЯřŲŠųĕş₣сģĕ¤ Ф Federal Reserve ÐЙďĊĜýũ˝₧ŲũĠ₤с₤΅ũřťΖЮņũЋş¤ Ś Fixed Exchange Targeting ÐЙď ЮýŲЮţũĠ₤сĊĜýũ˝₧ŲЮřЧņġБũ˝⅝ЁģĕĕРŷ₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ Ś ĠŚũŪģ˝с¤ С GDP ĩŲЊijĩŲ˝ĖО₣Ū₤О˝₤ũНĠ (Gross Domestic Product)¤ Gold Standard ÐЙďŪĠĮњĕņУŎЯřŲijаņųũРĠŎŷij□ОΖŪ₤њŎЮŲЧŁũijņ˛ŲŌ₤¤ ċ Њ с Inflation Targeting ÐЙď ЮýŲЮţũĠ₤сĊĜýũ˝₧Ų˝ĖО₣Łũũ˝⅝ĕРŷ˝ŪņЊijΒijЊĩũ₧Ё₤□Њij Ś Юĝ˝ŪņЊijņУŎЯřŲЮÐş₣сģĕ ЯřŲďŁũŪĠЮņЧŲ ЮņЧŲĜЮĮŲΒĜÐij¤ Intermediate Targets Intermediate Targets ÐЙďŁũЮŪĠЧŪģ₤сĕРŷΒЮℓũЮĩ℮₣YЯřŲŪijСŷģĕЮÐ ЮŪĠЧŪģ₤сЮřЧņġБǻ₤сĕРŷĠũЋŌ‗ĩðijсĩ₣сũРĠЊŎŷij□О₤ũНĠ (řРşď M1, M2, M3 ð ďЮřЧņ) ι˝єΒŪ″ŁũŪģ˝с Ю΅ЧŎΒЮℓũĈе₣ЮĕйŌĕΟ◦ċЊĮŲЮŢŎĬŲсЮĉ Ā ЮŲЧЮýŲĠе‗₣ũĠ₤сŠĕ ųФ ĠлНЯĕŚǻņЊĕģĕ◦◦УŲũ₣Ο◦ċЊĮŲЮŢŎĬŲсĮБŁũ Ā ЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ОũĠ₤сĊĜýũ˝₧ŲЮΌЧŎ¤ Ś Mixed Policy ďĕЮŗģŎşŪņОйаĕ Inflation Targeting, Price Level Targeting, Monetary Aggregates, Fixed Exchange Rate, Gold Standard ĠлНЯĕŚ ЮĬij₤еžĕсЮĉЮŲЧş‗ НşĮБũřеĠР₣ЮŪşЧĕď₣¤ Ś е Monetary Affairs Division ÐЙďŪ˝ОņņУŎЯřŲЮĊſЧŁũŪ⅜ŷŪďŷĕЊ₣ ŷЋļÐЮřЧņġБýеŪ◦ЮĉŪ˝ОņŪĠЕ˝⅝ķЊģ Ų ĕЊ₣ FOMC ЮřЧņġБŪijФijĮЊĕЊijŏĕЮŗģŎũРĠЊŎŷij□О¤ Monetary Aggregate ũРĠЊŎŷij□О₤ũНĠ (M1; M2; M3)¤ Monetary Base ÐЙďĩŲĠР˝ũǻ₣ũРĠЊŎŷij□ОЯřŲ˝еĮН₣şŬşũ ĠР˝ĕЕ₣◦НĕĠŪņО₣ЯřŲŌĕ˝ĖО₣ ŪĠĮњĕĊĜýũ¤ ċ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 7. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ₤ĈĕНŪ˝ņ Ā Nonborrowed base Ю₤ŊЧĕЕ₣ Monetary Bases ř˝ĕЕ₣ ◦НĕĠŪņО₣ЯřŲģĕŠĆБ (Borrowed Reserves) ¤ Nonborrowed Reserves ÐЙďĩŲř˝ũǻ₣◦НĕĠŪņО₣₤ũНĠ ĕЕ₣ ◦НĕĠŪņО₣ЯřŲģĕŠĆБЮŢŎĊĜýũ (ЯřŲďĠũЋŌ‗ĕРŷ Discount Loan ũĠ₤сĊĜýũ˝₧Ų)¤ Ś One Basis Point Ơ.Ơơ%¤ Open Market Operation ÐЙďΧĠ˝ũ‗чĕЮŗģŎņУŎ˝ĖО₣şеЮ₧ņ ΧĠ˝ũ‗чĕЮŗģŎĈе₣ĠБũĠ₤с ĊĜýũ˝₧ŲЯřŲЮĊſЧŁũ◦Њŀ Ų˝сĕРŷņРŲĠњŪij˝ĖО₣◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤ Ś Open Market Purchases ÐЙďЯĩĖ˝ņУŎаĕ Open Market Operations ЯřŲЮĊſЧŁũ◦ЊŀĕРŷņРŲĠњŪij ″ņũŎк◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤ Open Market Sales ÐЙďЯĩĖ˝ņУŎаĕ Open Market Operations ЯřŲЮĊſЧŁũŲ˝сĕРŷņРŲĠњŪij ″ņũŎк◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤ Operating Targets Operating Targets ιΖşЮΊģĕ▫ Instruments ÐЙďŁũЮŪĠЧŪģ₤сĕРŷ ΒЮℓũЮĩ℮₣YЯřŲďĠсĈ˝с◦₣ĕЕ₣ Reserve Aggregate (reserves, nonborrowed reserves, monetary base, nonborrowed base) ι˝єď Interest Rates (Federal funds rate, Treasury Bills rate) ЯřŲΒЮℓũ Ĉе₣ЮĕйЮđųЧŎijĠŗ₣žе₣Юĉ ĕЕ₣ŁũΒĕНŷijŚΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О л ų ũĠ₤сĊĜýũ˝₧Ų¤ Ś Opportunity Cost ÐЙďijаņųаĕŁũŪģ˝сЯřŲĊĜýũģĕЮģйĠ₣с ЮŢŎ◦◦УŲŎ˝Łũũ˝⅝ ◦Н˝ĕРŷŪ◦Įŏ₤˝ņŊ (◦НĕĠŪņО₣)¤ Price Level Targeting ǻřРşýĕЕ₣ Inflation Targeting Яřũ ĠлНЯĕŚǻŪijСŷģĕЮŪĠЧЮřЧņġБЯ˝ЯŪĠ ⅜ĕ Ė □ ļĮЮĮŲΒijБijŁŲ ЯřŲЮ◦ЧĠĕЕ₣Ю˝ЧijЮΌЧ₣¤ Primary Credits ÐЙď ŁũĩŚŲс˝ņĆБũĠ₤сĊĜýũ˝₧ŲЯřŲŌĕΒŪ″ŁũŪģ˝сĈĠЮ΅ЧŎǻ Ś ģĕЮřЧũijУŗ₣₤еžĕсЮĝ˝ĖО₣ĕЮŗģŎũРĠЊŎŷij□О¤ Ο‗ĈĕŪĠЮķ◦ЮĕйŪijСŷ л ģĕĩŚŲсЮĉόŏĊĜýũ ЯřŲŌĕ⅜ĕļĮ΅ЊũŃňŷij□ОŲŪĠЮ₤Чũ¤ □ ∆ Primary Dealers ÐЙďĵ‗ЊĄ ą˝ũЯřŲ ЮĊſЧŁũĄУŀřРũĕРŷņРŲĠњŪij˝ĖО₣ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝ şе΅ũ¤ Required Reserve ÐЙď◦НĕĠŪņО₣ ЯřŲĊĜýũ˝₧ŲijŪņСŷЁĊĜýũЮĩ℮₣Yijņ˛ŲсЮĝ˝ĖО₣ Ś ⅜ĠњĕũĠ₤сŠĕ¤ □ ųФ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 8. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ₤ĈĕНŪ˝ņ Ā Required Reserve Ratio ÐЙď₤ņŌŪijаĕŪģ˝сĠЮŃňЧ ЯřŲĊĜýũ˝₧ŲijŪņСŷЁĊĜýũ Юĩ℮₣Y Ś ũ˝⅝◦Н˝ď◦НĕĠŪņО₣¤ Reserve Aggregates ◦НĕĠŪņО₣₤ũНĠ (Reserves, nonborrowed reserves, monetary base, nonborrowed base)¤ Reserves ◦НĕĠŪņО₣Ю₤ŊЧĕЕ₣ ◦НĕĠŪņО₣ŁijĮſ˝Њş ĆЯřŲijņ˛ŲсЮĝĊĜýũ˝₧ŲĠР˝ĕЕ₣ Ś ⅜şсŪģ˝сЯřŲЮĝ˝ĖО₣ŪĠĮњĕĊĜýũ¤ ċ Reserves Demand or ÐЙďijŪņСŷŁũ◦НĕĠŪņО₣ũĠ₤сĊĜýũЯřŲŠſйĕРŷ◦НĕĠŪņО₣¤ Demand for Reserves Reserves Requirement ÐЙďΧĠ˝ũ‗чĕЮŗģŎ◦БĠБũĠ₤сĊĜýũ˝₧Ų Ś ЯřŲЮĊſЧŁũ˝е‗ijсĮБ ĠũЋŌ‗◦НĕĠŪņО₣ЯřŲĊĜýũЮĩ℮₣YŪijСŷЯijũ˝⅝◦Н˝¤ Reserves Supply or Supply of ÐЙďŁũĩðijсĩ₣с◦НĕĠŪņО₣ЮŢŎĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ЮŲЧ₤¤ ð Nonborrowed Reserves Seasonal Credit ÐЙďΟ‗ĈĕņУŎЯřŲĩŚŲсόŏ ЮřЧņġБЮđųЧŎijĠĕЕ₣ijŪņСŷŁũаĕşеĕУĕ˝е‗ijс ņУŎũĠ₤сĊĜýũЯřŲĈ˝с◦₣ĕЕ₣ ŷЋ₤њŎ˝₤Њ˝ņŊ¤ Secondary Credit Secondary credit ÐЙďΟ‗ĈĕЯřŲĩŚŲсόŏЮĉĊĜýũЮřŲŌĕĠŔΆ ΅ЊũŃňŷij□О ĕЊ₣ŌĕĠ◦ĮЊЮ⅜ĊĕĄУĠŪĠ◦йĕРŷĠŔŲе΅Рũ⅜şсŪģ˝сŗ₣ Ά л ĊĞĕсĊũ¤ Ğ Standing Lending Facility ÐЙďŁũĩŚŲсΟ‗ĈĕņЊĕ˝е‗ijсЁЮĉĊĜýũЯřŲŌĕ⅜ĕļĮ΅ЊũŃňŷij□О □ ŲŪĠЮ₤Чũ ĮБĊĜýũ˝₧Ų¤ ∆ Ś The Trading Desk ÐЙďŁũŷЋĕЊЮŗÐ ιďŁũ◦ЊŀŲ˝сĕРŷņРŲĠњŪijЮĝ˝ĖО₣ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũ ЮĠЧ˝şе΅ũ¤ TRAPS Trading Room Automated Process Systems¤ Treasury Bills Ġњ‗‼ũijĜýũЯřŲŌĕũŎкЮĮŲŠųБ (ijЊşď₣ņУŎĂе)¤ Ė Treasury Bills Rates ÐЙďΒŪ″ŁũŪģ˝сЯřŲ Treasury bills ŪijСŷģĕĄУŀřРũ¤ Treasury Deposits ÐЙďŪģ˝сĠЮŃňЧũĠ₤сũijĜýũďijЊЮĝ˝ĖО₣ĊĜýũ˝₧ŲΖЮņũЋş¤ Ś ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Бк ơ,
- 9. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ Ю₤ş˝ŚБЮĩŚЧņ I. Ю₤ş˝ŚЮĩŚņ Б Ч ĕЮŗģŎũРĠЊŎŷij□О ÐЙďĕЮŗģŎņУŎřє₤еžĕсЯřŲЮ₤ĀЧũŪÐĠсŪĠЮ◦₤ ŪÐĠсďijЊ⅜₤ĕчЮĝЮŲЧĮЊķĮЮŵ˝ ЮŎЧ₣Юĕй Ŏ˝şЊij◦Н˝Ţ˝с ЮŢŎЮĊſЧŁũŷЋļÐ ŁũĮЊČũ₧ ЮŢŎĠЮŃĆŀĕРŷ◦₤℮ĕк ιŪ◦Е₤БℓБYĄНе ŷЋŀĠŔЮĕй ʼn Ś Ŋ Ά ЮŪĵйЮÐŎŲс▫ ″ņũŎкĕЮŗģŎũРĠЊŎŷij□О ЯřŲŌĕĊĜýũ˝₧ŲďΒĖ˝ΒĕНŷijŚĕРŷĕЮŗģŎЮĕйģĕЮŢй Ś Ū⅜ŎĠŔЮ₤řť˝Њş ĆďЮŪşЧĕЯřŲģĕ ĕЊ₣˝еĮН₣Ю˝ЧijŌĕЮΌЧ₣Юĝ˝ĖО₣ŪĠЮ◦₤ďijЊũĠ₤сŠĕ¤ ÐУĠŔ˝с▫ĊĜýũ Ά ųФ ą ˝₧Ųď⅜Ġњĕυ˝ŬĄŏņУŎ˝ĖОŁũΒĕНŷijŚĕРŷĕЮŗģŎũРĠЊŎŷij□ОЮřЧņġБũ˝⅝ĕРŷ₤□ЊũļĮаℓų Łũĵũ ι◦Ġс⅜ijсĕРŷ Ś □ ˛ ΒijЊĩũ₧ ЮřЧņġБЮĊſЧЁЮ₤řť˝Њş ĆŌĕŁũũВ˝şЮŪņЧĕŲРijŵ₤с¤ ℓſБijġЊijЯijĊĜýũ˝₧Ųď⅜Ġњĕυ˝ŬĄŏŗ₣₧˝єЮŢŎ ˝єǻЮĝЯijŌĕ◦еĜ˝с◦еĕ₣ŗ₣ĄЊij₤ĖЊijďņУŎ Ś □ л л ĕЕ₣⅜Ġњĕřа◦YЮ◦ЬijďЮŪşЧĕЮřЧņġБЮŲЧ˝˝ņį₤сĕРŷŪĠ₤Њ◦ċЊļĮаĕŪĠijЊĠijʼnЊŁũũĠ₤сŠĕ¤ □ ųФ Ю΅ijНřРЮş ĖйЮ΅ЧŎģĕď ŌĕņijЊŠйĮЊČũ₧▫ЮijЧĊĜýũ˝₧ŲÐУď⅜Ġњĕυ˝ŬĄŏι˝єÐУũЯij₤□ЊijЮĝЮŪŁņŁũŪÐĠсŪÐ₣ũĠ₤сũŢķЊģŲ ¤ ų Ś □ ť şеЮĵйΒĖ˝ýеŪ◦υ˝ŬĄŏļĮũĠ₤сĊĜýũ˝₧ŲŎŲсЮþЧŀ▫ ĊĜýũ˝‗Ś ŲÐУũЯijď⅜Ġњĕυ˝ŬĄŏņУŎŗ₣ Ś □ л ĮЊijŪģ˝řЮŪĵй▫ŪĠ₤ЊĕЮĠЧ⅜Ġњĕ₤□ЊijЮĝЮŪŁņŁũŪÐĠсŪÐ₣ũĠ₤сũŢķЊģŲ ЮĜйЮÐĕЕ₣ЮŪĠЧŪģ₤сĕРŷĕЮŗģŎ □ ť ũРĠЊŎŷij□ОЮřЧņġБĈ˝сĈŀŪĠďŪĠЊŎļĮĮБŪĠďĮŲũřť ď˝сďņЊĕžĕ¤ ЮŎЧ₣ΧĈ΅ũ‗ч▫ ΒĖ˝ĕЮŗģŎЮřЧņġБ ◦◦УŲģĕŁũýеŪ◦ЮĜйģĕĮŜŗņŁijсĠĕ□ŎĕРŷΒŪ″ĕЊ˝ņŊļĮ ЮŢŎĠЮ₣˛ЧijЁŌĕ˝еЮ‗Чĕ ŷЋĕЮŗÐ ЮŢŎ⅜ũ Њ ЯijŁũŁijсĠĕ□ŎΒŪ″ŁũŪģ˝с ″ņũŎкŁũĩðijсĩ₣с⅜şсŪģ˝сĠЯĕ□ņşРŲЮĉ˝ĖО₣Ю₤řť˝Њş Ƥ řРЮş ĖйşеЮĵйΒĖ˝Ю₤řť ð ˝Њş ĆЮÐŎŲс▫◦Ю₣ſЧЯĠĠЮĕйĕЕ₣Ġ₣˛ЁŌĕΒijЊĩũ₧ŗ₣ĊĞĕсĊũЮĝЮĮŲΒĜÐij л Ğ ℓſБijġЊijЯijǻ◦◦УŲģĕŲ◦ċĩŲŲ ∆ ЮĝЮĮŲЮĕй˝єЮŢŎ¤ ˝ũ‗БņУŎЮ◦ЬijŪĠ₤ЊĕЮĠЧ⅜ĠњĕЮĕй₤□ЊijЮŪŁņΒе₧şĕЮŗģŎ □ ЮĜйЮÐĕЕ₣ЮŪĠЧŪģ₤с ⅜ĠњĕЮĕйЮřЧņġБ₤ŪņФŲřŲсόĕļĮℓŷЋŁũũřťŗ₣ □ л ЮŪşЧĕ₤ЮņġЧņЯřŲĕЕ₣Ġ₧ŲЁŌĕΒijЊĩũ₧ŗ₣ĊĞĕсĊũ Ś л Ğ ĠеĩНijЮĝ˝ĖО₣Ю₤řť˝Њş Ƥ ĠлНЯĕŚşеЮĵйΒĖ˝ĕЮŗģŎŷЋŀģĕýеŪ◦ЁĊĜýũ˝₧Ųď⅜ĠњĕņУŎЯřŲ₤□ЊijЮĝЮŪŁņ Ś □ ŁũŪÐĠсŪÐ₣ũĠ₤сũŢķЊģŲЮŢŎЮÐŎŲс▫ ť ŁũŪĠÐŲс˝Њş ĆŁũİũЁЮĉņĕН₤℮ņУŎŪ˝ОņЮřЧņġБΒĕНŷijŚĕРŷĕЮŗ ģŎũРĠЊŎŷij□О ǻΉ˝сřРşďņЊĕŌĕĕРŷŲ◦ċЊŪĠďĊЊĠЮijŎŏĈŲсЯijЮ⅜й ЮŪĵй▫ņĕН₤℮Ĉе₣ЮĜйņЊĕģĕЮ˝ЧijЮşŀ ĮБđĕĀкũĠ₤сŪĠďĄĕЮĜйЮΌЧŎ¤ ŗ₣₧ņЊŀ ŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ųď⅜Ġњĕυ˝ŬĄŏЮĜй ǻÐЙņЊĕŌĕĕРŷ л Ś □ Ų◦ċļĮŪÐĠсŪýĕсЮřЧņġБŪÐĠсŪÐ₣ЮĉЮŲЧũŢķЊģŲ ť ЯřŲďΒĖ˝˝е‗ijсĕРŷ₤НŠНļĮЮ₤řť˝Њş ĆĈе₣ņРŲЮĜйЮΌЧŎ¤ ņŜ₣Ю◦ЬijũŢķЊģŲďΒĖ˝ΒĕНŷijŚĕРŷĕЮŗģŎ⅜ũЮĮЧũĮĕċ ЯřŲĕЮŗģŎЮĕйŪijСŷŪĠijЊĠijʼnЊŗ₣ĄЊij₤ĖЊijďņУŎ л ť л ĕЕ₣ĕЮŗģŎũРĠЊŎŷij□ЮřЧņġБũ˝⅝ĕРŷ˝еЮ‗ЧĕЮ₤řť˝Њş Ƥ ЮŲЧ₤ĮБЮĕйЮ◦ЬijĊĜýũ˝₧ŲÐЙēĠсĠŬĄњŎ˝ĖО₣ŁũΒĕН О Ś ų ŷijŚĕРŷĕЮŗģŎũРĠЊŎŷij□ОЮřЧņġБũ˝⅝ĕРŷ₤□ЊũļĮ řРşď˝ũ‗БЮĝ˝ĖО₣₤΅ũřťΖЮņũЋşďЮřЧņ¤ ĠлНЯĕŚЮĈйĠБďŗ₣ л ₧˝єЮŢŎ ˝єЮŎЧ₣ЮþЧŀ▫ĜЮĮŲĠşĠġĕĖĊĜýũ˝₧ŲЯřŲďΒĖ˝ΒĕНŷijŚĕŷĕЮŗģŎũРĠЊŎŷij□ЮĜй ŪijСŷģĕ ОĆ Ś Р О ЮÐĩŚŲс₤Њ◦ċЊďυ˝ŬĄŏņУŎЮŢŎņЊĕ₤□ЊijЮĝЮŪŁņΒе₧şřа◦Ю◦ЬijЮΌЧŎ¤ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 1
- 10. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ Ю₤ş˝ŚБЮĩŚЧņ ĊĜýũ˝₧ŲÐЙď⅜ĠњĕņУŎЯřŲŌĕũşĜ₤ņįњĕ⅜ еőЮřЧņġБŪijФijĮЊĕЊijŏ Ś □ ċ Ое ĕЊ₣ΒĕНŷijŚĕРŷĕЮŗģŎũРĠŎ Њ ŷij□ОЁŌĕŪĠ₤Њ◦ċЊļĮŠį₤с¤ ďΧĈ΅ũ‗чЮĝ˝ĖО₣ŪĠЮ◦₤˝ņįď ĊĜýũ˝₧ŲŪijСŷģĕЯş˝Юşŀď ̀ĜŎ˝Ţĕ О Ś ť ₤еžĕсYũУņŌĕ ΒÐðĜŎ˝ŢĕЮŲžĊЊŁũũŢĕ ΒÐðĜŎ˝ŢĕĠЮş Ć˝Ю◦₤ ΒÐðĜŎ˝ŢĕŪijФijĮЊĕЊijŏ ΒýĊЊŁũ ť ť ť ť ð ũŢĕ ĕЊ₣ΒÐðЮĠΐ ЯřŲΒÐðĜŎŢĕĈе₣ ̣Юĕй ŪÐĠсŪÐ₣ЮŢŎŪ˝ОņŪĠЕ˝⅝ķЊģŲ (ЯřŲŌĕЮ◦⅜ķЊģŲď ť ť ŪĠēĕ)(1)¤ Юĕй₤ĠŔ˝сЁЮþЧŀ▫ ⅜ĠњĕЮĕйď⅜ĠњĕņУŎřє₤еžĕсЯřŲďΒĖ˝ΒĕНŷijŚĕЮŗģŎũРĠЊŎŷij□ОũĠ₤с ą □ □ ŪĠЮ◦₤ďijЊĕБņУŎYЮřЧņġБũ˝⅝ĕРŷ₤□ЊũļĮ˝еЮ‗ЧĕЮ₤řť˝Њş Ƥ ŁũΒĕНŷijŚĕРŷĕЮŗģŎũРĠŎŷij□ОģĕĩŚŲсĕРŷΒij□ŪĠЮŗĄĕчŗ₣ЮŪşЧĕřŲсЮ₤řť˝Њş Ć ĠлНЯĕŚǻ˝єΖşĩŚŲсĕРŷĩŲ Њ л ΖŪ˝˝сņУŎşеĕУĕřŲсЮ₤řť˝Њş ĆďijЊ ŷЋŀЯřũ¤ ĠлНЯĕŚЮĈйĠБďŗ₣Юĕй˝єЮŢŎ ˝єЮÐЮĝЯijЮŪĠЧŪģ₤сĕРŷĕЮŗģŎЮĕй л ЮřЧņġБЮŢйŪ⅜Ŏ⅜ĕŁũ‗чņУŎşеĕУĕЮĝ˝ĖО₣Ю₤řť˝Њş ĆřЯřŲ □ Ю΅ЧŎď₣ЮĕйЮĉЮ◦ЬijŪĠ₤ЊĕЮĠЧŁũΒĕНŷijŚĕЮŗ ģŎũРĠЊŎŷij□ОŪĠ˝ĠЮŢŎŁũĮЊČũ₧ ĕЊ₣Łũ ŷЋļÐŲЊijŲĕсЮĜйĠŔĈе₣ΐŎĕЕ₣ΖşЮĄЬijĩНijģĕ¤ ∆ ∆ Ά řРЮş ĖйЮřЧņġБŎŲсĮБΒij□ĕŎ ĕЊ₣ŠųЕņ⅜ũаĕĕЮŗģŎũРĠЊŎŷij□ОЁģĕŁĕсЯijşĤ₤сЮĜй Ū˝ОņũĠ₤сŠеģ◦ģĕ њ Оń ЮŲЧ˝ЮΌЧ₣ĕРşе‗ НşņУŎşеĕУĕ ļĠсĕЕ₣₤е‗ У₤еžĕсYЮřЧņġБЮĊſЧŁũĠ˝Ū⅜ŎŌĕřРşijЮĉк ą ĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□Ок şе‗ НşЮĕйĕЕ₣Ġİŀ▫ЮijЧΒЮĉďĕЮŗģŎũРĠЊŎŷij□О Ά Бſ Ю΅ЧŎΒſЮĉďũРĠЊŎŷij□О ЮijЧũĠЊŎŷij□ОŌĕņНŠİũΒſŠйЮĝ˝ĖО₣Ю₤řť˝Њş Ƥ Б Р Б ų ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□Ок ЮijЧĊĜýũ˝₧ŲЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чΒŠй˝ĖО₣ŁũΒĕНŷijŚĕРŷĕЮŗģŎ Ś Бſ ų ũРĠЊŎŷij□О Ю΅ЧŎ▫ЮijЧΧĠ˝ũ‗чĈе₣ЮĜйŪijСŷģĕŪĠijЊĠijʼnЊŗ₣řРşЮņŚş¤ л ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎ Open Market Operations: şе‗ НşЮĕйЮĊſЧŁũĠ˝ Ū⅜Ŏ▫ЮijЧЮ΅ijНΒБģĕďĊĜýũ˝₧ŲļÐЮŪşЧĕşРŲşЊijΒĕНŷijŚ ſ Ś ʼn ιЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чĕЮŗģŎ ņУŎЮĕй¤ ◦Бĩ⅝ũ◦НĕĠŪņО₣ ĕЊ₣ΒŪ″ Federal funds rate: ▫ЮijЧ◦Бĩ⅝ũ◦НĕĠŪņО₣ŪĠijЊĠijʼnЊŗ₣řРşЮņŚş Ю΅ЧŎΒŪ″ л Federal funds rate ŪijСŷģĕ˝е‗ijсŗ₣řРşЮņŚş Ю΅ЧŎЮijЧŁũЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чĕЮŗģŎũРĠŎŷij□О л Њ Ĉе₣ЮĜйŌĕΟ◦ċЊĮŲŗ₣₧ŠųйЮĉЮŲЧΒŪ″Юĕй¤ л ŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ųк ЮijЧĊĜýũ˝₧ŲЮŪĠЧŪģ₤сĕРŷŎН◦ċ⅜ū₤ŚΒБŠйЮřЧņġБ₤ЮŪņşĕРŷЮýŲ Ś Ś ſ ų Ġе‗₣ũĠ₤сŠĕ¤ ųФ ŁũŷЋŷijŚĕРŷŎН◦ċ⅜ū₤Ś ũĠ₤с Federal Reserve: ▫ЮijЧŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧ŲŌĕŁũŷЋŷijŚŗ₣ Ś л řРşЮņŚşŠųй ģĕũ΅Рijņ˝řŲсĠşĠġĕĖЮĕй¤ ОĆ ΧĠ₤ņįњĕаĕŪĠŁ₤ЮŲŠк ŪĠ.˝. şНйаℓĞ◦Б Ừ ЯŠŷЋşŁ Ăе ƯƠơƠ ċ ¯Њ Ė (1) ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 2
- 11. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ Ю₤ş˝ŚБЮĩŚЧņ ◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť˝Њş Ćк ЮijЧĕЮŗģŎũРĠЊŎŷij□ОŌĕ◦еĜ˝с◦еĕ₣ŗ₣řРş л ЮņŚşŠųйďņУŎĕЕ₣ ₤Рşĕ˝ũаĕЮ₤řť˝Њş Ƥ ЮýŲĠе‗₣ĕЮŗģŎũРĠŎŷij□Ок ЮijЧŁũΒĕНŷijŚĕЮŗģŎũРĠЊŎŷij□ОũĠ₤сĊĜýũ˝₧Ų˝ĖО₣ЮýŲĠе‗₣ Њ Ś ΒſБŠй ЮijЧЮÐΖş₤ЮŪņşĕРŷЮýŲĠе‗₣Ĉе₣ЮĜйģĕЯřũιЮ◦¤ ų ÐН‗₤ņġijʼnЊ ĕЊ₣ÐН‗ ŷЋĠijʼnаĕĕЮŗģŎũРĠЊŎŷij□к ЮijЧŁũЮŪĠЧĕЮŗģŎũРĠЊŎŷij□ŌĕÐН‗₤ņġijʼnЊřРşЮņŚş Њ О О Šųй Ю΅ЧŎЮijЧŁũΒĕНŷijŚЮĜйΖşŌĕÐН‗ ŷЋĠijʼnЊЯřũιЮ◦¤ řРЮş ĖйЮřЧņġБŎŲсЁģĕŁĕсЯijşĤ₤сĕРŷΒij□ĕњŎ ĕЊ₣şЮņųЧŎаĕ₤е‗ УũĈе₣Юĕй ₤РņΒЮŃąЧŀ″ņŢĕďņУŎĕЕ₣ ŁũĠ˝Ū⅜ŎũĠ₤сŪ˝ОņŠńģ◦ЯřŲŌĕďĠĕŚĠĜĠс¤ еО Ā ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 3
- 12. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ĕЊŎņĕњĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□О II. ĕЊŎņĕњŎĕЮŗģŎũРĠŎŷij□О ĕЊ₣ũРĠŎŷij□О Њ ŷij□ Њ 1. ĕЊŎņĕњŎаĕĕЮŗģŎũРĠŎŷij□О Њ ĕЮŗģŎũРĠЊŎŷij□ÐЙď ĕЮŗģŎũĠ₤сŪĠЮ◦₤ďijЊņУŎ ЯřŲģĕΒĕНņњijЮΌЧ₣ЮŢŎ ⅜Ġњĕ˝еĮРŲ (ũřť О □ ₤ļ) Ю΅ЧŎĩʼnŲс₤Њ◦ťЊυ˝ŬĄŏЮĉЁĊĜýũ˝₧Ų˝ĖО₣ŁũΒĕНŷijʼnŪĠijЊĠijʼn˝О₣ЮýŲĠе‗₣ũ˝⅝ĕРŷ₤□ЊũļĮаℓų ĕЊ₣ ʼn Њ Ė ˝еЮ‗ЧĕЮ₤řť˝Њş ĆũĠ₤сŪĠЮ◦₤ďijЊŠĕ ¤ ĕЮŗģŎũРĠЊŎŷij□О ŪijСŷēĜЁģĕĕРŷ₤□ЊũļĮЯřŲŲņУŎ řŲсЮ₤řť˝Њş Ć ųФ ∆ ďijЊ˝єřРşďŁũĵũĕРŷ ŷЋ₤њŎЮĩ℮₣Y Юĝ˝ĖО₣ŪĠĮњĕЮ₤řť˝Њş ĆďijЊ ˝НеЁŌĕĕРŷĠĕĀ˝žе₣ЮĮ˝ ЮŢŎ⅜ũЯijŁũũЖij ť О ų ĠĕʼnЕ₣аĕĕЮŗģŎ Ю΅ЧŎ˝єĩŲсļĮЮĄЩď˝сřŲсΒ˝ ŷЋĕЮŗÐ◦НĕĠũЮ◦₤˝ĖО₣ŁũŎ˝◦НĕşРŲņ˝ ŷЋĕЊЮŗÐ˝ĖО₣ ʼn Ė Њ ŪĠЮ◦₤Šųĕ řРЮş ĖйЮ΅ЧŎĕЮŗģŎũРĠЊŎŷij□О ďĕЮŗģŎ řєŌĕΟ◦ċЊĮŲĕЊ₣⅜ũк₤еžĕсņУŎаĕĕЮŗģŎЮĩ℮₣Y Ф ũĠ₤сũŢķЊģŲ ¤ ņНĕĕЕ₣ЮĊſЧŁũĠ˝Ū⅜ŎЁģĕşĤ₤сŵ₤сĕРŷşе‗ Нş₤еžĕсY ЮŎЧ₣ĕЕ₣ЮŲЧ˝Ŏ˝ĕРŷĕЊŎņĕњŎ ť ŪĠЮķ◦ũРĠЊŎŷij□О ĕЊ₣ņНŠİũ₤еžĕсYũĠ₤сǻņ˝ЮĊſЧŁũĠ˝Ū⅜ŎďņНĕ₤ЊĕďņНĕ₤Њĕ ¤ 2. ĕЊŎņĕњŎũРĠŎŷij□О ŪĠЮķ◦ ĕЊ₣ņНŠİũũĠ₤сǻ Њ 2.1. ĕЊŎņĕњŎ ũРĠЊŎŷij□ОŪijСŷģĕЮÐČijс◦Н˝▫ď ΒſБYĈе₣Β₤сЯřŲЮÐ◦◦УŲ⅜Ųсď◦РЮĉЮĝ˝ĖО₣Łũ◦РĈijсаℓų ◦еĕЊŀ ĕЊ₣Ю₤ ð ǻ ι₤еŬĠсЮŪĠЧŪģ₤сЮřЧņġБ◦РĈijс₤₣Ġе‗ НŲ ¤ 2.2. ŪĠЮķ◦аĕũРĠŎŷij□О Њ ΒĖ˝Ю₤řť˝Њş ŷЋ◦РģĕЯĠ₣Яş˝ĕРŷŪĠЮķ◦ũРĠЊŎŷij□ОďĠБŪĠЮķ◦Юĩ℮₣Yýк Commodity money ÐЙďŪĠЮķ◦ Ć Ė ◦еĕЊŀņУŎŪĠЮķ◦ЯřŲŌĕijаņųřРşďŌ₤Ūģ˝сďЮřЧņ ¤ Fiat Money ÐЙďŪĠЮķ◦ ũРĠЊŎŷij□ОЯřŲijаņųũĠ₤сǻ Ōĕ˝ŪņЊijĈĠď₣ijаņųЯřŲЮÐЮŪĠЧŪģ₤с ¤ ΧĈ΅ũ‗чк řРşď Ūģ˝с řНŵų ι˝єď ŷЋ˝њŎĠњŪijǻďŪĠЮķ◦ņУŎаĕ Fiat Money ЮŪĵй▫ijаņų ũĠ₤сǻ ŪijСŷģĕ ЮÐЮģй ЮşŀĮБŪ˝Ţ₤ЯřŲŌĕijаņųЮ▫˝ ď₣ijаņųĮij ũĠ₤сǻ¤ Њ Bank Money ÐЙďŪĠЮķ◦ ũРĠЊŎŷij□О ЯřŲЮşŀЮŢŎĊĜýũ″ņũŎкŪģ˝сĠЮŃňũĠ₤с ĠНÐŲ˝ĖО₣₤₣ðņ ЯřŲŌĕ Ч ð řРşď ņРŲĠġĈĕĠњŪij ĕЊ₣ Ġњ‗‼Ο‗ĈĕďЮřЧņ ¤ 2.3. ņНŠİũаĕũРĠŎŷij□О Њ ũРĠЊŎŷij□ОŪijСŷģĕЮÐ₤Њ˝⅝▫ŌĕņНŠİũĠУĕ₤еžĕсЮĝ˝ĖО₣Ю₤řť˝Њş ĆÐЙ ďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũ (Medium of Exchange) ďυ˝″Ð‗ĕБ (Unit of Account or Starndard of Value) ďžij₤еŬĠсũ˝⅝ijаņų (Store of Ė Value) ĕЊ₣ďžij₤ŪŌĠс◦РĈijсĠ₧˝с ι◦РĈijсĜЮĮŲž₣ņНŠ (a Standard of Deferred Payment) ¤ Ė Ś ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 4
- 13. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ĕЊŎņĕњĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□О 2.3.1. ďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũ ЮŢŎũРĠЊŎŷij□ÐЙďΒſYЯřŲŪijСŷģĕ◦◦УŲ⅜Ųсď◦РЮĉ˝ĖО₣Łũ◦РĈijсаℓų◦еĕЊŀ ĕЊ₣Ю₤ǻ ι₤еŬĠс ЮŪĠЧŪģ₤с О Б ð ЮřЧņġБ◦РĈijс₤₣Ġе‗ НŲ ũРĠЊŎŷij□ОŪijСŷģĕЮŪĠЧŪģ₤сЮřЧņġБĠеģijсĕРŷŁũЮŢйřРũЮŢŎĬŲс ĮБ◦еĕЊŀņУŎЮĉ◦еĕЊŀņУŎ Ā Ю◦Ьij ¤ Ю₤ĀЧũЯijŪÐĠсŪĠijЊĠijʼnЊŁũ˝ĖО₣Ю₤řť˝Њş ĆũРĠЊŎŷij□ОŌĕ◦еũ₣сď Ū˝Ţ₤сŪģ˝с ιďņРŲĠġĈĕĠњŪijЯřŲŌĕņНŠ İũďΖď˝₧Ų₤ŪŌĠсЮŢйřРũÐЙ▫ЮÐЮŪĠЧŪģ₤сǻ₤ŪŌĠсşе₧ŎЮŲЧ◦еĕЊŀ ĕЊ₣Ю₤ǻ ιĠе‗ НŲ ¤ Ζď ń ʼn ń ˝₧Ų₤ŪŌĠсЮŢйřРũЮĕйŪijСŷģĕ ЮÐЮŪĠЧŪģ₤сЮřЧņġБĄУŎŁijсĠĕ□ŎаℓųŪĠijЊĠijʼnЊŁũ ¤ ЮĕйŌĕĕњŎ▫ ˝ĖО₣ŪĠĮњĕ ċ ʼn ЮŢйřРũЮŢŎņЊĕЮŪĠЧ ũРĠЊŎŷij□О ЮÐŪijСŷЮŪĠЧŪģ₤с◦еĕЊŀĕЊ₣Ю₤ǻЮřЧņġБЮŢйřРũŎ˝◦еĕЊŀ ĕЊ₣Ю₤ǻņУŎЮĩ℮₣Ю◦Ьij¤ ΧĈ΅ũ‗ч ″₤НŠď˝₤Њ˝ũĩŲЊijģĕ◦еĕЊŀņУŎŪĠЮķ◦ÐЙŪ₤Сŷ ýijсş₣сģĕ₤еЮŲЬ˝Ġеĵ˝с řРşЮĕйýijсņЊĕŪijЕņЯij Я₤ſ₣ũ˝ΒĖ˝Ų˝с₤еЮŲЬ˝Ġеĵ˝сĠлНЮ₧йЮ◦ Ю΅ЧŎŲНйŪ″ЯijΒĖ˝Ų˝сЮĜйŌĕ ijŪņСŷŁũŪ₤Сŷĩ₣Яřũ¤ řРşЮĕйЮřЧņġБ ‼ ₤ŪņФŲřŲсŁũ◦РĈijсаℓų◦еĕЊŀ ĕЊ₣Ю₤ǻ ЮÐŪijСŷЮŪĠЧũРĠЊŎŷij□О ₤ŪŌĠсďΖď˝₧Ų˝ĖО₣ŁũЮŢйřРũ¤ ń ʼn 2.3.2. ďυ˝″Ð‗ĕБ ũРĠЊŎŷij□ОģĕĩʼnŲсņНŠİũņУŎЮ◦ЬijÐЙďυ˝″Ð‗ĕБ ¤ ЮŎЧ₣ǻ₤сijаņų◦еĕЊŀ ĕЊ₣Ю₤ǻЮŢŎЮŪĠЧŪģ₤сũРĠŎ Њ ŷij□ОЮĊſЧďžijřРşЯřŲЮŎЧ₣ǻ₤с◦ņĞĕсďÐБΌСŪŁņ ιǻ₤с şŌŎďÐБΌСЯņлij¤ ΧĈ΅ũ‗ч ˝ĖО₣˝ũ‗БЮ₤řť˝Њş ĆЮŢй Ė Ğ řРũ ΧĠŌ▫˝ĖО₣Ю₤řť˝Њş ĆŌĕ◦еĕЊŀĠБ ŪĠЮķ◦řРşďЯĩųŪ˝Сş ЯĩųЮģл ņĕЊ₣ЯĩųŌ₤сЮřЧņġБЮŢйřРũ◦еĕЊŀņУŎĕЊ₣◦еĕЊŀ Ė Юĩ℮₣Ю◦ЬijЮŎЧ₣ŪijСŷřЕ₣аℓų◦еĕЊŀĈе₣ĠБЮĕй¤ аℓųЯĩųŪ˝Сş ĕЊ₣ЯĩųЮģл ņ(ЮijЧŪijСŷЮŪĠЧЯĩųŪ˝СşĠлНĜĕЮřЧņġБģĕЯĩųЮģл ņ Ŋ ņУŎ) аℓųЯĩųЮģл ņЮĊЬĠĕЕ₣ЯĩųŌ₤с (ЮijЧŪijСŷЮŪĠЧЯĩųЮģл ņĠлНĜĕЮřЧņġБģĕЯĩųŌ₤сņУŎ) ĕЊ₣аℓųЯĩųŪ˝СşЮĊЬĠ ĕЕ₣Яĩų Ė Ŋ Ė Ō₤с (ЮijЧŪijСŷЮŪĠЧЯĩųŪ˝СşĠлНĜĕЮřЧņġБģĕЯĩųŌ₤сņУŎ)¤ řеЮ₧йŪ⅜ŎşеЮĵйĠŔЮĕй ÐЙ ЮÐŪijСŷ˝е‗ijсŢ˝сũРĠЊŎ Ė Ŋ Ė ň ŷij□ОЁЮĊſЧşŬşũ˝ĖО₣Ю₤řť˝Њş ĆĕЊ₣ŬŲсijаņųĈе₣Β₤сŪijСŷŪ₤₣сďžijаĕ ũРĠЊŎŷij□О ЯřŲΖşЁЮŎЧ₣˝е‗ijсаℓųЯĩųŪ˝Сş Ė ЯĩųЮģл ņ ĕЊ₣ЯĩųŌ₤сģĕŗ₣İŎŪ₤ФŲ ¤ Ė л 2.3.3. ďžij₤ŪŌĠсũ˝⅝ĕРŷijаņų Ė ũРĠЊŎŷij□ОŌĕņНŠİũďžij₤ŪŌĠсũ˝⅝ijаņų ιŪ◦Įŏ₤ņġijʼnЊ ¤ ņНŠİũũРĠЊŎŷij□ОΖşĄУŎŗ₣ ЮŪşЧĕřŲс Ė л ₤₣ðņ″ņņЮĊŜģŎЮĩ℮₣Y ¤ ũРĠЊŎŷij□ОŪijСŷģĕЮŪĠЧŪģ₤сЮřЧņġБũ˝⅝Βе₧ş◦ЊŀĮБũŎкЮĮŲ◦◦УŲŪģ˝сş‗ РŲ е ũ΅РijřŲсũŎкЮĮŲşе₧Ŏ ¤ ņНŠİũЮĕйŌĕ⅜ũк₤еžĕс₧₤с ΖŪ₤њŎЮŢŎЮŎЧ₣Ō˝сYņЊĕş₣сşе₧ŎŬŲс Ė Ūģ˝сşе‗ РŲũĠ₤сЮŎЧ₣ Ĉе₣Β₤сļņYЮĜйЮ◦ ЮŢŎЮŎЧ₣ş₣с₤ĕ℮ е◦Н˝ũ΅РijřŲсЮŎЧ₣ŌĕĠе‗₣ş₣сşе₧Ŏ ¤ ų ЮĕйŌĕĕњŎ▫ďŪĠďĄĕ ЯřŲ◦◦УŲŪģ˝сşе‗ РŲŪĠČеЯŠ ι ˝₤Њ˝ũЯřŲ◦◦УŲŪģ˝сşе‗ РŲũĠ₤сЮÐЯřŲļÐ ЮŪşЧĕď Ūģ˝сşе‗ РŲŪĠČеĂеŌĕŲ◦ċļĮЮřЧņġБЯĠ₣ Яş˝Łũşе₧ŎũĠ₤сŠĕĮБņŎаℓĞЮĉņУŎаℓĞ ¤ Ė ųФ У ŪĠďĄĕ Ζşũ˝⅝◦Н˝ũРĠŎŷij□ОũĠ₤сЮÐ₤ŪŌĠсşе₧ŎЮĮŲЮŪŁŎ řРşď₤ŪŌĠсЮĮŲşРŲĕЊŷijʼnĕч ₤ŪŌĠсŁũşе₧ŎĠ‗ʼnО й Њ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 5
- 14. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ĕЊŎņĕњĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□О Ġ₧Ų˝Рĕ ĕЊ₣şе₧Ŏ₤ŪŌĠсŪĠ˝Ġ˝Њş ĆŁũĄеĕУŀ ¤ ЮÐΖşĮĕŜŁũşе₧ŎЮŲЧŁũЮŪĠЧŪģ₤сũĠ₤сЮÐ″ņЯřŲ ʼn ЮÐЮŪĄЧ₤ЮũВ₤ Ю΅ЧŎЮÐΖşЮ˝‗Ź ŪĠņРŲņРŲĕЊĊЊ₤ŪŌĠсşе₧ŎЮŲЧŁũŷЋĕЊЮŗФ ˝ĖО₣˝ũ‗БņЊĕŌĕũРĠЊŎŷij□ЮÐΖşΒĕНŷijʼnņНŠİũЮĕйЯřŲ″ņũŎкŁũũ˝⅝◦Н˝◦еĕŀ ¤ ĠлНЯĕʼn ǻŌĕŁũİŎ О Њ Ū₤ФŲijЊşijУşЮ΅ЧŎŪijСŷşе₧ŎЮŪşЧĕЮřЧņġБĠЮ₣˛ЧijŁũũ˝⅝◦Н˝⅜şс ĠЯĕų ₤еЮŲЬ˝Ġеĵ˝с ЮŪĠ₣ Οĕťĕк ι◦еĕЊŀЮĩ℮₣Y Ю◦Ьij₤ŪŌĠсЮŪĠЧŪģ₤сЮĮŲЮŪŁŎ¤ 2.3.4. žij₤ŪŌĠс◦ĈijсĠ₧˝с ι◦РĈijсĜЮĮŲž₣ņНŠ Ė Р Ś ◦еĕЊŀņУŎşеĕУĕ˝ĖО₣Ю₤řť˝Њş Ć◦еЮĕЧĠijŪņСŷόŏŌĕЮĮŲЮŷŵ₤ņŪ₤Ġ₤ŪŌĠсŁũĩŲЊij Ю΅ЧŎď◦РЮĉŪijСŷģĕ ĩŲЊijЮŪŁņ˝Њş Ć₤ĕŜ¤ ΧĈ΅ũ‗чк ĩŲЊij˝ņŊ◦еĕЊŀЮŗē ĕЊ₣Łũ⅜₣₤₣сŲеЮĝ⅜ĕď◦РЮĉĵ˝сĮњĕĕЕ₣˝Њş Ć □ ċ ₤ĕŜЯřŲijŪņСŷόŏ◦РĈijсďũРĠЊŎŷij□ОĜЮĮŲž₣ņНŠ¤ ЮĮŲŠųй˝Њş Ć₤ĕŜŪijСŷģĕşũČũ₤ŪŌĠс◦еĕЊŀЯřŲŪijСŷ ŪĠÐŲсόŏļņY ЮŢŎŪijСŷŌĕŁũ◦РĈijсĮĕŜũ₤ŪŌĠсĠеЮĮŀĠе‗₣ΒĖ˝◦Њŀ¤ ΧĈ΅ũ‗чк ĠНÐŲŌ˝с◦ЊŀЮŪĠ₣ ų ð Ė ΟĕċĕкЮŢŎşНй΅ij□ЮŲž▫ĕЕ₣ЮĊſЧŁũ◦РĈijсď⅜şсŪģ˝сЮĝЮĮŲЮŪŁŎ¤ ЮŢŎ₤΅Ūý₤ş₣сŲ˝с◦еĕЊŀЮŢŎ ņЊĕijŪņСŷόŏŌĕŁũ◦РĈijсļņYЯřŲŌĕ◦Ūņ₣сď⅜şсŪģ˝с ų ιņРŲĠġĈĕĠњŪij₤΅Ūý₤ΖşĮĕŜŁũ◦РĈijс ЮĜйřŲсΒ˝ЮŪĠЧŪģ₤с ιΒijЊℓЊĄĕũĠ₤сЮÐ Ю΅ЧŎŬŲс˝ş Ć₤ĕŜŪijСŷģĕǻ₤сЯŷ₣ďũРĠЊŎŷij□О¤ Ė Њ 3. ũİ₤сũĠŎŷij□₤ũНĠ Measures of the Monetary Aggregates ſ Р Њ О M1 = ũРĠЊŎŷij□О˝О₣şŬşũ (Currency in Circulation) Ė + ņРŲĠġĈĕĠњŪijЮ◦₤şũ‗ч (Traveler’s Checks) + Ūģ˝сĠЮŃňЧ″ņijŪņСŷŁũĕЊ₣Ūģ˝сĠЮŃňЧďņРŲĠġĈĕĠњŪij Demand/Checkable Deposits + Ūģ˝сĠЮŃňЧďņРŲĠġĈĕĠњŪijЮĩ℮₣Ю◦Ьij Other Checkable Deposits M2 = M1 + Ūģ˝сĠЮŃňЧŌĕŁŲ˝е‗ijсЯřŲŌĕ◦е΅е⅜şсŪģ˝сijЊş (Small-denomination Time Deposits) + Ūģ˝сĠЮŃňЧ₤ĕ℮ е (Saving Deposits) + Ð‗ĕБŪģ˝сĠЮŃňЧ◦Бĩ⅝ũũРĠŎŷij□О (Money Market Deposit Accounts) Њ Ћ + ˝Њş Ć₤ĕŜŎŲсŪĮņ◦Њŀ ŷŀũŎкЮĮŲņУŎŎĠс (Overnight Repurchase Agreements) + Ūģ˝сĠЮŃňЧďŎРũРřНŵųŎкЮĮŲņУŎŎĠс (Overnight Eurodollars) м + şеЯ‗˝΅пНĕņРŲĕЊĊЊ₤₣ð΅◦Бĩ⅝ũũРĠЊŎŷij□ОņЊĕЯņĕ⅜Ġњĕ (Non-institutional Money Market Fund □ Shares) ¤ M3 = M2 + Ūģ˝сĠЮŃňЧŌĕŁŲ˝е‗ijсЯřŲŌĕ◦е΅е⅜şсŪģ˝сЮŪşЧĕ (Large-denomination Time Depostis) Ћ + ˝Њş Ć₤ĕŜŎŲсŪĮņ◦Њŀ ŷŀŌĕŁŲ˝е‗ijс (Term Repurchase Agreements) ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 6
- 15. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ĕЊŎņĕњĕЮŗģŎũРĠЊŎŷij□О ĕЊ₣ũРĠЊŎŷij□О + Ūģ˝сĠЮŃňЧďΒНЙũРřНŵųŌĕŁŲ˝е‗ijс (Term Eurodollars) м + ₤ņijНŲŏņРŲĕЊĊЊ₤₣ð΅◦Бĩ⅝ũũРĠЊŎŷij□ОЯřŲď⅜Ġњĕ (Institutional Money Market Funds Balances) □ L = M3 + ņРŲĠњŪijũijĜýũũŎкŁŲŠųБ (Short Term Treasury Securities) + ĩŲĠњŪijĵ‗ЊĄ ą˝ņŊ (Commercial Papers) + Łũ₤ĕ℮ еď₤ŔĠњ‗‼ (Saving Bonds) ň + Banker’s Acceptances ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 7
- 16. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О III. ΧĠ˝ũ‗чĕЮŗģŎũРĠŎŷij□О Њ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ОÐЙďΧĠ˝ũ‗чņУŎŗ₣₤еžĕсũĠ₤сĊĜýũ˝₧Ų˝ĖО₣ŁũŪÐĠсŪÐ₣ЮŲЧŁũĩðijс л Ś ĩð₣сũРĠЊŎŷij□О ĕЊ₣ŪÐĠсŪÐ₣ΒŪ″ŁũŪģ˝с¤ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ОŌĕĠБ₤žĕсYÐЙк ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝ е şе΅ũ (Open Market Operations) ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy or Discount Lending) ĕЊ₣ ◦НĕĠŪņО₣ŁijĮſ˝Њş Ć (Reserves Requirement)¤ řРЮş ĖйЮĝşе‗ НşĠĜĠсЮŎЧ₣ĕЕ₣ĮЊČũ₧▫ЮijЧĊĜýũ˝₧ŲΒĕНŷijŚĕРŷΧĠ˝ũ‗чĕЮŗģŎĈе₣Юĕйŗ₣řРş Ā Ś л ЮņŚş Ю΅ЧŎ▫ЮijЧǻŌĕΟ◦ċЊĮŲŗ₣₧ŠųйЮĉЮŲЧЮýŲĠе‗₣ũĠ₤сŠĕ¤ л ųФ 1. ŪĠijЊĠijʼnŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) Њ Open Market Operations ÐЙďŪĠijЊĠijʼnЊŁũЯřŲĊĜýũ˝₧Ų◦Њŀ Ų˝сĕРŷņРŲĠњŪijЮĝ˝ĖО₣◦Бĩ⅝ũЮĠЧ˝ Ś şе΅ũ (Open Market) Ю΅ЧŎǻ˝єďΧĠ˝ũ‗чĕЮŗģŎņУŎŗ₣₤еžĕсЮŪĵйǻЮĊſЧЁŌĕŁũЯŪĠŪĠФŲаĕ ◦Нĕ л ĠŪņО₣ ĕЊ₣ Federal funds rate¤ Open Market Operations ŪijСŷģĕЮÐЯş˝ЮşŀďĮБЯĩĖ˝₤еžĕсYÐЙк Dynamic Open Market Operations ĕЊ₣ Defensive Open Market Operations¤ Dynamic Open Market Operations ÐЙŌĕЮýŲĠе‗₣˝ĖО₣ŁũĬ₤сĠũ (ЮĊſЧЁЯŪĠŪĠФŲ) аĕ◦НĕĠŪņО₣ ũВυ ų ŚС Defensive Open Market Operations ÐЙЮřЧņġБ◦РĈijсĕРŷŁũЯŪĠŪĠФŲĈе₣ΐŎЮŢŎĠ₧Ųņ˝ĮБ˝″Юĩ℮₣Y Ś Ś ЯřŲĠлйĵŲсЮĉЮŲЧ◦НĕĠŪņО₣řРşď ŁũЯŪĠŪĠФŲаĕŪģ˝сĠЮŃňЧũijĜýũ (Treasury Deposits) Юĝ˝ĖО₣ĊĜýũ ˝₧ŲďЮřЧņ¤ Ś ŁũŪĠijЊĠijʼnЊаĕΧĠ˝ũ‗чĕЮŗģŎЮĕйŌĕĮБũÐЙ Łũ◦Њŀ ĕЊ₣ŁũŲ˝сĕРŷņРŲĠњŪij¤ Ł◦ЊŀĕРŷņРŲĠњŪij (Open Market Purchases) ЮĊſЁŌĕŁũЮ˝ЧĕЮΌЧ₣аĕ◦НĕĠŪņО₣ ĕЊ₣Ūģ˝сĠЮŃňЧЮĝ˝ĖО₣ŪĠĮњĕĊĜýũ (◦НĕĠŪņО₣Ю˝Чĕ Ч ċ ЮΌЧ₣ЮŢŎ⅜ũЯijĊĜýũŎ˝◦НĕĠŪņО₣Юĉ◦ЊŀņРŲĠњŪij) ЯřŲЮĊſЧЁŌĕŁũЮ˝ЧĕЮΌЧ₣ĕРŷ monetary base ĕЊ₣ money supply¤ ĩĀŎЮĉŷЋŀŁũ◦ЊŀĕРŷņРŲĠњŪij (Open Market Sales) ЮĊſЧЁŌĕŁũℓŎşНйаĕ◦НĕĠŪņО₣ĕЊ₣ О Ūģ˝сĠЮŃňЧЮĝ˝ĖО₣ŪĠĮњĕĊĜýũ ЯřŲЮĊſЧЁŌĕŁũℓŎşНйаĕ monetary base ĕЊ₣ money supply ¤ ċ ĊĜýũ˝₧ŲļÐЮŪşЧĕΒĕНŷijŚ Open Market Operations ЮĉЮŲЧņРŲĠњŪijЯřŲЮşŀĩ⅝ŎЮŢŎũŢķЊģŲ Ś ť ÐЙņЊĕΒĕНŷijŚЮĉЮŲЧņРŲĠњŪijЯřŲЮşŀЮŢŎυ˝ĄĕЮĜйЮ◦(2)¤ Юĝ˝ĖО₣₤΅ũřťΖЮņũЋşĊĜýũ˝₧Ų (Federal Ś Reserves) ΒĕНŷijŚΧĠ˝ũ‗чЮĕйЮĝЯijЮŲЧņРŲĠњŪijЯřŲЮşŀЮŢŎũŢķЊģŲ ιļ˝сİũũŢķЊģŲЯijĠлНЮ₧йď ť Ė ť ‼ ЮřЧņġБ˝НеόŏŌĕĄЮŌйЮĉЮŲЧΒŪ″ŁũŪģ˝с◦Бĩ⅝ũũŢķЊģŲģĕΒĕНŷijʼnĕРŷΧĠ˝ũ‗чĕЮŗģŎЮĕйЮĉЮŲЧЯijņРŲĠњŪijЯřŲЮşŀЮŢŎũŢ ų ť ť (2) ķЊģŲЯijĠлНЮ₧й¤ ‼ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 8
- 17. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О ĮЊЮ₤₤ÐЙЮĉЮŲЧ Treasury bills¤ ģĕďĊĜýũ˝₧ŲşРŲşЊijΒĕНŷijŚЮĉЮŲЧņРŲĠњŪijЮĕйÐЙЮŢŎ⅜ũǻİŎ Ś ʼn ĕЕ₣ĠЯņų₣ď⅜şсŪģ˝с ĕЊ₣ŌĕЮŲġЪĕŷЋĕЮŗÐЮŲЩĕď₣ņРŲĠњŪijřа◦ (The largest trading volume)¤ Њ Юĝ˝ĖО₣₤΅ũřťΖЮņũЋşΖďĊũЯřŲЮĊſЧŁũ₤ЮŪņşşЊij₤ŪŌĠсŪĠijЊĠijʼnЊŁũЮĕй ÐЙ Federal Open Market ń ʼn Committee (FOMC) ЯřŲ˝е‗ijсЮýŲЮţЮĉЮŲЧ Federal funds rate¤ ″ņĮЊijЮĉŪĠijЊĠijʼnЊŁũĈе₣ЮĕйŪijСŷ ģĕΒĕНŷijʼn″ņũŎкŁũŷЋĕЊЮŗÐ “the Trading Desk” ЮĉЮŲЧņРŲĠњŪijũĠ₤сũŢķЊģŲ Юĝυ Federal Reserve ť Bank of New York(3)¤ ЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲсЮĉЮŲЧĮБΧĠ˝ũ‗чĕЮŗģŎЮĕйЮŎЧ₣İ˝ЮĉЮņЧŲ ŪĠijЊĠijʼnЊŁũņУŎ (ŁũŷЋĕЊЮŗÐņРŲĠњŪij) Юĝ₤΅ũřťΖЮņũЋşЯřŲЮÐЮΊ▫ (A Day at the Trading Desk)¤ ŪĠēĕЯřŲΒĕНŷijŚĕРŷŪĠijЊĠijʼnЊŁũ Open Market Operations Юĝ˝ĖО₣₤΅ũřťΖЮņũЋşÐЙЮŵ˝Ū₤Б Sandy Krieger(4) ЯřŲďΒĖ˝ŪÐĠсŪÐ₣ЮŲЧΒ˝ ŷЋļÐ ĕЊ₣ĵ‗ЊĄ ą˝ũЯřŲŪĠijЊĠijʼnЊ ĕРŷŪĠijЊĠijʼnЊŁũ◦Њŀ Ų˝сĕРŷņРŲĠњŪij¤ Ė ″ņũŎкŁũĠİŀž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ ЮýŲЮţаĕŪĠijЊĠijʼnЊŁũũĠ₤с Open Market Operations ÐЙ Ά Federal funds rate¤ řРЮş ĖйЮřЧņġБŁĠсόŏŌĕĕРŷĮњijхŌĕЮĝ˝ĖО₣◦Бĩ⅝ũ Federal Fund Market Юĝ˝ĖО₣аℓĞЮĕй Ś Sandy ĕЊ₣ĠНÐŲЊ˝ũĠ₤сĜ₣ĕЕ₣ČĠсЮĩŚЧņĕРŷŁũİũďņУŎĕЕ₣ŁũĮЊĕЊijŏЮĉЮŲЧŁũŷЋŷijŚЮĉЮŲЧ◦Бĩ⅝ũ ð Federal funds Market ŁŲĮБņ℮ЊŲņЊŀ ďņУŎĕЕ₣◦ЊĕĕњŎℓŊБЯřŲĠİŀĮБĠ ũЋŌ‗◦НĕĠŪņО₣ĮЊijŪģ˝řЯřŲŌĕЮĝ˝ĖО₣ Ė Ά ŪĠĮњĕĊĜýũ¤ ĠĜĠсņ˝ĠНÐŲЊ˝ũĠ₤сĜ₣ĕЕ₣ЮşŀĕРŷũģŎŁũ‗чℓБņУŎЯřŲŌĕĕРŷŁũĮŜ˝ũ‗чŲņ∆Њij▫ЮijЧΒБſ ċ Ā ð Ŋ ĕЕ₣Ю˝ЧijŌĕЮΌЧ₣ЮĉЮŲЧ˝″ņУŎşеĕУĕЯřŲŌĕΟ◦ċЊĮŲЮĉЮŲЧŁũĩðijсĩ₣с ĕЊ₣ijŪņСŷŁũ◦НĕĠŪņО₣¤ ʼn ð ″ņũŎк◦ЊĕĕњчŎĈе₣Юĕй ĕЕ₣ĄУŎόŏĜ₣ ĕЊ₣ĠНÐŲЊ˝ũĠ₤сĜ₣˝ĖО₣Łũ₤ЮŪņşşЊij▫ЮijЧŪijСŷόŏŌĕŁũЯŪĠ Ė ð ʼn ŪĠФŲĕРŷ◦НĕĠŪņО₣˝ĖО₣˝ŪņЊij₧ЮřЧņġБ◦◦УŲģĕĕРŷ Federal funds rate ЯřŲş₣сģĕ¤ ŪĠ₤ЊĕЮĠЧ◦НĕĠŪņО₣˝ĖО₣ ŪĠĮњĕĊĜýũЮŲЧ₤ (ŌĕĠũЋŌ‗ЮŪşЧĕ) ŌĕĕњŎ▫ĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ЮŲЧ₤Ĉе₣ЮĜйĕЕ₣ŌĕĠе‗₣όŏ ċ ŠĆБЮĊſЧЁ Federal funds rate ĈĠď₣˝ŪņЊijЯřŲŠųĕş₣сģĕ ЮŪĵйŁũĩðijсĩ₣сЮŪşЧĕď₣ijŪņСŷŁũ¤ ĩĀŎņ˝ŷЋŀ Ф ð О ŪĠ₤ЊĕЮĠЧ◦НĕĠŪņО₣˝ĖО₣ŪĠĮњĕĊĜýũŌĕĠũЋŌ‗ijЊş ǻĕЕ₣ЮĊſЧЁ Federal funds rate Šį₤сď₣˝ŪņЊijЯřŲ ċ ĊĜýũ˝₧Ųş₣сģĕ ЮŢŎ⅜ũЯijijŪņСŷŁũ Šį₤сď₣Łũĩðijсĩ₣с¤ řРЮş ĖйĠНÐŲЊ˝ũĠ₤сĜ₣ ĕЕ₣ŪÐĠсŪÐ₣ЮŲЧ Ś ð ð ΟũЋŗĠℓũĠ₤с Federal funds market Ĉе₣ЮĜйģĕЮ΅ЧŎ ЮÐĕЕ₣Ĉ˝с◦₣ЮĉΒĖ˝şРŲũУņ₤еžĕсYЮĝ˝ĖО₣◦Бĩ⅝ũ Юĕй ЮřЧņġБ◦◦УŲģĕĕРŷĮњijхŌĕυ˝ŬĄŏņУŎ ▫ЮijЧ◦НĕĠŪņО₣ЯřŲŪijСŷŁũ˝ĖО₣˝ŪņЊij₧ЮřЧņġБ◦◦УŲģĕĕРŷΒŪ″ ЯřŲЮÐş₣сģĕ Federal funds rate ¤ ĠĜĠсņ˝Ю◦ЬijĠНÐŲЊ˝ũĠ₤с Sandy ĕЕ₣Ĉ˝с◦₣ЮĉΒĖ˝ijе₧₣ņУŎşеĕУĕЯřŲЮÐЮΊ▫ primary dealers Ā ð ĕЊ₣ĵ‗ЊĄ ą˝ũņРŲĠњŪijũŢķЊģŲ(5) ЯřŲĈ˝с◦₣ĕЕ₣ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũЮĕй¤ ĠНÐŲЊ˝Ĉе₣ЮĕйĕЕ₣ĮЊĕijŏ ť ð Њ (3) ď⅜žĊĜýũ˝₧ŲũĠ₤с₤΅ũřťΖЮņũЋş¤ Ś ◦ЊĕĕњŎЮ₤ЬŷЮŅЯřŲŪijСŷģĕЮģйĩ⅝Ŏ˝ĖО₣Ăе ƯƠỜ Ė Ė (4) (5) ΒĖ˝ЯřŲЮĊſЧŁũЮŪłĮБ⅜Ġњĕυ˝Ąĕ ĕЊ₣ĊĜýũĵ‗ЊĄ ą □ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 9
- 18. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О ЮņЧŲ▫ЮijЧĵ‗ЊĄ ą˝ũĕБņУŎYĠİŀĕРŷ◦₤℮ĕкŗ₣řРşЮņŚşЮĉЮŲЧŲ˝šŠ‗Ź ◦Бĩ⅝ũ Ά л ĕЊ₣ЮņЧŲ▫ЮijЧΒБĕЕ₣Ю˝ЧijŌĕ ſ ЮΌЧ₣ЮĉЮŲЧijаņųаĕņРŲĠњŪijЯřŲŪijСŷŲ˝сЮĝ˝ĖО₣аℓĞЮĕй¤ ĮР˝ЮÐ˝є◦еĜ˝с◦еĕ₣ĩ₣ЯřũЮĉŁĕс Treasury ЮřЧņġБ ◦◦УŲģĕĮњijхŌĕℓŊБYĈ˝с◦₣ЮĉĕЕ₣˝ŪņЊij₤ņijНŲŏЯřŲũжĮЕ₣◦Н˝Юĝ˝ĖО₣ĊĜýũ˝₧Ų ˝ĖО₣ЮýŲĠе‗₣ЮřЧņġБЮĊſЧ Ś όŏŪĠЮ₤ЧũЮΌЧ₣ĕРŷŁũģл ĕс⅜ĕũĠ₤сЮÐ ˝ĖО₣Łũĩð₣сĩ₣сĕРŷ◦НĕĠŪņО₣¤ Ŋ ð ĠĜĠсņ˝Ю◦Ьij₤ŌĄЊ˝аĕ Monetary Affairs Division Юĝυ Board of Governor ŪijСŷģĕЮÐĈ˝с◦₣ Ā ЮřЧņġБόŏЮũЬĠşеĕРŷŁũ◦₤℮ĕчĈŎņУŎ ĮБŁũĩðijсĩ₣с ĕЊ₣ijŪņСŷŁũĕРŷ◦НĕĠŪņО₣ ЮřЧņġБЮĊſЧŁũЮĩĀЭ₣ĬijсďņУŎĕЕ₣ ð Ā ĊĜýũ˝₧Ų¤ ĠĜĠсĮБřеЮ‗ЧũŁũşĠс₤ĮſŪÐĠс ŁũŷЋĕЊЮŗÐЮŲЧņРŲĠњŪij ĕЕ₣ŪijСŷЮũЬĠşеЮΌЧ₣ ЮŢŎļĠсņ˝ĕРŷ Ś Ā ą ďņУŎ₤еЮ‗ЧũЮřŀаℓųЮĝ˝ĖО₣аℓĞЮĜй ЯřŲĈ˝с◦₣ЮĉĕЕ₣ÐЮŪŌ₣ЮřЧņġБĠЯĕ□ņ ιĠĕ□ŎĕРŷĠũЋŌ‗◦НĕĠŪņО₣˝ĖО₣ ŪĠĮњĕĊĜýũ″ņũŎкŪĠijЊĠijʼnЊŁũ Open Market Operations¤ ċ ĠĜĠсņ˝Ю◦Ьij Ā ŁũŷЋĕЊЮŗÐŪijСŷģĕļĠсЮŢŎ₤ſŎŪĠŷijŚЊďņУŎĕЕ₣ ŷЋĕЊЮŗÐЊĕ˝ĖО₣Ū₤О˝ŪÐĠсũРĠЯřŲşРŲ ą њ ũУņЮĝЮŲЧ Open Market¤ ″ņũŎкŪĠĮњĕ˝ĮŏС◦њũЯřŲЮΊ▫ TRAPS(6) ŪĠijЊĠijʼnЊŁũ Open Market Operations ċ Не ĕЕ₣řеЮ‗ЧũŁũ″ņũŎкŪĠĮњĕЮΒΌЊşŪijСĕЊşЮĕй¤ ⅜ũ (message) ĕБņУŎYŪijСŷģĕЮĩńЧũ″ņŪĠĮњĕЮΒΌЊşŪijСĕЊşď ċ ċ ĠĕŚĠĜĠсЮĉŁĕс primary dealers ŪÐĠсũРĠЮŢŎĠŔ˝сĮБŪĠЮķ◦ ĕЊ₣ŁŲ˝е‗ijс₤₣аĕņРŲĠњŪijЯřŲŪijСŷŲ˝с ι Ā ą ◦Њŀ¤ ĵ‗ЊĄ ą˝ũĕБņУŎYŪijСŷģĕЮÐ◦Н˝ЮĮŲόŏĮБ Ư Юĉ ưĜ◦БЮřЧņġБЮđųЧŎijĠЮŢŎļĠсņ˝ďņУŎĕРŷ₤еЮ‗Чũ ą ũĠ₤сЮФ ₤еЮ‗ЧũĕБņУŎYŪijСŷģĕĠİŀ ĕЊ₣ǻŎijаņųЮŢŎŪĠĮњĕ˝НеĮŏС◦њũ¤ ĠĜĠсņ˝Ю◦Ьij₤еЮ‗ЧũĕБņУŎYŪijСŷ Ά ċ Ā ģĕЮŪĄЧ₤ЮũВ₤ЮŢŎČĠсЮĩŚņĮБijаņų ũ΅РijřŲс˝ŪņЊijņУŎЯřŲĠũЋŌ‗ЯřŲŪijСŷŁũŪijСŷģĕŲ˝с ι◦Њŀ¤ ĠĜĠс Ч Ā ņ˝ЮÐĕЕ₣ĠİŀĮБĄЮŪņЧ₤ЮĉŁĕсĵ‗ЊĄ ą˝ũĕБņУŎY″ņũŎк TRAPS ¤ ďşН₣ЮŪŁŎņРŲĠњŪijĕЕ₣ŪijСŷŲ˝сЮĉ Ά όŏΒĖ˝ЯřŲΉĕĕРŷijаņųŠ₤с ĕЊ₣ĠũЋŌ‗ЮŪşЧĕ¤ п į ĊĜýũ˝₧ŲŲ˝сĕРŷņРŲĠњŪij ÐЙņЊĕřРşď◦ЊřļĮĊņŊ″ЮĜйЮ◦ ÐЙǻŪijСŷģĕЮÐŲ˝сЮŪŁņũРĠļĮď˝Њş Ć Ś ť Ћ Ћ ŪĮņЮŪĮЭ₣◦ЊŀŪijŲĠс ŷŀ (repurchase agreement) ŌĕĕњŎ▫ŠųĕΖş◦ЊŀĕРŷņРŲĠњŪijĈе₣ЮĜйŪijŲĠсņ˝ŷŀ Ф ˝ĖО₣ijаņųď˝сŵ˝с₧ņУŎ ″ņЮĮŲ˝е‗ijс¤ Ю΅ijНЯijĊĜýũ˝₧ŲЮĊſЧĕРŷ˝Њş Ć₤ĕŜŪĠЮķ◦ЮĕйÐЙЮŢŎ⅜ũЯijǻ Ś ş₣сЁŌĕΟ◦ċЊĮŲЮŲЧ◦НĕĠŪņО₣ũŎкЮĮŲŠųБЯijĠлЮ₧й¤ Н ‼ ″ņũŎкŁũĠ˝Ū⅜ŎĠİŀž₣ЮŲЧЮŎЧ₣₤Ю₣˛ijЮþЧŀ▫ ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ Open Market Ά Operations ŪijСŷģĕЮÐЯĠ₣Яş˝ďĮБũÐЙ defensive ĕЊ₣ dynamic open market operations¤ ˝ĖО₣şеЮ₧ņŪĠijЊ ĠijŚЊŁũĈе₣ЮĕйĊĜýũ˝₧ŲşРŲşЊijΒĕНŷijŚ defensive open market operations ЮŢŎ⅜ũЯijǻģĕЮđųŎijĠ Ś ʼn Ч Юĉ″ņЮýŲĠе‗₣ũĠ₤сĊĜýũ˝₧ŲÐЙũ˝⅝ĕРŷ₤□ЊũļĮ◦НĕĠŪņО₣ ĕЊ₣ΒŪ″ Federal funds rate¤ Ś (6) Trading Room Automated Process Systems ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 10
- 19. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О 2. ĕЮŗģŎĠŃĆйΒŪ″ŁũŪģ˝с (Discount Policy) О ÐЙďΟ‗ĈĕũĠ₤сĊĜýũ˝₧Ų (discount loans) ЯřŲŪijСŷģĕĠЮ₣˛ЧijЮΌЧ₣ЮřЧņġБĩŲс˝ņĆБЮĉόŏĊĜýũ Ś Ś ЯřŲŠſй◦НĕĠŪņО₣¤ Ο‗ĈĕĈе₣ЮĕйÐЙŌĕΒŪ″ (Federal funds rate) ĈĠď₣ΒŪ″◦Бĩ⅝ũ Ю΅ЧŎď◦РЮĉŠį₤с ď₣ΒŪ″ЮýŲЮţũĠ₤сĊĜýũ˝₧Ų ¤ ŁũĩŚŲсĕРŷΟ‗ĈĕĈе₣ЮĕйŪijСŷģĕЮÐ⅜Ųс▫ď discount window Ś ð ¤ řРЮş ĖйЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲсĕРŷΧĠ˝ũ‗чĕЮŗģŎņУŎЮĕйЮŎЧ₣ĕЕ₣₤Ю₣˛ij▫ЮijЧ discount loans ŪĠijЊĠijʼnЊŁũŗ₣řРşЮņŚş? л ŪĠijЊĠijʼnŁũũĠ₤с Discount Loans Њ Ο‗Ĉĕ (discount loans) ũĠ₤сĊĜýũ˝₧ŲЯřŲĩŚŲсόŏřŲсĊĜýũЯřŲŠſйĕРŷ◦НĕĠŪņО₣ (reserves) Ś ŪijСŷģĕЮÐЯĠ₣Яş˝ďĠБЯĩĖ˝₤еžĕсYÐЙк primary credit, secondary credit ĕЊ₣ seasonal credit¤ Primary Credit ÐЙďŁũĩŚŲс˝ņĆБũĠ₤сĊĜýũ˝₧ŲЯřŲŌĕΒŪ″ŁũŪģ˝сĈĠЮ΅ЧŎǻģĕЮřЧũijУŗ₣ Ś л ₤еžĕсЮĝ˝ĖО₣ĕЮŗģŎũРĠŎŷij□О¤ Њ Ο‗ĈĕŪĠЮķ◦ЮĕйŪijСŷģĕĩŚŲсЮĉόŏĊĜýũЯřŲŌĕ⅜ĕļĮŲŪĠЮ₤Чũ □ ∆ ŌĕĕњŎ▫ĊĜýũЯřŲŌĕ⅜ĕļĮ΅ЊũŃňŷij□ŲŪĠŪ˝ijБŪijСŷģĕ ΒĕНŔijόŏŠĆБ◦НĕĠŪņО₣ЮĝĊĜýũ˝₧Ų″ņ □ О ∆ ň Ś ijŪņСŷŁũ¤ řРЮş ĖйǻŪijСŷģĕЮÐČijс◦˝▫ Standing Lending Facility ЯřŲΒŪ″ŁũŪģ˝сЮĉЮŲЧ˝ņĆБŪĠЮķ◦Юĕй Н ŪijСŷģĕ˝е‗ijсŠ₤сď₣ Federal funds rate target (ÐЙďΒŪ″ЮýŲЮţņУŎũĠ₤сĊĜýũ˝₧ŲЯř₣ş₣сģĕ) į Ś ЯřŲďĊņŊ″ÐЙ 100 basis point (1 percent point) Ю΅ЧŎЮĝ˝ĖО₣ŁŲкЮ◦₤кďЮŪşЧĕĠũЋŌ‗аĕ˝ņĆБŪĠЮķ◦Юĕй ÐЙŌĕ˝ŪņЊijijЊşijУşĠлЮ₧й ĠлНЯĕŚşНйЮ΅ijНΒБģĕďĊĜýũ˝₧ŲĠЮ₣˛ЧijόŏŌĕ˝ņĆБŪĠЮķ◦Юĕй? řРЮş ĖйЮřЧņġБŎŲс Н ‼ ſ Ś ЁģĕŁĕсЯijşĤ₤сЮŎЧ₣ŪijСŷЮĊſЧŁũŷЋļÐЮĉЮŲЧŪŁķЊşž₣ЮŪŁņк Federal Funds Rate B A DLB Rd 1 Quantity of Rn Reserves ũРĠļĮ◦Бơ ŁũĬ₤с◦БаĕЯŠ℮ЮŁ₣ijŪņСŷŁũЮĉ⅜ е ĮБ ų Ś Юĉ ЮĊſЧЁşе‗ НşŲеĕЕ₣ЯŪĠŪĠФŲĮБ A Юĉ B Ġ₧ŲЁΒŪ″ (Federal funds rate) Ю˝ЧĕĮБ Ś Юĉ ĕЊ₣ discount loan Ю˝ЧĕĮБ 0 Юĉ DLB ¤ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 11
- 20. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О ″ņŪŁķЊşž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ Юĝşе‗ НşŲеĕЕ₣řеĠР₣ЯŠ℮ЮŁ₣ijŪņСŷŁũ ĕЊ₣Łũĩðijсĩ₣сĕРŷ◦НĕĠŪņО₣ ð ĠЮ₣˛Чijģĕďşе‗ НşŲеĕЕ₣ЮĝŪij₣сşе‗ Нş A ЯřŲ Federal funds rate ÐЙЮ₤ŊЧĕЕ₣ΒŪ″ďЮýŲЮţũĠ₤с ĊĜýũ ˝₧Ų Ś ¤ ĠĜĠсņ˝ЮŎЧ₣₤ĕŊij▫ŌĕŁũЯŪĠŪĠФŲŗ₣žе₣ĕРŷijŪņСŷŁũЯřŲĜеЁЯŠ℮ЮŁ₣ijŪņСŷŁũĬ₤с◦Б Ā л ų ų Юĉž₣⅜ е ÐЙĮБ Ś Юĉ ЯřŲĠЮ₣˛ЧijģĕďŲеĕЕ₣ℓŊБЮĝŪij₣сşе‗ Нş B ¤ ЮŎЧ₣ЮþЧŀ▫ŪĠ₤ЊĕЮĠЧĊĜýũ ˝₧ŲņЊĕĩŚŲсĕРŷ discount loans (DLB) Ю◦ ЮĜйΒŪ″ũĠ₤с Federal funds rate ĕЊ₣Ю˝ЧĕЮΌЧ₣ЮŲЧ₤ĮБ Ś ¤ řРЮş ĖйŁũĩŚŲсΟ‗ĈĕũĠ₤сĊĜýũ˝₧ŲÐЙďŁũ˝е‗ijсĕРŷΒŪ″ Federal funds rate ΒijЊĠũŌ ЯřŲĈĠď₣ Ś ΒŪ″ĮЊijŪģ˝řЮĝЮŲЧ◦Бĩ⅝ũЯřŲЮ˝ЧijЮΌЧ₣ЮŢŎ⅜ũŁũĩðijсĩ₣с ĕЊ₣ijŪņСŷŁũ◦НĕĠŪņО₣ũĠ₤сŪĠĮњĕĊĜýũ¤ ð ċ řРЮş ĖйЮřЧņġБ˝НеЁΒŪ″ Federal funds rate Ю˝ЧĕЮΌЧ₣Šį₤сЮĮ˝ĊĜýũ˝₧ŲŪijСŷЯijЮşŀņНŠĩŚŲсĕРŷ Ś discount loan ЮĉŁĕсĊĜýũ₧ЯřŲŠſйĕРŷ◦НĕĠŪņО₣ЮřЧņġБŁũĵũĮБŁũ˝℮њŎĊĕĩ₣ ĕЊ₣ЮřЧņġБ₤ЊũļĮ◦Бĩ⅝ũ◦Нĕ □ ĠŪņО₣ĩ₣ (Federal Funds Market)¤ Secondary credit ÐЙďΟ‗ĈĕЯřŲĩŚŲсόŏЮĉĊĜýũЯřŲŌĕĠŔ΅ЊũŃňŷij□О ĕЊ₣ŌĕĠ◦ĮЊЮ⅜ĊĕчĄУĠ Ά ŪĠ◦йĕРŷĠŔŲе΅Рũ⅜şсŪģ˝сŗ₣ĊĞĕсĊũ¤ ΒŪ″ŁũŪģ˝сЮĝЮŲЧΟ‗ĈĕŪĠЮķ◦ЮĕйÐЙŠ₤сď₣ΒŪ″ discount Ά л Ğ į rate 50 basis point (0.5% percent point) ЯřŲďŁũĮЊĕњŎřŲсĊĜýũЯřŲŪÐĠсŪÐ₣΅ЊũŃňŷij□ОŠĕņЊĕģĕŲ¤ ųФ ∆ Seasonal Credit ÐЙďΟ‗ĈĕņУŎЯřŲĩŚŲсόŏ ЮřЧņġБЮđųЧŎijĠĕЕ₣ijŪņСŷŁũаĕşеĕУĕ˝е‗ijсņУŎũĠ₤с ĊĜýũЯřŲĈ˝с◦₣ĕЕ₣ ŷЋ₤њŎ˝₤Њ˝ņŊ¤ ΒŪ″ŁũŪģ˝сЮŲЧΟ‗ĈĕŪĠЮķ◦ЮĕйÐЊijďņĊŏņũǻ₣ Federal funds rate ĕЊ₣ Certificate of deposit rates¤ ЮýŲĠе‗₣₤еžĕс˝О₣ŁũĠЮ₣˛ЧijόŏŌĕĊĜýũ˝₧ŲÐЙ Ė Ś ЮřЧņġБŁũĵũĕРŷŁũ˝℮њŎĊĕũĠ₤сĊĜýũЯřŲ ŌĕĠŔ΅ЊũŃňŷij□О″ņũŎкŁũĩŚŲсĕРŷ discount loan ◦БόŏĊĜýũЯřŲŌĕĠŔЮĜй ЯijЮĈйĠБďŗ₣₧˝є Ά Ά л ЮŢŎǻĮЊijďŌĕŁũŲеģ˝ĠĕŚЊş˝ĖО₣ŁũόŏĊĜýũņУŎЯřŲŌĕĠŔž₣΅ЊũŃňŷij□ОŠБĕРŷ◦НĕĠŪņО₣ЮĜй¤ Ά Ć 3. О ◦НĕĠŪņ₣ŁijĮſ˝ş Ć (Reserve Requirements) Њ ◦НĕĠŪņО₣ŁĮſ˝Њş Ć˝єďΧĠ˝ũ‗чĕЮŗģŎņУŎ ˝ĖО₣şеЮ₧ņΧĠ˝ũ‗чĈе₣ĠБũĠ₤сĊĜýũ˝₧Ų ĠлНЯĕŚЮÐ Ś ņЊĕ₤РŷŎ˝ΧĠ˝ũ‗чЮĕйņ˝ЮŪĠЧŪģ₤с₧₤с₧Ю◦ЮŢŎ⅜ũЯijǻЮĊſЧЁŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣ ЮŲЧ˝ЯŲ₣ Яij˝ĖО₣˝ũ‗БЯřŲĊĜýũ˝₧Ųş₣сЁŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣ЮĜй¤ Ś ĠлНЯĕŚЮĝ˝ĖО₣⅜ĕļĮď◦РЮĉЮÐņЊĕ □ Ŏ˝ǻņ˝ЮŪĠЧŪģ₤сЮΌЧŎЮŪĵй▫ ЮĝЮĮŲЯřŲ reserve requirements Ю˝ЧĕЮΌЧ₣ ЮĜйĊĜýũŪijСŷЯijũ˝⅝◦Нĕ ĕРŷ◦НĕĠŪņО₣ЁģĕŁĕсЯijЮŪşЧĕ¤ ĩĀŎņ˝ŷЋŀЮĝЮĮŲЯřŲ reserve requirements ℓŎşНй ЮĜйĊĜýũďЮŪşЧĕ О ĕЕ₣ņЊĕũ˝⅝◦НĕĕРŷ◦НĕĠŪņО₣ЮŪşЧĕЮ◦ ЯřŲşе‗ НşĈе₣ĮБЮĕй₤Н◦ċЯijďĠŔ₤еžĕс ЯřŲĈņĈũόŏŌĕŁũĮЊČũ₧ Ά ņНĕĕЕ₣₤ЮŪņşşЊijĠЮ₣˛Чĕ ιĠĕ□Ŏ¤ ЮĝЮĮŲЯřŲĊĜýũĠЮ₣˛ЧĕŁũũ˝⅝◦Н˝◦НĕĠŪņО₣ ЮĜй⅜şсŪģ˝сЯřŲşŬşũ ʼn Юĝ˝ĖО₣Ю₤řť˝Њş ĆĕЕ₣ŪijСŷℓŎşНй¤ řРşýЮĕйЯřũЮĝЮĮŲЯřŲĊĜýũŁijсĠĕ□ŎŁũũ˝⅝◦Н˝◦НĕĠŪņО₣ЮĜйЮ₤řť˝Њş Ć Ė ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 12
- 21. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О ĕЕ₣ŌĕĠũЋŌ‗ŲНŎşŬşũЮŪşЧĕЮĮ˝ ņŜ₣Ю◦ЬijĊĜýũĕЕ₣ģijсĠ₣сĕРŷŪÐЕй˝ĖО₣Łũ◦Ġс◦ŲсďņУŎĕЕ₣ΉĕЊķњŎ л ЯřŲĕЕ₣Ю˝ЧijЮΌЧ₣ЮĝаℓĞ₧ņУŎЮĜй¤ ĕЊŗŎďũУņΧĠ˝ũ‗чЮĕйĊĜýũ˝₧Ų˝ŪņŎ˝ǻņ˝ЮŪĠЧЮŢŎ⅜ũ Ś ЯijǻЮĊſЧόŏŌĕĠŔļņYЮĉЮŲЧĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ijЊşijУş¤ Ά ų ĠлНЯĕŚĊĜýũ˝₧Ų Ś ÐЙΖşĠЮ₣˛ЧĕĕРŷ◦НĕĠŪņО₣ŁijĮſ˝Њş ĆЮĉŪij₣сşе‗ НşņУŎЯřŲŠųĕş₣сģĕ″ņũŎкŁũ Ф ЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□О◦БņУŎÐЙ ŪĠijЊĠijʼnЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ι˝є ″ņ ũŎкĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) ЮĉŁĕсĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ijЊş¤ ĠлНЯĕŚ ЮĈйĠБďŗ₣₧˝єЮŢŎ л ˝єŁũĠЮ₣˛ЧĕĕРŷ◦НĕĠŪņО₣″ņũŎкņЮĊŜģŎЮĕйǻĕЕ₣ЮĊſЧЁĠлйĵŲсřŲсĊĜýũņУŎ şеĕУĕĕЊ₣ĮЊģ˝˝ĖО₣ŁũŪÐĠсŪÐ₣ЮŲЧŲе΅Рũ⅜şсŪģ˝с¤ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 13
- 22. ⅜. ķРņЊĕĕБijЊ⅜ū₤Ś ĕЊ₣ ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť˝Њş Ć Ā ũРĠЊŎŷij□О ĕЊ₣ĊĜýũ ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с Open Market Operations IV. ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с Open Market ЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣Y ˝ĖО₣şеЮ₧ņΧ˝ũ‗чĕЮŗģŎũРĠЊŎŷij□ОĈе₣ĠБ ΧĠ˝ũ‗чşņġ₣ЯřŲĊĜýũ˝₧ŲşРŲşЊijЮŪĠЧÐЙ Ś ʼn Open Market Operations¤ ŁũЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чЮĕйÐЙΖŪ₤њŎЮŢŎŲ˝š‗кĮЊЮ₤₤ ̉ŗ₣ЮŲЧŲΧĠ˝ũ‗ч л ĕЮŗģŎřа◦Ю◦Ьij¤ ◦Бơ Open Market Operations Ю˝ЧijЮΌЧ₣ЮĝЮŪŁņŁũΒĕНŷijŚЮŢŎĊĜýũ˝₧ŲЮŢŎĬŲс ЯřŲŠųĕ Ś Ā Ф ΖşŪÐĠсŪÐ₣ģĕĈе₣Ū₤О₣ЮĉЮŲЧЮŲġЪĕаĕŪĠijЊĠijʼnЊŁũЮĕй¤ ЮĠЧЮŎЧ₣Ū˝ЮŲ˝ЮņЧŲЮĉЮŲЧΧĠ˝ũ‗чĕЮŗģŎ Юĩ℮₣Ю◦ЬijřРşď Discount Policy ÐЙĊĜýũ˝₧ŲŪýĕсЯijďΒĖ˝ЮŲЧ˝◦Е˝şЊijʼn ιĠİ˝с◦˝şЊijĊĜýũĵ‗ЊĄ ą Ś ∆ Е ʼn ЮřЧņġБĩŲсĕРŷ discount loan ЯijĠлНЮ₧й ÐЙĊĜýũ˝₧ŲņЊĕģĕŪÐĠсŪÐ₣ЮŢŎĬŲсЮĉЮŲЧЮŲġЪĕаĕ discount Ś ‼ Ś Ā loan ЮĜйЮ◦¤ ◦БƯ Open Market Operations ÐЙŌĕļĮĠijсЯĠĕ ĕЊ₣şĤ₤сŵ₤сЮĵŲÐЙǻŪijСŷģĕЮÐŎ˝ЮŪĠЧŪģ₤с ģĕ ĕРŷŪÐĠсŁŲкЮ◦₤кĈе₣Β₤с¤ ďΧĈ΅ũ‗чĊĜýũ˝₧ŲijŪņСŷЁŌĕŁũЯŪĠŪĠФŲijЊşijУşаĕ◦НĕĠŪņО₣ Ś ŁijĮſ˝Њş Ć řРЮş ĖйǻŲеģ˝žе₣₧₤с˝О₣ŁũЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗ч◦Б ư ÐЙ Reserves Requirement ЮŪĵйǻΖşĠлй ų Ė ĵŲсřŲсřеЮ‗ЧũŁũũĠ₤сĊĜýũĵ‗ЊĄ ą¤ ЮŢŎЮŪĠЧŪģ₤сĕРŷ Open Market Operations ĊĜýũ˝₧ŲŪýĕс Ś ЯijЮĠЧ˝όŏŌĕŪĠijЊĠijʼnЊŁũ Open Market Purchases ЮřЧņġБ◦Њŀ ιŲ˝сĕРŷņРŲĠњŪijĠĕŚЊşǻďŁũЮŪ₤ş¤ ◦БƯ Open Market Operations ÐЙǻŌĕļĮİŎŪ₤ФŲ˝ĖО₣ŁũЯ˝ijŪņСŷ¤ ďΧĈ΅ũ‗чЮĝЮĮŲЯřŲŌĕ ŪĠijЊĠijʼnЊŁũ Open Market Purchases ЮĊſЧЁ Federal funds rate ē˝сşНйžе₣ЮĮ˝ ЮĮŲЮĜйĊĜýũ˝₧Ų ų ų Ś ŪýĕсЯijЮĠЧ˝ŪĠijЊĠijʼnЊŁũ Open Market Sales ЮřЧņġБŲ˝сņРŲĠњŪij ЮĜйǻΖşЯ˝ijŪņСŷ Federal funds rate ģĕ ŗ₣ĂĠсũ΅њ₤¤ л ◦Б̉ Open Market Operations ÐЙďΧĠ˝ũ‗чņУŎЯřŲΖşŎ˝ņ˝ΒĕНŷijŚģĕŗ₣ĂĠсũ΅њ₤ĠеĩНij ЮĵŲ л ÐЙǻņЊĕŪijСŷŁũόŏŌĕŁũΒĕНŔijΒſБЮĜйЮ◦¤ ЮĝЮĮŲĊĜýũ˝₧Ųş₣сЯ˝ЯŪĠĕРŷ◦НĕĠŪņО₣ ЮÐŪýĕсЯijŪģĠс ň Ś Юĉĵ‗ЊĄ ą˝ũņРŲĠњŪijЮĜйŁũĄУŀřРũ ĕЕ₣Ю˝ЧijŌĕЮΌЧ₣¤ ЮũЬĠşеЮŢŎĕЊ₤℮ЊijŪ˝Оņ◦Б ơ, ◦еĮњũ◦Б | 14