BA_315_LN_14_MONETARY_POLICY
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BA_315_LN_14_MONETARY_POLICY

Course Number: ECON 315, Spring 2008

College/University: Oregon

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MONETARY POLICY Lecture Notes #14 BA 315: Economy, Industry, and Competitive Analysis Source: Schiller Chapter 14 Edited by Ali Emami Department of Finance Charles H. Lundquist College of Business University of Oregon 1 Introduction This lecture focuses on monetary policy. It reviews the structure and operations of the Federal Reserve System and analyzes the impact of Fed policies on aggregate demand. The...

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POLICY Lecture MONETARY Notes #14 BA 315: Economy, Industry, and Competitive Analysis Source: Schiller Chapter 14 Edited by Ali Emami Department of Finance Charles H. Lundquist College of Business University of Oregon 1 Introduction This lecture focuses on monetary policy. It reviews the structure and operations of the Federal Reserve System and analyzes the impact of Fed policies on aggregate demand. The purpose of this lecture is to provide answers to the following questions: 1. 2. How does the government control the amount of money in the economy? How does the money supply affect macroeconomic outcomes? Concepts you will learn Monetary Policy Money Supply (M1) Required Reserves Excess Reserves Money Multiplier Discounting Discount Rate Open Market Operations Aggregate Demand Aggregate Supply 2 LECTURE OUTLINE I. Monetary Policy (Figure 14.1) fDefinition: Monetary Policy The use of money and credit controls to influence macroeconomic activity. Monetary Policy DETERMINANTS Internal market forces External shocks Policy levers Monetary policy A Prices Growth Output AD International balances OUTCOMES Jobs II. The Federal Reserve System (Figure 14.2) A. Federal Reserve Banks - functions of 1. Clears checks between private banks 2. Holds bank reserves 3. Provides currency 4. Provides loans Structure of the Federal Reserve System Board of Governors (7 members) Federal Reserve banks (12 banks, 24 branches) Private banks (depository institutions) 3 B. The Board of Governors (Figure 14.2) 1. Key decision - maker for monetary policy. 2. Seven members appointed by President of U.S. for 14-year terms. The Fed Chairman 1. Most visible member of the Fed system. 2. Selected by the President for a four-year term. 3. Can be reappointed Example: President Reagan appointed Alan Greenspan. Greenspan was reappointed by President Bush and once again by President Clinton. His latest term will run into George W. Bush's term. C. III. Monetary Tools A. Money Supply (M1) fDefinition: Money Supply (M1) Currency held by the public, plus balances in transaction accounts. The basic tools of monetary policy are: 1. Reserve requirements. 2. Discount rates. 3. Open-market operations. Reserve Requirements 1. Required reserves fDefinition: Required Reserves The minimum amount of reserves a bank is required to hold by government regulation; equal to required reserve ratio times transaction deposits. 2. By changing the reserve requirement, the Fed can directly alter the lending capacity of the banking system. 3. fFormula: B. C. Available lending capacity of banking system = excess reserves money multiplier 4. Excess reserves a. fDefinition: Excess Reserves Bank reserves in excess of required reserves. b. fFormula: Excess reserves = total reserves - required reserves 5. 6. 7. A decrease in required reserves increases excess reserves (Table 14.1). A lower reserve requirement directly increases value of money multiplier. Money Multiplier fDefinition: Money Multiplier The number of deposit (loan) dollars that the banking system can create 4 from $1 of excess reserves; equal to 1 required reserve ratio. fFormula: 1 required reserve ratio The Impact of Reduced Reserve Requirement 1. Total deposits 2. Total reserves 3. Required reserves 4. Excess reserves 5. Money multiplier 6. Unused lending capacity 8. Required Reserve Ratio 25 percent 20 percent $100 billion $100 billion 30 billion 30 billion 25 billion 25 billion 5 billion 10 billion 4 5 $20 billion $50 billion A change in the reserve requirement causes a. A change in excess reserves b. A change in the money multiplier D. Headline: "Japanese Central Bank Cuts Reserve Requirements" (Reserve Requirements) - A look at Japanese attempts to increase the money supply using the reserve requirement. The Discount Rate (Figure 14.2) 1. Discount rate fDefinition: Discount Rate The rate of interest charged by the Federal Reserve banks for lending reserves to private bank. 2. Since reserves earn no interest, banks have an incentive to maintain excess reserves at the minimum possible level. E. 5 Excess Reserves and Borrowings $ Billion 8 7 6 5 4 3 2 1 0 1930 3. 1940 1950 1960 1970 1980 1990 2000 Borrowings at Federal Reserve banks Excess reserves 4. Sometimes banks reserves run low and they must replenish their reserves temporarily. Sources of last minute reserves are: a. Borrow from a reserve-rich bank. b. Sale of securities. c. Reserve credits from Federal Reserve System. (Discounting) Discounting fDefinition: Discounting Federal Reserve lending of reserves to private banks. Note: By raising or lowering the discount rate, the Fed changes the cost of money for banks and the incentive to borrow reserves. 5. Headline: "Fed Acts to Bolster Economy with an Unexpected Rate Cut" (Discount Rates) The Federal Reserve cut short-term interest rates by half a percentage point a dramatic move designed to bolster investor and consumer confidence and prevent the economy from slipping into a recession. A cut in the discount rate lowers the cost of bank borrowing. This may reduce interest rates to consumers and business, thereby stimulating more spending. F. Open - Market Operations (Figure 14.4) 1. Open-market operations are the principal mechanism for directly altering the reserves of the banking system. 6 An Open-Market Purchase Regional Federal Reserve bank Federal Open Market Committee Step 3: Bank deposits check at Fed bank, as a reserve credit Step 2: Bond seller deposits Fed check Private bank Step 1: FOMC purchases government bonds; pays for bonds with Federal Reserve check Public 2. Open market operations are designed to affect these decisions: a. Portfolio decisions - where should idle funds be held, in cash or some other asset. b. Hold money or bonds - the Fed attempts to influence whether individuals hold idle funds in transaction accounts or government bonds. Note: When the Fed buys bonds from the public, it increases the flow of deposits (reserves) to the banking system. Bond sales by the Fed reduce the flow. 3. Open-Market Activity a. Changes in bond prices will alter portfolio choices b. The Fed buys or sells bonds to alter the level of bank reserves. c. Open-Market Operations fDefinition: Open-Market Operations Federal Reserve purchases and sales of government bonds for purpose of altering bank reserves. d. Buying Bonds By buying bonds, the Fed increases bank reserves. e. Selling Bonds By selling bonds, the Fed decreases bank reserves. 7 8 4. Powerful Levers - How the Fed controls the nation's money supply. a. Reserve requirements b. Discount rates c. Open-market operations IV. Shifting Aggregate Demand (Table 14.2) A. Expansionary Policy 1. Aggregate Demand fDefinition: Aggregate Demand The total quantity of output demanded at alternative price levels in a given time period, ceteris paribus. 2. Monetary policy may be used to shift aggregate demand. (Figure 14.5) Demand-Side Focus Price Level (Average P) AS E2 E1 AD2 AD1 Q1 Example: QF RATE OF OUTPUT (real GNP per time period) If the Fed lowers reserve requirements, drops the discount rate or buys more bonds it increases bank lending capacity. Banks make more loans so AD shifts to the right reflecting increased purchasing power. B. Restrictive Policy 1. Monetary policy can be used to cool an overheating economy. 2. Fed can reduce money supply. (Decrease AD) a. Raise reserve requirements b. Increase discount rate 9 3. c. Sell bonds "Fed Increases Dosage of Anti-Inflation Medicine" (Monetary Restraint) The Federal Reserve increases the interest rate to help fight inflation. When the Fed fears that aggregate demand is growing too fast, it tries to cool the economy down with higher interest rates. V. Price vs. Output Effects A. B. Aggregate Demand - increases in money supply shift AD to the right. Aggregate Supply fDefinition: Aggregate Supply The total quantity of output producers are willing and able to supply at alternative price levels in a given time period, ceteris paribus. 1. The effects of an aggregate demand shift on prices and output depends on the shape of the aggregate supply curve (Figure 14.6). a. Horizontal AS - output increases without any inflation. b. Vertical AS - inflation occurs without changing output. c. Upward sloped AS - both prices and output are affected by monetary policy. With an upward-sloping AS curve, expansionary policy causes some inflation and restrictive policy causes some unemployment. 2. Contrasting Views of Aggregate Supply Price Level (Average P) (a) The Keynesian view Aggregate supply P3 P1 AD2 AD1 0 Q1 QF RATE OF OUTPUT (real GDP per time period) AD3 10 Contrasting Views of Aggregate Supply PRICE LEVEL (average p) (b) The Monetarist view Aggregate supply P5 P4 AD5 AD4 0 QN RATE OF OUTPUT (real GDP per time period) Contrasting Views of Aggregate Supply (c) An eclectic view Aggregate supply PRICE LEVEL (Average P) P7 P6 AD7 AD6 0 Q6 Q7 RATE OF OUTPUT (real GDP per time period) 11 VI. Policy Perspectives A. Fixed Rules or Discretion? 1. Should the Fed try to fine-tune the economy with constant adjustments of the money supply? 2. Or should the Fed instead simply keep the money supply growing at a steady pace? Discretionary Policy 1. The economy is constantly beset by expansionary and recessionary C. 2. Thus, there is a need for continual adjustments to money supply, restraining or stimulating the economy as needed. B. forces. Fixed Rules 1. Monetary policy under fixed rules is less prone to error than is discretionary policy. 2. Fixed rules call for increasing the money supply by a constant amount each year. 3. The AS curve could be vertical or at least upward sloping. As a result, too much expansionary monetary policy would lead to inflation. The Fed's Eclecticism 1. Flexible rules 2. Limited discretion 3. Mix of money supply and interest-rate adjustments to do whatever is necessary to promote price stability and economic growth. D. 12 Examples and Practice The use of money and credit controls to change macroeconomic activity is known as: A) Fiscal policy. B) Monetary policy. C) Supply-side policy. D) Eclectic policy. Register to View AnswerThe twelve regional Federal Reserve banks are responsible for: A) Lending reserves to private banks. B) Providing currency for private banks. C) Clearing checks between private banks. D) All of the above. Register to View AnswerWhich of the following is responsible for holding bank reserves? A) The Federal Reserve Board of Governors. B) The 12 regional Federal Reserve banks. C) The Executive Branch of government. D) The Fed chairman. Register to View AnswerWhich of the following is responsible for providing currency and cash to banks? A) The Legislative Branch of government. B) Comptroller of the Currency. C) The Federal Reserve System. D) The U.S. Treasury. Register to View AnswerThe chief decision-maker for general Federal Reserve policy is the: A) Federal Open Market Committee. B) Board of Governors. C) Federal Advisory Council. D) Regional Federal Reserve banks. Register to View AnswerThe Federal Reserve Board of Governors has: A) Seven members appointed by the President of the U.S. B) Fourteen members appointed for seven-year terms by the President of the U.S. C) Seven members elected by U.S. citizens. D) Fourteen members selected by the U.S. Senate. Register to View AnswerMembers of the Federal Reserve Board of Governors: A) Are appointed to fourteen-year terms by the President of the United States. B) Are relatively immune to short-term political pressures. C) May not be reappointed after serving a full term. D) All of the above. Register to View AnswerIf the Fed wants to reduce the money supply, it can: A) Raise the discount rate. B) Sell securities on the open market. C) Raise the minimum reserve ratio. D) All of the above. Register to View AnswerIf the Fed wants to increase the size of the money supply, it can: A) Raise the discount rate. B) Buy securities on the open market. C) Increase the minimum reserve ratio. D) All of the above. Register to View AnswerA change in the reserve requirement is the tool used least often by the Fed because it: A) Does not affect bank reserves. B) Can cause abrupt changes in the money supply. C) Does not affect the money multiplier. D) Has no impact on the lending capacity of the banking system. Register to View Answer 13 Suppose the banks in the Federal Reserve System have $2 billion in reserves, the minimum reserve ratio is 0.10, and there are no excess reserves in the system. If the minimum reserve ratio is changed to 0.05, then the amount of excess reserves would be: A) $1 billion. B) $200 million. C) $100 million. D) $2 billion. Register to View AnswerThe rate of interest charged by Federal Reserve banks for lending reserves to member banks is the: A) Federal funds rate. B) Discount rate. C) Prime rate. D) Commercial paper rate. Register to View AnswerAn decrease in the discount rate: A) Increases the cost of reserves borrowed from the Federal Reserve. B) Signals the Federal Reserve's desire to restrain money growth. C) Signals the Federal Reserve's desire to stimulate money growth. D) Signals the Federal Reserve's lack of interest in lending additional reserves. Register to View AnswerWhich of the follow is a possible source of last-minute reserves for a bank? A) The sale of securities. B) The borrowing of reserves from other banks. C) The borrowing of reserves from the Federal Reserve System. D) All of the above. Register to View AnswerThe purchase and sale of government bonds by the Fed for the purpose of altering bank reserves is referred to as: A) Open-market operations. B) Closed-market operations. C) Discounting. D) Expansionary fiscal policy. Register to View AnswerThe policy lever most commonly used by the Fed is: A) Changes in the discount rate. B) Buying and selling securities. C) Changes in the reserve requirement. D) Foreign-exchange operations. Register to View AnswerIf the Fed buys more bonds from the public, then the money supply will: A) Decrease and the aggregate demand curve will shift to the right. B) Increase and the aggregate demand curve will shift to the right. C) Increase and the aggregate demand curve will shift to the left. D) Decrease and the aggregate demand curve will shift to the left. Register to View AnswerExpansionary monetary policy will: A) Increase bank lending capacity. B) Lower interest rates. C) Encourage people to borrow and spend more money. D) All of the above. Register to View AnswerWhich of the following are tools for shifting the aggregate demand curve? A) Open-market operations. B) The discount rate. C) The reserve requirement.= D) All of the above. = Register to View AnswerAccording to the Monetarist view, the aggregate supply curve is: A) Horizontal until full employment is reached and then it becomes vertical. B) Horizontal at all levels of output. C) Vertical at the natural rate of unemployment. D) First horizontal, then upward sloping, and finally vertical. Register to View Answer 14 According to the Monetarist view, the aggregate supply curve is: A) Upward sloping to the right. B) Perfectly vertical at the natural rate of unemployment. C) Flat or horizontal until full employment is reached. D) Flat or horizontal at all levels of output. Register to View AnswerUsing the aggregate supply drawn under the Monetarist view, what should happen to the equilibrium price level and quantity of output if the Fed buys securities? A) Equilibrium price level and equilibrium quantity should both go up. B) Equilibrium price level should go up, and equilibrium quantity should go down. C) Equilibrium price level should go down, and equilibrium quantity should go up. D) Equilibrium price level should go up and equilibrium quantity should stay constant. Register to View AnswerAccording to the Keynesians, the aggregate supply curve is: A) Horizontal until full employment is reached, and then it becomes vertical. B) Vertical at the natural rate of unemployment. C) First horizontal, then upward sloping, and finally vertical. D) Upward sloping at all times. Register to View AnswerGiven Keynesian assumptions about the shape of the aggregate supply curve and an economy suffering a recession, which of the following is most likely to occur if the Fed pursues expansionary monetary policy? A) The equilibrium price level and output will both increase. B) The equilibrium price level and output will both decrease. C) The equilibrium price level will increase but output will stay the same. D) The equilibrium output will increase but the price level will stay the same until f ull employment is reached. Register to View AnswerAccording to the Keynesian view of aggregate supply, an increase in the money supply will: A) Always cause inflation. B) Cause inflation if the economy is at full employment. C) Cause inflation only if aggregate supply is horizontal. D) Never cause inflation. Register to View AnswerMonetary policy is most effective against unemployment when lending capacity is: A) Not fully utilized and aggregate supply is vertical. B) Not fully utilized and aggregate supply is horizontal. C) Fully utilized and aggregate supply is vertical. D) Fully utilized and aggregate supply is horizontal. Register to View AnswerWhich of the following best describes the eclectic aggregate supply curve? A) Horizontal until full employment is reached, and then it becomes vertical. B) Vertical. C) First horizontal, then upward sloping, and finally vertical. D) Downward sloping. Register to View AnswerAn eclectic aggregate supply curve: A) Is the supply-side counterpart to Monetarist and Keynesian assumptions about the shape of the aggregate demand curve. B) Combines elements of both Monetarist and Keynesian assumptions about the shape of the aggregate supply curve. 15 Maintains a constant upward slope as the economy moves through the business cycle. D) All of the above. Register to View AnswerThe long-term rate of unemployment, determined by structural forces in labor and product markets, defines the: A) Frictional rate of unemployment. B) Natural rate of unemployment. C) Seasonal rate of unemployment. D) Cyclical rate of unemployment. Register to View AnswerThe natural rate of unemployment implies that in the long run: A) The rate of unemployment can be permanently reduced by more expansionary monetary and fiscal policies. B) The Federal Reserve can bring the economy to equilibrium by altering the money supply. C) Monetary policy only affects the rate of inflation. D) Discretionary monetary policy affects output. Register to View AnswerWhich of the following policies supports the concept of continual adjustment of the money supply to achieve macroeconomic goals? A) Discretionary policy. B) Fixed rules. C) Restrictive policy. D) Fiscal policy. Register to View AnswerFigure 14.1 C) PRICE LEVEL A S1 A S2 AS 3 AD2 A D1 REAL OUTPUT Refer to Figure 14.1. Suppose the Federal Reserve buys bonds in the open market. The money supply will _______ and cause a shift from _______. A) Increase, AD1 to AD2. B) Increase, AS1 to AS2. C) Decrease, AD2 to AD1. D) Decrease, AS3 to AS2. Register to View Answer 16

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COCO In-Class ActivityActivity 1: Even Parity Checker10/30/06a. Fill up the symbolic and encoded state table for an even parity checker (outputs 1 when the number of bits seen so far = even) Symbolic State Transition Table 0Odd [0]1Even [1]
Rensselaer Polytechnic Institute - ECSE - 2610
COCO In-Class Activity10/26/06Activity 1: Implementing a 2-bit Gray code counter using T Flip-Flops.We used the 2-bit Gray code (00 01 11 10 00 .) earlier to construct K-maps. We would now like to build a simple counter circuit that continu