Chapter 3 All Materials PDF

Chapter 3 All Materials PDF - ECON 330: Money and Banking...

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Unformatted text preview: ECON 330: Money and Banking Fall 2007 Section 1: Tuesday and Thursday, 11:30AM-12:45PM, SMU 104 Section 2: Tuesday and Thursday, 5:00PM-6:15PM, SRO B Prof. J. Santos South Dakota State University Student Learning Objectives: Chapter 3: What Is Money? [1] De&ne the term money. [2] Provide and identify examples of money. [3] Distinguish between money, income and wealth. [4] List and de&ne the three fundamental functions of money. [5] Identify examples of how money provides in practice each of these functions. [6] Explain why an economys use of money as a medium of exchange promotes economic e ciency. [7] De&ne the terms ination, hyperination, deation and disination. [8] De&ne the term liquidity. [9] Chronicle the evolution of the payments system. [10] Compare and contrast the properties, advantages and disadvantages of commodity and &at monies. [11] List the Federal Reserves four monetary aggregates and identify the components of each. [12] Determine how transfers to and from various forms of money a/ect the monetary aggregates. [13] Provide two reasons why the Fed revises its money data (M1, M2, etc.). Department of Economics South Dakota State University Chapter 3: What Is Money? Econ 330: Money and Banking Fall 2007 Prof. Joseph Santos This outline draws from Frederic Mishkins Money, Banking and Financial Markets (2007) and, as such, contains copy written material. Please do not quote without proper citation. Department of Economics South Dakota State University [1] Meaning of Money Economists define money as anything that is generally accepted in payment for goods or services or in the repayment of debts. Currency (paper money and coins) clearly fits this definition of money. But, there is no single empirical definition of money. See Slides 4.1 and 4.2 Money versus wealth versus income Money, like wealth, is a stock variable; income is a flow variable....
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This note was uploaded on 04/09/2008 for the course ECON 330 taught by Professor Santos during the Spring '08 term at SD State.

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Chapter 3 All Materials PDF - ECON 330: Money and Banking...

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