平均每个美国成年人持有2734美元现金。 平均每个美国成年人持有2734美元现金。 美元现金
谁持有所有这些现金? 谁持有所有这些现金
许多现金由外国持有 许多现金由非法主体持有
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
联邦储备体系
联邦储备（美联储）的体制结构 联邦储备（美联储）的体制结构:
联邦储备体系的主要组成是： 联邦储备体系的主要组成是：
1) 联邦储备理事会 2) 地区联邦储备银行 3) 联邦公开市场委员会
The Federal Reserve 联邦储备
The Federal Reserve (Fed) serves as the nation’s central bank. 联邦储备（Fed）——美国的中央银行 联邦储备（ ）
It is designed to oversee the banking system. 它被设计用来监督银行体系。 它被设计用来监督银行体系。 It regulates the quantity of money in the economy. 调节经济中的货币量。 调节经济中的货币量。
它不具有内在价值。 它不具有内在价值。 例子： 硬币，纸币， 例子： 硬币，纸币，存款支票
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Money in the U.S. Economy
Currency is the paper bills and coins in the hands of the public. Demand deposits are balances in bank accounts that depositors can access on demand by writing a check.
10
MONEY AND PRICES IN THE LONG RUN 长期中的货币与物价 长期中的货币与物价
The Monetary System 货币制度
Chapter 29
The Meaning of Money 货币的含义
Money is the set of assets in the economy that people regularly use to buy goods and services from other people. 货币——经济中人们经常用来向其 货币 经济中人们经常用来向其 他人购买物品与劳务的一组资产。 他人购买物品与劳务的一组资产。
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
联邦储备的体制结构
理事会
7名成员 名成员 由总统任命 由国会批准 任期14年 任期 年，而且任期错开以便每两年有一 个空缺。 个空缺。 总统任命其中一个成员为主席，任期4年 总统任命其中一个成员为主席，任期 年。
0
图1. 美国经济中的货币
10亿美元 亿美元 $5,455 M2 • 储蓄存款 •小额定期存款 • 货币市场 共同基金 •几种不重要的项目 ($4,276 billion) M1 $1,179 • 活期存款 • 旅行支票 ’ • 其他支票存款 ($599 billion) • 现金 ($580 billion) •M1中的每一种 ($1,179 billion)
Medium of exchange 交换媒介 Unit of account Store of value
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
计价单位 价值储藏
The Functions of Money 货币的职能
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Fed’s Organization
美联储的体制结构 The Federal Reserve Banks 地区联邦储备银行 The New York Fed implements some of the Fed’s most important policy decisions. 纽约联邦储备银行承担美联储的 一些最重要政策的决策。 一些最重要政策的决策。
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Three Functions of Money 货币的职能
Money has three functions in the economy:
货币在经济中有三种职能： 货币在经济中有三种职能：
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
美国经济中的货币
现金—— 公众手中持有的纸币钞 现金 票和铸币。 票和铸币。 活期存款—— 储户可以随时开支 活期存款 票的银行帐户余额。 票的银行帐户余额。
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Fed’s Organization
联邦储备的体制结构 The Federal Reserve System is made up of the Federal Reserve Board in Washington, D.C., and twelve regional Federal Reserve Banks.
The Federal Reserve System
The Structure of the Federal Reserve System:
The primary elements in the Federal Reserve System are:
1) The Board of Governors 2) The Regional Federal Reserve Banks 3) The Federal Open Market Committee
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Federal Reserve 联邦储备
The Fed was created in 1914 after a series of bank failures convinced Congress that the U.S. needed a central bank to ensure the health of the nation’s banking system.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
The Fed’s Organization
The Board of Governors
Seven members Appointed by the President Confirmed by the Senate Serve staggered 14-year terms so that one comes vacant every two years. President appoints a member as chairman to serve a four-year term.
Currency held abroad Currency held by illegal entities
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
所有的现金都在哪里? 所有的现金都在哪里
在 2001年，未清偿的通货有 5800 年 亿美元左右。 亿美元左右。
Examples: Gold, silver, cigarettes.
Fiat money is used as money because of government decree.
It does not have intrinsic value. Examples: Coins, currency, check deposits.
Harcourt, Inc. items and derived iБайду номын сангаасems copyright © 2001 by Harcourt, Inc.
The Kinds of Money
Commodity money takes the form of a commodity with intrinsic value.
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
Figure 1 Money in the U.S. Economy
Billions of Dollars $5,455 M2 • Savings deposits • Small time deposits • Money market mutual funds • A few minor categories ($4,276 billion) M1 $1,179 • Demand deposits • Traveler’checks s • Other checkable deposits ($599 billion) • Currency ($580 billion) • Everything in M1 ($1,179 billion)