Principles of Economics, Ninth Edition

N. Gregory Mankiw

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 Chapter 29

The Monetary System

N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or 2
posted to a publicly accessible website, in whole or in part.
 The Meaning of Money, Part 1
• Barter
– Exchanging one good or service for
another
– Trade requires double coincidence of
wants
• Unlikely occurrence that two people each
have a good or service that the other wants
• Money
– Makes trade easier

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 The Meaning of Money, Part 2
• Money
– Set of assets in an economy
– That people regularly use
– To buy goods and services from other
people
• Liquidity
– Ease with which an asset can be
converted into the economy’s medium of
exchange
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posted to a publicly accessible website, in whole or in part.
 The Functions of Money
1. Medium of exchange
– Item that buyers give to sellers when they
want to purchase goods and services
2. Unit of account
– Yardstick people use to post prices and
record debts
3. Store of value
– Item that people can use to transfer
purchasing power from the present to the
future
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posted to a publicly accessible website, in whole or in part.
 The Kinds of Money, Part 1
• Commodity money
– Money that takes the form of a commodity
with intrinsic value: gold, cigarettes
• Intrinsic value
– Item would have value even if it were not
used as money
• Gold standard - Gold as money
– Or paper money that is convertible into
gold on demand
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posted to a publicly accessible website, in whole or in part.
 The Kinds of Money, Part 2
• Fiat money
– Money without intrinsic value
– Used as money because of government
decree
– “This note is legal tender for all debts,
public and private”
• Fiat
– Order or decree

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 Money in the U.S. Economy, Part 1
• Money stock
– Quantity of money circulating in the
economy
• Currency
– Paper bills and coins in the hands of the
public
• Demand deposits
– Balances in bank accounts; depositors
can access on demand by writing a check
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 我國貨幣相關的重要名詞定義
• 準備貨幣 (reserve money) 又稱為強力貨幣 (high-
power money) 或貨幣基數 (monetary base):
包括收受存款機構之準備金 (reserves) 及社會大眾
持
有的通貨 (currency) ，二者均係中央銀行之貨幣性
負
債，為創造貨幣供給量的基礎。
• 通貨淨額 (net currency) = 央行通貨發行額－全體
貨幣機構庫存現金。
• 準貨幣 (quasi money) 或準貨幣性存款 :
主要包含企業及個人之定期存款、定期儲蓄存款、
. 外匯存款。 9
 貨幣總計數
• M1A= 通貨淨額 + 企業及個人（含非營利
團體）在其他貨幣機構之支票存款及活期
存款。

• M1B=M1A ＋個人（含非營利團體）在其
他貨幣機構之活期儲蓄存款。

• M2=M1B ＋準貨幣。

10
 Money in the U.S. Economy, Part 2
• Measures of money stock
– M1
• Demand deposits, Traveler’s checks
• Other checkable deposits, Currency
– M2
• Everything in M1
• Savings deposits, Small time deposits
• Money market mutual funds
• A few minor categories

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Figure 1 Two Measures of the Money Stock for the

U.S. Economy

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 Where is All the Currency?
• January 2019: $1.7 trillion currency
outstanding
– Implies the average adult holds about
$6,500 of currency
– Much of the currency is held abroad (over
half of U.S. dollars)
– Much of the currency is held by drug
dealers, tax evaders, and other criminals
• Currency -not a good way to hold wealth
– Can be lost or stolen; doesn’t earn interest
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. 14
15
 公開市場操作
• 公開市場操作係指中央銀行在公開的金融
市場，與金融機構進行買賣有價證券或發
行央行存單的交易。

• 央行買進債票券時會釋出強力貨幣，期使
債票券價格上升、利率下跌；反之，公開
市場賣出會回收強力貨幣，期使票券價格
下跌、利率上升。

16
 The Federal Reserve System
• Central bank
– Institution designed to
• Oversee the banking system
• Regulate the quantity of money in the economy
• The Federal Reserve (the Fed)
– The central bank of the United States
– Created in 1913 after a series of bank failures
in 1907
– Purpose: to ensure the health of the nation’s
banking system
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 The Fed’s Organization, Part 1
• Board of governors
– 7 members, 14-year terms
• Appointed by the president and confirmed by
the Senate
– The chairman: Jerome Powell
• Directs the Fed staff
• Presides over board meetings
• Testifies regularly about Fed policy in front of
congressional committees.
• Appointed by the president (4-year term)
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 The Fed’s Organization, Part 2
• The Federal Reserve System
– Federal Reserve Board in Washington,
D.C.
– 12 regional Federal Reserve Banks
• Major cities around the country
• The presidents are chosen by each bank’s
board of directors

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 The Fed’s Organization, Part 3
• The Fed’s jobs
– Regulate banks and ensure the health of
the banking system
• Regional Federal Reserve Banks
• Monitors each bank’s financial condition
• Facilitates bank transactions - clearing
checks
• Acts as a bank’s bank
• The Fed – lender of last resort

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 The Fed’s Organization, Part 4
• The Fed’s jobs
– Control the money supply
• Quantity of money available in the economy
• Monetary policy: by the Federal Open Market
Committee (FOMC)
• Money supply
– Quantity of money available in economy
• Monetary policy
– Setting of the money supply
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 Federal Open Market Committee, Part 1
• FOMC
– 7 members of the board of governors
– 5 of the twelve regional bank presidents
• All twelve regional presidents attend each
FOMC meeting, but only five get to vote
– Meets about every 6 weeks in
Washington, D.C.
– Discuss the condition of the economy
– Consider changes in monetary policy
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posted to a publicly accessible website, in whole or in part.
 Federal Open Market Committee, Part 2
• Fed’s primary tool: open-market operation
– Purchase & sale of U.S. government
bonds
• FOMC - increase the money supply
– The Fed: open-market purchase
• FOMC - decrease the money supply
– The Fed: open-market sale

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24
25
 Banks and the Money Supply, Part 1
• Money
– Currency + Demand deposits
• Behavior of banks
– Can influence the quantity of demand
deposits in the economy (and the money
supply)

“I’ve heard a lot about

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 Banks and the Money Supply, Part 2
• Reserves
– Deposits that banks have received but
have not loaned out
• The simple case of 100% reserve banking
– All deposits are held as reserves
• Banks do not influence the supply of money

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 Fractional-Reserve Banking, Part 1
• Fractional-reserve banking
– Banks hold only a fraction of deposits as
reserves
• Reserve ratio
– Fraction of deposits that banks hold as
reserves
• Reserve requirement
– Minimum amount of reserves that banks
must hold; set by the Fed
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posted to a publicly accessible website, in whole or in part.
 Fractional-Reserve Banking, Part 2
• Excess reserve
– Banks may hold reserves above the legal
minimum
• Example: First National Bank
– Reserve ratio 10%

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posted to a publicly accessible website, in whole or in part.
 Fractional-Reserve Banking, Part 3
• Banks hold only a fraction of deposits in
reserve
– Banks create money
• Assets
• Liabilities
– Increase in money supply
– Does not create wealth

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 The Money Multiplier, Part 1

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 The Money Multiplier, Part 2
• The money multiplier
– Original deposit = $100.00
– First National lending = $ 90.00 [= .9 × $100.00]
– Second National lending=$ 81.00 [= .9 × $90.00]
– Third National lending = $ 72.90 [= .9 × $81.00]
–…
– Total money supply = $1,000.00

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 The Money Multiplier, Part 3
• The money multiplier
– Amount of money the banking system
generates with each dollar of reserves
– Reciprocal of the reserve ratio = 1/R
• The higher the reserve ratio
– The smaller the money multiplier

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 Financial Crisis of 2008–2009, Part 1
• Bank capital
– Resources a bank’s owners have put into
the institution
– Used to generate profit

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 Financial Crisis of 2008–2009, Part 2
• Leverage
– Use of borrowed money to supplement
existing funds for purposes of investment
• Leverage ratio
– Ratio of assets to bank capital
• Capital requirement
– Government regulation specifying a
minimum amount of bank capital

N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or 35
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 Financial Crisis of 2008–2009, Part 3
• If bank’s assets rise in value by 5%
– Because some of the securities the bank
was holding rose in price
– $1,000 of assets would now be worth
$1,050
– Bank capital rises from $50 to $100
– So, for a leverage rate of 20
• A 5% increase in the value of assets
• Increases the owners’ equity by 100%

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 Financial Crisis of 2008–2009, Part 4
• If bank’s assets are reduced in value by
5%
– Because some people who borrowed from
the bank default on their loans
– $1,000 of assets would be worth $950
– Value of the owners’ equity falls to zero
– So, for a leverage ratio of 20
• A 5% fall in the value of the bank assets
• Leads to a 100% fall in bank capital

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 Financial Crisis of 2008–2009, Part 5
• If bank’s assets are reduced in value by
more than 5%
– Because some people who borrowed from
the bank default on their loans
– For a leverage ratio of 20
• The bank’s assets would fall below its
liabilities
• The bank would be insolvent: unable to pay
off its debt holders and depositors in full

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 Financial Crisis of 2008–2009, Part 6
• Many banks in 2008 and 2009
– Incurred sizable losses on some of their
assets
• Mortgage loans and securities backed by
mortgage loans
– Shortage of capital induced the banks to
reduce lending
• Credit crunch
• Contributed to a severe downturn in
economic activity
N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or 39
posted to a publicly accessible website, in whole or in part.
 Financial Crisis of 2008–2009, Part 7
• U.S. Treasury and the Fed
– Put many billions of dollars of public funds
into the banking system
• To increase the amount of bank capital
– Temporarily made the U.S. taxpayer a part
owner of many banks
– Goal: to recapitalize the banking system
• So that bank lending could return to a more
normal level - occurred by late 2009

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 Fed’s Tools of Monetary Control, Part 1
• Influences the quantity of reserves
– Open-market operations
– Fed lending to banks
• Influences the reserve ratio
– Reserve requirements
– Paying interest on reserves

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posted to a publicly accessible website, in whole or in part.
 Fed’s Tools of Monetary Control, Part 2
• Open-market operations
– Purchase and sale of U.S. government
bonds by the Fed
– To increase the money supply
• The Fed buys U.S. government bonds
– To reduce the money supply
• The Fed sells U.S. government bonds
– Easy to conduct
– Used more often
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 Fed’s Tools of Monetary Control, Part 3
• Fed lending to banks
• To increase the money supply
• Discount window
• At the discount rate
– Term Auction Facility
• To the highest bidder

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 Fed’s Tools of Monetary Control, Part 4
• The discount rate
– Interest rate on the loans that the Fed
makes to banks
– Higher discount rate
• Reduce the money supply
– Smaller discount rate
• Increase the money supply

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 Fed’s Tools of Monetary Control, Part 5
• Term Auction Facility (2007 to 2010)
– The Fed sets a quantity of funds it wants
to lend to banks
– Eligible banks bid to borrow those funds
– Loans go to the highest eligible bidders
• Acceptable collateral
• Pay the highest interest rate

N. Gregory Mankiw, Principles of Economics, 9th Edition © 2021 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or 45
posted to a publicly accessible website, in whole or in part.
 Fed’s Tools of Monetary Control, Part 6
• Reserve requirements
– Minimum amount of reserves that banks
must hold against deposits
• An increase in reserve requirement: decrease
the money supply
• A decrease in reserve requirement: increase
the money supply
– Used rarely – disrupt business of banking
– Less effective in recent years
• Many banks hold excess reserves
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 Fed’s Tools of Monetary Control, Part 7
• Paying interest on reserves
– Since October 2008
– The higher the interest rate on reserves
• The more reserves banks will choose to hold
– An increase in the interest rate on
reserves
• Increase the reserve ratio
• Lower the money multiplier
• Lower the money supply

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 Problems
• The Fed’s control of the money supply
– Not precise
• The Fed does not control:
– The amount of money that households
choose to hold as deposits in banks
– The amount that bankers choose to lend

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 Bank Runs and the Money Supply, Part 1
• Bank runs
– Depositors fear that a bank may be
having financial troubles
• “Run” to the bank to withdraw their deposits
– Problem for banks under fractional-
reserve banking
• Cannot satisfy withdrawal requests from all
depositors

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 Bank Runs and the Money Supply, Part 2
• When a bank run occurs
– The bank - is forced to close its doors
– Until some bank loans are repaid
– Or until some lender of last resort
provides it with the currency it needs to
satisfy depositors
– Complicate the control of the money
supply

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 Bank Runs and the Money Supply, Part 3
• Great Depression, early 1930s
– Wave of bank runs and bank closings
– Households and bankers - more cautious
– Households
• Withdrew their deposits from banks

A not-so-wonderful
bank run

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 Bank Runs and the Money Supply, Part 4
• Great Depression, early 1930s
– Bankers - responded to falling reserves
• Reducing bank loans,
• Increased their reserve ratios
• Smaller money multiplier
• Decrease in money supply

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 Bank Runs and the Money Supply, Part 5
• No bank runs today
– Depositors are confident
– FDIC will make good on the deposits
• Government deposit insurance
– Guarantees the safety of deposits at most
banks: Federal Deposit Insurance
Corporation (FDIC)
– Cost: Bankers - little incentive to avoid bad
risks
– Benefit: A more stable banking system
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 我國存款保險
• 存款保險係由吸收存款金融機構 ( 以下簡稱要保機
構 ) 向中央存款保險股份有限公司 ( 以下簡稱中央存
保公司 ) 投保並繳付保險費的一種政策性保險，存
款人不需繳付任何保險費。
• 倘要保機構經其主管機關勒令停業，中央存保公司
將在最高保額新臺幣 300 萬元內，依法賠付存款
人，以保障存款人權益並維護金融安定。
• 中央存保公司於民國 74 年 9 月 27 日由財政部及中
央銀行共同出資成立，自民國 100 年開始，財政部
股權經行政院核定移由金融監督管理委員會管理，
為我國辦理存款保險的唯一專責機構，屬國營機
構。
54
 存款保險的保障範圍

依存款保險條例第 12 條規定，存款保險標的以中
華民國境內存款為保障範圍。
存款保險的保障範圍
受保障之存款 未受保障之存款
•可轉讓定期存單
•支票存款 •各級政府機關之存款
•活期存款 •中央銀行之存款
•定期存款 •收受存款金融機構間之同業存款
•依法律要求存入特定金融機構之轉存款 •銀行所設之國際金融業務分行收受之存
•其他經主管機關核准承保之存款 款
•其他經主管機關核准不予承保之存款

. 55
 存款保險功能
• 存款屬高流動性短期負債，而金融機構利用其所取
得的資產多屬長期性資產。
• 由於金融機構資產有短期內變現不易的特性，一旦
經營發生困難或存款人對其喪失信心，恐有引發擠
兌 (bank runs) 之虞，另如擠兌蔓延，可能引發金融
機構連鎖效應。
• 政府成立存款保險機制，對大多數的存款人依法提
供保障，另方面對加入存款保險之要保機構，配合
主管機關金融監理政策及依存保條例加強承保風險
控管，可防範擠兌之擴散及避免系統性危機，確保
金融安定。

56
 The Federal Funds Rate, Part 1
• The federal funds rate
– Interest rate at which banks make
overnight loans to one another
• Lender – has excess reserves
• Borrower – needs reserves
– A change in federal funds rate
• Changes other interest rates

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 The Federal Funds Rate, Part 2
• The federal funds rate
– Differs from the discount rate
– Affects other interest rates as well
– Is determined by supply and demand in
the market for loans among banks
– Targeted by the Fed
• Change the federal funds rate
• Change the money supply

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 The Federal Funds Rate, Part 3
• The Fed targets the federal funds rate
through open-market operations
– The Fed buys bonds
• Decrease in the federal funds rate
• Increase in money supply
– The Fed sells bonds
• Increase in the federal funds rate
• Decrease in money supply

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posted to a publicly accessible website, in whole or in part.
 我國央行政策利率
• 我國央行政策利率為重貼現率。例如，央
行升息一碼，即是宣示提高重貼現率
0.25% 。

• 當央行調整重貼現率，主要藉由公開市場
操作調節金融批發市場資金寬鬆程度，同
時，透過公股銀行配合政策的調整其定期
存款利率，以傳遞央行政策利率的影響力
來改變金融市場中的各種利率。
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