multiplicador monetario/instrumentos política monetaria

MODERN PRINCIPLES OF ECONOMICS- CH 32

métodos de pago principales

1. currency

2. total reserves held by banks at the Fed

3. Checkable deposits

4. Savings deposits (largest method)

• dollars are used in so many countries in means of preserving and protecting wealth

• liquid asset: asset that can be used for payments or be converted into an asset that can be used for payments

multiplicadores de interes

M4: M3+bonos, letras del tesoros y pagarés, en algunos casos pagares firmados por empresas

M3: instrumentos del mercado monetario, valores de renta fija, cesiones temporales*

M2: M1+depositos de ahorro, money market mutual funds, small time deposits (C+DV+DA)

M1: currency+checkable deposits (C+DV)

MB: currency and total reserves held at the Fed (C+R=C+RR+SE)

• fractional reserve: banks hold only a fraction of deposits in reserve, lending the rest

• reserve ratio: the ratio of reserves (money the bank keeps) to deposits

• money multiplier MM: amount of money supply expands with each dollar increase in reserves

• ripple effect: one bank increases its loans, leading to an increase in deposits in another bank, and so forth. (1 event leads to a series of consequences)

Como la federacion controla money supply

1. open market operations

2. disccount rate lending and the term auction facility

3. paying interest on reserves held by banks at the Fed

• menores reservas → mayor MM

• mayores reservas → less MM

BOND PRICES AND INTEREST RATES HAVE AN INVERSE RELATIONSHIP

*es importante conocer esta información porque es una señal al mercado, es clave para saber en que invertir.

• quantitative easing: when the Fed buys longer term government bonds or other securities

• quantitative tightening: when the Fed sells longer term government bonds or other securities

• federal funds rate: overnight lending rate from one major bank to another

• lender of last resort: loans money to banks and other financial institutions when no one else will

• discount rate: interest rate banks pay when they borrow directly from the Fed.

• Solvency crisis: when banks become insolvent

• insolvent bank: liablities>assets

• systemic risk: failiure of one institution can bring others down

• moral hazard: when banks and other financial institutions take on too much risk

ERRORES DE CALCULO EN LA MAGNITUD DE LOS AGREGADOS MONETARIOS

1. Sobreestimacion

   destruccion fisica del dinero fisico

2. sub-estimacion

   circulacion como metodo de pago

   • moneda extranjera

   • moneda falsificada