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essay格式:货币政策工具与应用分析

除了市场的动态,例如支出模式和商业投资决策,公共政策对包括财政和货币政策在内的经济表现具有关键影响。货币政策是通过联邦储备系统执行的。另一方面,财政政策是通过立法和财政政策来决定的。尤其是在税收和支出方面的决定。

货币政策是指中央银行对货币总量的影响。中国的经济表现和利率受信贷的影响。通货膨胀是指维持总体价格水平的上升,这与货币相关购买力和价值的下降相同(伊顿,2015)。如果货币供应和信贷快速增长,结果就是价格膨胀。总体而言,货币政策目标在于促进就业达到峰值、稳定物价和长期利率水平。通过实施有效的货币政策,美联储有可能维持稳定的价格,从而支持长期的经济增长条件,实现就业最大化。美国的经济政策目标在于保护美国的经济。鼓励为经济可持续增长和更高的就业水平创造有利条件,并在长期内与其他国家建立合理的交易平衡(Mester, 2016)。联邦储备系统通过其影响货币成本、可用性和信贷的货币政策行动,进一步促进了这些目标的实现。美国联邦储备委员会(fed)试图根据经济形势的变化调整政策。这是通过在经济和财政上根据现有信息作出政策决定来实现的。例如,联邦公开市场委员会(Federal Open Market Committee)的政策所涉及的行动,至少在一定程度上受到美联储(Reserve bank)和美联储(Board of Governors)工作人员的经济学家提供的经济分析的影响。这个体系的每一个组成部分,包括FOMC, Board of Governors和reserve bank,都扮演着制定和执行这个体系的货币政策的几个角色(Yellen, 2015)。该系统利用3种货币政策工具来影响准备金,包括公开市场操作、贴现率和准备金要求。公开市场操作是最灵活的,因此是美联储货币政策工具中最重要的,因为它涉及政府证券在公开市场领域的买卖。美联储的公开市场操作由联邦公开市场委员会(FOMC)指导,并通过纽约联邦储备银行(Federal Reserve Bank)的交易部门进行。为了提高货币和信贷的可用性,联邦系统从政府购买证券。购买这些证券,通过存款机构的存款准备金帐户为交易商办理证券交易。这些庞大的储备账户为银行提供了更多的资金用于放贷和投资。为了随着信贷流动而收紧货币,美联储(Federal Reserve)开始出售证券。这就导致了对银行存款准备金率增长的抑制,限制了银行以放贷和投资为基础的活动。另一个工具是折现率(Giagnon et al., 2014)。存款机构有时会从准备金禁令体系中借入资金,以覆盖存款的临时流失。贴现率,即贴现窗口贷款的利率,也由各储备银行的董事会决定,须经理事会批准。仅仅是贴现率的变化,就可以通过提高或降低投资者获得资金的成本来抑制或鼓励金融机构的借贷和投资活动(Romer et al., 2013)。尽管贴现率对市场状况的直接影响可能较小,但贴现率的变化可能是美联储政策方向的一个重要标志。准备金率是美联储使用的另一种货币政策工具。在法律规定的范围内,作为理事会成员的理事可以任意改变存款机构应当以准备金形式保留的存款比例。联邦储备系统改变准备金要求的频率远远小于改变贴现率要求的频率,因为这类改变对金融业有着深远的影响。

essay格式:货币政策工具与应用分析

Apart from the dynamics in the market, such as expenditure patterns and the decisions on business investment, public policies result in having a key influence over the economic performance inclusive of fiscal and monetary policies. Monetary policy is carried out through the Federal Reserve System. Fiscal policy on the other hand is determined through legislative and U.S government executive branches especially by decisions on taxation and expenditure.
Monetary policy as a term refers to what the central bank does for influencing the money amount, U.S economy performance and interest rate influenced by credit. Inflation is something that sustains an increase in the general prices level which is the same as decline within money related purchase power and value (Eaton, 2015). If money supply and credit increases in a rapid manner, the result is inflated price. The monetary policy goals in general lie in promoting employment to its peak, stabilize prices and moderate interest rate in the long term. Through implementation of effective monetary policy, it is possible for Federal Reserves to sustain stabilized pricing resulting in supporting long term economic growth conditions and maximize employment. The economic policy objective in the nation lies in protecting the U.S dollar purchase power, encourage favourable conditions for sustainable growth in the economy and a higher employment level along with fostering a reasonable transaction based balance with other countries over a long term period (Mester, 2016). The Federal Reserve System furthermore contributes to such objectives by its actions on monetary policy influencing money cost, availability and credit. The system for Federal Reserve seeks to adjust its policy for changing conditions economically. This is done through basing policy decisions over current information economically and financially. The Federal Open Market Committee policy, for example, involves actions that are impacted at the least in part through economic analysis provided through economists of staff with regard to Reserve banks and Board of Governors. Every component of this system inclusive of FOMC, Board of Governors and the reserve bank play several roles to formulate and carry out the monetary policy of the system (Yellen, 2015). There are 3 monetary policy tools that the system utilizes to influence reserves inclusive open market operations, discounting rates and requirements for reserve. Open market operations are most flexible and henceforth are most essential of the monetary policy tools by feds as it involves government securities purchase and sale in the open market arena. The open market operations by Feds are directed through the FOMC and are carried out through the Federal Reserve Bank trading desk from New York. To enhance money and credit availability, the Federal system purchases the securities from the government. Purchases of these securities are paid through reserve accounts crediting of deposit institutions to handle the securities transactions for dealers. These large reserve accounts provide the banks more capital to lend and invest at elsewhere. For tightening the money along with the flow of credit, Federal Reserve engages in selling securities. This thereby results in restraining the reserve balance growth for banks, restrict their lending and investment based activities. Another tool is discounting rates (Giagnon et al., 2014). The depository institutes at times borrow capital from the system of Reserve bans for covering temporary drains from deposit. The rate of discounting, the interest rate charged over such short term, loans for discount window is set also through the boards of directors for Reserve Banks subjected to approval through Governors boards. A mere change in the rate of discount can either result in inhibiting or encouraging lending and investment activities for financial institutions through making it either more costly or less for the investors to gain funds (Romer et al., 2013). Even though the discounting rate might have less direct influence over conditions in the market, discount rate change can be an essential sign of policy direction for the Fed. Reserve requirements is another monetary policy tool used by the Reserve system. In the limits prescribed through law, the Governors as board members can indulge in changing the deposits percentage that institutions of depository should keep aside in the form of reserves. The system for Federal Reserve changes the requirements for reserve much less frequently than it changes the discount rate requirements because changes of these kind have a far reaching influence over the financial sector.