9 同济大学 经济与管理学院 TONGJI UNIVERSITY SCHOOL OF ECONOMICS MANAGEMENT Chapter 10 Monetary Policy 货币政策 中国经济 下率，兴怒济
Chapter 10 Monetary Policy
The Economics of Money and Banking Chapter 10 Monetary Policy >>>Agenda Targets of Monetary Policy Monetary Policy Instruments Transmission Mechanism and Intermediate Targets of Monetary Policy ■ Potency of Monetary Policy ● ● ● 2 GUO YING SEM TONGJI UNIVERSITY
The Economics of Money and Banking 2 GUO YING SEM TONGJI UNIVERSITY Targets of Monetary Policy Monetary Policy Instruments Transmission Mechanism and Intermediate Targets of Monetary Policy Potency of Monetary Policy Chapter 10 Monetary Policy Agenda
The Economics of Money and Banking Chapter 10 Monetary Policy 》》 Monetary Policy 1 Definition Money policy refers to the policy and measures that a central bank Targets of Monetary adopts regarding regulating and controlling of money supply and money circulation in order to realize the present economic targets. Content Monetary targets;Monetary policy instrument; Policy Transmission mechanism;Intermediate targets of monetary policy Potency of monetary policy 3 GUO YING SEM TONGJI UNIVERSITY
The Economics of Money and Banking 3 GUO YING SEM TONGJI UNIVERSITY 1 Monetary Policy Targets of Monetary Policy Money policy refers to the policy and measures that a central bank adopts regarding regulating and controlling of money supply and money circulation in order to realize the present economic targets. Definition Monetary targets; Monetary policy instrument; Transmission mechanism; Intermediate targets of monetary policy Potency of monetary policy Content Chapter 10 Monetary Policy
The Economics of Money and Banking Chapter 10 Monetary Policy 》》 Four Targets of Monetary Policy 1 Economic growth:the growth of a nation's GDP Targets of Monetary Price stability:the stability of currency value and control of inflation without any great change of the price level within a certain period Full employment people who are able and willing to work can find Policy suitable jobs at the present wage level. Balance of payment equilibrium 4 GUO YING SEM TONGJI UNIVERSITY
The Economics of Money and Banking 4 GUO YING SEM TONGJI UNIVERSITY 1 Four Targets of Monetary Policy Economic growth: the growth of a nation’s GDP Price stability: the stability of currency value and control of inflation without any great change of the price level within a certain period Full employment : people who are able and willing to work can find suitable jobs at the present wage level. Balance of payment equilibrium Targets of Monetary Policy Chapter 10 Monetary Policy
The Economics of Money and Banking Chapter 10 Monetary Policy 》》》 Unity and Conflict of the Targets of Monetary Policy 1 Price stability and full employment Targets of Monetary Policy Price stability and economic growth Price stability and balance of payment equilibrium Economic growth and balance of payment equilibrium 5 GUO YING SEM TONGJI UNIVERSITY
The Economics of Money and Banking 5 GUO YING SEM TONGJI UNIVERSITY 1 Unity and Conflict of the Targets of Monetary Policy Targets of Monetary Policy Price stability and full employment Price stability and economic growth Price stability and balance of payment equilibrium Economic growth and balance of payment equilibrium Chapter 10 Monetary Policy
The Economics of Money and Banking Chapter 10 Monetary Policy >>General Monetary Policy Instruments 2 Reserve requirements Money Policy Instruments 表述 作用 具体内容： 1)规定存款准备金的使用对象 2)规定存款准备金的计提范围 3)规定可作为存款准备金的资产 4)规定存款准备金的计提方法 5)规定存款准备金率 6 GUO YING SEM TONGJI UNIVERSITY
The Economics of Money and Banking 6 GUO YING SEM TONGJI UNIVERSITY 2 General Monetary Policy Instruments Reserve requirements Money Policy Instruments 表述 作用 具体内容： 1）规定存款准备金的使用对象 2）规定存款准备金的计提范围 3）规定可作为存款准备金的资产 4）规定存款准备金的计提方法 5）规定存款准备金率 Chapter 10 Monetary Policy
The Economics of Money and Banking Chapter 10 Monetary Policy >>General Monetary Policy Instruments 2 ▣Discount rates Money Policy Instruments ■ 表述 ■ 作用 ■ 具体内容： 1)规定再贴现票据的种类 2)规定再贴现业务的对象 3)再贴现率的制定 4)再贴现业务 ■我国再贴现货币政策及其运用 7 GUO YING SEM TONGJI UNIVERSITY
The Economics of Money and Banking 7 GUO YING SEM TONGJI UNIVERSITY 2 General Monetary Policy Instruments Discount rates Money Policy Instruments 表述 作用 具体内容： 1）规定再贴现票据的种类 2）规定再贴现业务的对象 3）再贴现率的制定 4）再贴现业务 我国再贴现货币政策及其运用 Chapter 10 Monetary Policy
The Economics of Money and Banking Chapter 10 Monetary Policy 》》》 General Monetary Policy Instruments 2 Open market operations Money Policy Instruments 运行条件：1)央行应该具有相对独立性 2)商行应实行企业化经营 3)需要一个全国性的、功能齐全的债券市场。 债券市场具有一定数量的政府债券，并且种类、 结构要适当。商业银行需要足够的资金实力，这样才能大量 吞吐政府债券。 8 GUO YING SEM TONGJI UNIVERSITY
The Economics of Money and Banking 8 GUO YING SEM TONGJI UNIVERSITY 2 General Monetary Policy Instruments Open market operations Money Policy Instruments 运行条件：1）央行应该具有相对独立性 2）商行应实行企业化经营 3）需要一个全国性的、功能齐全的债券市场。 债券市场具有一定数量的政府债券，并且种类、 结构要适当。商业银行需要足够的资金实力，这样才能大量 吞吐政府债券。 Chapter 10 Monetary Policy
The Economics of Money and Banking Chapter 10 Monetary Policy 》》》 General Monetary Policy Instruments 2 4、综合评价 评价标准： (1)控制货币供应量的能力 Money Policy Instruments (2)对利率水平的影响 (3)灵活性，能否经常根据经济生活的变化进行相应的操作 (4)对社会公众预期的影响 (5)对商业银行行为的强制性影响 评价结果 (1)三种货币政策工具都有调控货币供应量的能力 (2)再贴现政策对利率的影响最为直接 (3)公开市场政策灵活性最大 (4)再贴现政策对公众预期的影响较为显著 (5)存款准备金政策对商业银行的影响最具强制性 9 GUO YING SEM TONGJI UNIVERSITY
The Economics of Money and Banking 9 GUO YING SEM TONGJI UNIVERSITY 2 General Monetary Policy Instruments Money Policy Instruments 4、综合评价 评价标准： （1）控制货币供应量的能力 （2）对利率水平的影响 （3）灵活性，能否经常根据经济生活的变化进行相应的操作 （4）对社会公众预期的影响 （5）对商业银行行为的强制性影响 评价结果 （1）三种货币政策工具都有调控货币供应量的能力 （2）再贴现政策对利率的影响最为直接 （3）公开市场政策灵活性最大 （4）再贴现政策对公众预期的影响较为显著 （5）存款准备金政策对商业银行的影响最具强制性 Chapter 10 Monetary Policy
The Economics of Money and Banking Chapter 10 Monetary Policy 》》》 Selective Monetary Policy Instruments 2 Measures used to regulate and affect the credit in specific areas Money Policy Instruments Real estate credit control Consumer credit control Margin requirement 10 GUO YING SEM TONGJI UNIVERSITY
The Economics of Money and Banking 10 GUO YING SEM TONGJI UNIVERSITY 2 Selective Monetary Policy Instruments Measures used to regulate and affect the credit in specific areas Money Policy Instruments Real estate credit control Consumer credit control Margin requirement Chapter 10 Monetary Policy