四川大学：《货币银行学》课程教学资源（课件讲义，双语版）Chapter 8 Monetary Policy

Chapter 8 Monetary policy 美联储

Chapter 8 Monetary Policy

8. 1 Definition of Monetary policy Government policy concerning money and credit conditions, especially the rate of growth in the money supply and the level of interest rates

8.1 Definition of Monetary Policy Government policy concerning money and credit conditions, especially the rate of growth in the money supply and the level of interest rates

Monetary policy include three aspects objectives oI polIc tools to realize the objectives o the anticipated effects of policy

Monetary policy include three aspects: vobjectives of policy vtools to realize the objectives vthe anticipated effects of policy

8.2 Goals of monetary policy 8.2. 1 full employment )As the primary goal of monetary policy, full employment is generally defined as meaning that jobs are readily available on reasonable terms for all who able and willing to work Full employment does not mean that there is no unemployment

8.2 Goals of Monetary Policy 8.2.1 full employment ØAs the primary goal of monetary policy, full employment is generally defined as meaning that jobs are readily available on reasonable terms for all who able and willing to work. ØFull employment does not mean that there is no unemployment

frictional unemployment unemployment rate(失业人数与是意就业 的劳动力之比)

frictional unemployment unemployment rate(失业人数与愿意就业 的劳动力之比)

What influences will the high level unemployment rate produce

What influences will the high level of unemployment rate produce?

8.2.2 Stability of the price level Stability of the price level does not mean unchanged individual prices Price level stability means keeping average prices, as measured, say ,by wholesale and consumers price indexes, from fluctuating at all, or from fluctuating beyond narrow limits

8.2.2 Stability of the price level Stability of the price level does not mean unchanged individual prices. Price level stability means keeping average prices, as measured, say ,by wholesale and consumers price indexes, from fluctuating at all, or from fluctuating beyond narrow limits

What factors will cause the change of the price level

What factors will cause the change of the price level ? What factors will cause the change of the price level ?

>The changes in the source of raw material >variations in the efficiency of capital and labor >the introduction of new products >the swings of popular fancy from one product to another material variations in the supply of some goods because of weather conditions. and the like

ØThe changes in the source of raw material, Øvariations in the efficiency of capital and labor, Øthe introduction of new products, Øthe swings of popular fancy from one product to another, Ømaterial variations in the supply of some goods because of weather conditions, and the like

It is widely recognised that a stable price level does not ensure full employment, Stability of the price level can obtain during periods of widespread unemployment, and the mere situation of stability might make little or no contribution toward an expansion in employment

It is widely recognized that a stable price level does not ensure full employment. Stability of the price level can obtain during periods of widespread unemployment, and the mere situation of stability might make little or no contribution toward an expansion in employment