ทฤษฎีและนโยบายการเงิน Monetary Theory and Policy

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Presentation transcript:

ทฤษฎีและนโยบายการเงิน Monetary Theory and Policy Money Supply Process Analyzing the Policy tools

The Federal Fund Market Federal Fund Rate Discount Rate Demand ( Reserve Demand ) Supply Borrowed Reserve + Non – Borrowed Reserve

Fed Fund Rate Reserve S E iFF iD D NBR R*

Effect of Policy Tools Open Market Operation Discount Loan Purchase / Sale Discount Loan Increase rate / Decrease Rate Required Reserve Increase require reserve ratio / Decrease RR

Fed Fund Rate Reserve Open Market Operation : Purchase S0 S1 E0 iFF0 iFF1 E1 iD D NBR R0 R1

Fed Fund Rate Reserve Open Market Operation : Sale S1 S0 E1 iFF1 E0 iFF0 iD D NBR R1 R0

Fed Fund Rate Reserve S1 S0 E1 iFF1 E0 iFF0 Discount Rate : Increase iD D NBR R1 R0

Fed Fund Rate Reserve S0 S1 E0 iFF0 iFF1 E1 Discount Rate : Decrease iD D NBR R0 R1

Fed Fund Rate Reserve Required Reserve : Increase S E1 iFF1 E0 iFF0 iD D1 D0 NBR R0 R1

Fed Fund Rate Reserve Required Reserve : Decrease S E0 iFF0 E1 iFF1 iD D0 D1 NBR R1 R0

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