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

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

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

4. 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

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

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

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

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

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

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