Monetary Policy

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ Ζũņĸ ▫

ЮũЬĠşеЮŢŎĕЊ₤℮ЊĳŪ Оņ◦Бк ơ,

��ម�ក�

ďĠŤņŠńОеģ◦ď₤ŌĄЊŪ˝Оņ₤РņŲеόĕŁŎΒĕНŔň ĳЮýũĮĄŪŌĠ₤УũЮŵ˝ŪÐС⅜ū⅜Ś Čũŏ ងន ��ង

ЯřŲď⅜ū⅜Ś ČũŏЯĩ Ė ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ аĕ⅜˝ŲŷЋ◦ŜŲњŎķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć¤ ₤У₤ŚБņЊĳŚũУņ▫Ė ˝с ĕЊ₣₤Њ₤⅝ĕН₤℮Њ₤ ņЊĳŚΒĖ Ζĕď◦БŪ₤ŵŀсŬĠсΖĕ¤ ĜЮĮŲĠş ĆОĠġĕ ĖņНŠŷЋďą ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũďņНŠŷЋďą ņУŎЯřŲŌĕĕЊ₤℮Њĳŗл ₣ЮŪşЧĕЮŪĄЧ₤ЮũВ₤Ŏ˝ņ˝

₤Њ˝⅝ ĕЊ₣Ū⅜ŷŪďŷЮřЧņġБЯ₤ſ₣ŎŲсЁģĕŁĕсЯĳ₤НБĄЮŪō¤ ĮБņУŎаℓ Ğ ЮĉņУŎаℓ Ğ Ю₤řť Њş ĆÐЙŌĕŁũũВ˝şЮŪņЧĕĠĕŚЊşņŚ₣Y ЯřŲĈņĈũЁŌĕŁũşРŲũУņĮБŪĠĮњĕ ċũРĠЊŎŷĳ□ОĕЊ₣ĊĜýũЮřЧņġБĠЮ₣ ˛ЧĕЮŲġЪĕаĕŁũũВ˝şЮŪņЧĕĈе₣Юĕй¤ ЮŢŎЮþЧŀĮБļĮČеģşсаĕņНŠŷЋďą Юĕй Ю΅ЧŎ₤□ЊĳЮĝЮŪŁņŁũЯ‗ĜеũĠ₤сЮŵ˝ŪÐС⅜ū⅜Ś Čũŏ ₣Уĕ Ю΅₣ ₣Уĕ Ю΅₣ ₣Уĕ Ю΅₣ ₣Уĕ Ю΅₣ ЮŎЧ₣ŠńОеďĕЊ₤℮ЊĳņУŎŪ˝Оņаĕ ⅜˝ŲŷЋ◦ŜŲњŎķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć⅜˝ŲŷЋ◦ŜŲњŎķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć⅜˝ŲŷЋ◦ŜŲњŎķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć⅜˝ŲŷЋ◦ŜŲњŎķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ▫Ė ˝сĠũЋŔňĠũЋŔňĠũЋŔňĠũЋŔň ĠњŪĳĠњŪĳĠњŪĳĠњŪĳЮ₤Ю₤Ю₤Ю₤řť Њş Ć ř ť Њş Ć ř ť Њş Ć ř ť Њş Ć Ū˝Оņ ĂĖ е◦Бư E3B4 ģĕ₤ЮŪņşşЊĳŉЮŪĄЧ₤ЮũВ₤Ŏ˝ŪĠēĕĠ◦ņУŎņ˝ЮĊſЧŁũ₤Њ˝⅝Ū⅜ŷŪďŷÐЙ ĕЮŗģŎũРĠЊŎŷĳ□ОĕЮŗģŎũРĠЊŎŷĳ□ОĕЮŗģŎũРĠЊŎŷĳ□ОĕЮŗģŎũРĠЊŎŷĳ□О¤

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ďşН₣ЮŪŁŎ ŠńОеģ◦₤РņЮŲЧ˝΅ĳ□ŷĜĀ ŪĠ‗еĠУ₣₤У₣₤РņΒ₤сŷĳ□О₤˝ŚЊ₤Њ◦ċЊЮĝЮŲЧķĮЯĩĕřБ ĕЊ₣Юĝ˝ĖО₣ЯřĕĠНũВ˝ņįОď″ņЯℓũ˝⅝ Юŵ˝ŪÐСΒĖ ŪÐС ŪĮņĈе₣ņЊĳŚ₤Њ₤⅝ĕН₤℮Њ₤ŪÐĠсũРĠЁĄУĠЯĳ₤е₧₣Ų ∆ ĕЊ₣₤ЮŪņş″ņĠе‗₣Ūģ▫Ė ďĕЊş Ć¤

ŬĄēĕБķĖеЮĮŀ аℓ Ğ◦Б Ơơ ЯŠ ņ˝Ŭ ĂĖ е ƯƠơƯ

ĕЊ₤℮ЊĳŪ˝Оņ◦Б ơ,

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ŌĳЊŁ


ŌĳЊŁŌĳЊŁŌĳЊŁŌĳЊŁ

I. Ю₤ş˝ŚБЮĩ ŚЧņЮ₤ş˝ŚБЮĩ ŚЧņЮ₤ş˝ŚБЮĩ ŚЧņЮ₤ş˝ŚБЮĩ ŚЧņ .................................................................................................................................................................. 1

II. ĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣ũРĠЊŎŷĳ□ОĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣ũРĠЊŎŷĳ□ОĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣ũРĠЊŎŷĳ□ОĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣ũРĠЊŎŷĳ□О .............................................................................................................. 4

1. ĕЊŎņĕњŎаĕĕЮŗģŎũРĠЊŎŷĳ□О ................................................................................................................... 4

2. ĕЊŎņĕњŎũРĠЊŎŷĳ□О ŪĠЮķ◦ ĕЊ₣ņНŠİũũĠ₤сǻ ............................................................................................ 4

2.1. ĕЊŎņĕњŎ ............................................................................................................................................ 4

2.2. ŪĠЮķ◦аĕũРĠЊŎŷĳ□О .............................................................................................................................. 4

2.3. ņНŠİũаĕũРĠЊŎŷĳ□О .............................................................................................................................. 4

2.3.1. ďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũ............................................................................................. 5

2.3.2. ďυ˝″Ð‗ĕБ ..................................................................................................................... 5

2.3.3. ďžĖ ĳ₤ŪŌĠсũ˝⅝ĕРŷĳаņų ............................................................................................... 5

2.3.4. žĖ ĳ₤ŪŌĠс◦РĈĳсĠ₧Ś ˝с ι◦РĈĳсĜЮĮŲž₣ņНŠ ....................................................... 6

3. ũİſ ₤сũРĠЊŎŷĳ□О₤ũНĠ Measures of the Monetary Aggregates .................................................... 6

III. ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□О ..................................................................................................................................... 8

1. ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ....................................................................... 8

2. ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) .............................................................................. 11

ŪĠĳЊĠĳŉЊŁũũĠ₤с Discount Loans .......................................................................................................... 11

3. ◦НĕĠŪņО₣ŁĳĮſ Њş Ć (Reserve Requirements) ...................................................................................... 12

IV. ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с Open Market ЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣YЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣YЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣YЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣Y ................................................ 14

V. ◦Бĩ⅝ũ◦НĕĠŪņО₣◦Бĩ⅝ũ◦НĕĠŪņО₣◦Бĩ⅝ũ◦НĕĠŪņО₣◦Бĩ⅝ũ◦НĕĠŪņО₣ ĕЊ₣ΒŪ″ĕЊ₣ΒŪ″ĕЊ₣ΒŪ″ĕЊ₣ΒŪ″ Federal funds (Market for Reserves and Federal Funds Rate) ......... 15

1. Łũĩðĳсĩ ð₣с ĕЊ₣ĳŪņСŷŁũЮĝЮŲЧ◦Бĩ⅝ũ◦НĕĠŪņО₣ ...................................................................................... 15

1.1. ЯŠ℮ЮŁ₣ĳŪņСŷŁũ◦НĕĠŪņО₣ .......................................................................................................... 15

1.2. ЯŠ℮ЮŁ₣ĩð₣сĩ ð₣с◦НĕĠŪņО₣ .............................................................................................................. 15

1.3. şе‗ НşŲеĕЕ₣◦Бĩ⅝ũ◦НĕĠŪņО₣ ......................................................................................................... 16

2. ĩŲĠлйĵŲсаĕŁũĬų ₤сĠŚСũΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОЮŲЧ Federal Funds Rate ........................... 16

2.1. ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ...................................................... 17

2.2. ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) ................................................................. 17



2.3. ◦НĕĠŪņО₣ŁĳĮſ Њş Ć (Reserve Requirements) ......................................................................... 18

VI. ŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś ŲŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś ŲŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś ŲŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś Ų ............................................................................................................................ 20

1. ŁũЮŪĠЧŪģ₤сĕРŷЮýŲЮţ (Using Targets)............................................................................................. 20

2. ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲЮţ (Choosing Targets) ................................................................................... 21

3. Ų˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲЮţ .................................................................................................... 23

3.1. Ų˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Intermediate Targets ................................................................................... 23

3.1.1. Ζşǻ₤сЯŷ₣ģĕ (Measurability) ............................................................................... 23

3.1.2. ΖşŪÐĠсŪÐ₣ģĕ (Controllability) ............................................................................ 24

3.1.3. ◦₤℮ĕчĈŎĮБΟ◦ċЊĮŲЮĉЮŲЧЮýŲĠе‗₣ (Predictable Effect on Goals) ............ 24

3.2. Ų˝šŠ‗ŹņУŎşеĕУĕ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Operating Targets ......................................................... 25

VII. ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤ŚũĠ₤с ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤ŚũĠ₤с ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤ŚũĠ₤с ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤ŚũĠ₤с Federal Reserve .................................................................................................. 26

1. ĮБĂĖ е ơ�Ơ-ơ�� ŎН◦ċ⅜ū₤ŉ Targeting Federal Funds Rate .................................................. 26

2. ĮБĂĖ е ơ��-ơ�,Ư Targeting Monetary Aggregates .................................................................... 27

3. ĮБĂĖ е ơ�,Ư-ƯƠƠƠ ŎН◦ċ⅜ū₤ŉĠş ĆОĠġĕ ĖũĠ₤сĊĜýũ˝₧ŉ ŲΖЮņũЋ˝ ............................................. 27

VIII. ◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ć◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ć◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ć◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ć ...................................................................................... 29

1. Inflation Targeting .................................................................................................................................... 29

2. Price Level Targeting .............................................................................................................................. 31

3. Monetary Aggregates .............................................................................................................................. 31

4. Fixed Exchange Rate .............................................................................................................................. 32

5. Gold Standard........................................................................................................................................... 33

6. Mixed Policy ............................................................................................................................................ 33

IX. ЮýŲĠе‗₣ĕЮŗģŎũРĠЊŎŷĳ□ОЮýŲĠе‗₣ĕЮŗģŎũРĠЊŎŷĳ□ОЮýŲĠе‗₣ĕЮŗģŎũРĠЊŎŷĳ□ОЮýŲĠе‗₣ĕЮŗģŎũРĠЊŎŷĳ□О............................................................................................................................ 34

1. ĕЊ˝ņŊļĮℓŎşНй .......................................................................................................................................... 34

2. ˝еЮ‗ЧĕЮ₤řť Њş Ć ............................................................................................................................................ 34

3. Ю₤□ũļĮаℓ ų ................................................................................................................................................... 34

4. ₤□ЊũļĮΒŪ″ŁũŪģ˝с ................................................................................................................................ 35

5. ₤□ЊũļĮ◦Бĩ⅝ũ΅ЊũŃ ňŷĳ□О ............................................................................................................................... 35

6. ₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ĠŚСũŪģ˝с ....................................................................................................................... 35



X. ÐН‗₤ņġĳŚЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□ОÐН‗₤ņġĳŚЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□ОÐН‗₤ņġĳŚЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□ОÐН‗₤ņġĳŚЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□О ................................................................................................. 36

1. ÐН‗₤ņġĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□О ............................................................................................................ 36

1.1. ◦Ġс⅜ĳсΒĳЊĩũ₧ ......................................................................................................................... 36

1.2. İŎŪ₤ФŲ˝ĖО₣ŁũЮĊſЧЮ₤ş˝БŚ₤ЮŪņşşЊĳŚ ...................................................................................... 36

1.3. ΒĕНŷĳŚģĕĈе₣Юĝ˝ĖО₣Ю₤řť Њş ĆũВ˝şЮŪņЧĕ ĕЊ₣◦ĕсЮŠ⅝Ŏ ........................................................... 36

1.4. ЮŢйŪ⅜ŎŷЋĠĳŚЊЮ₤řť Њş Ćģĕļų ņY ............................................................................................. 36

2. ÐН‗ŷЋĠĳŚЊ ....................................................................................................................................................... 37

2.1. ΖşĠ₣ЁŌĕΒĳЊĩũ₧ ĕЊ₣ĠũЋĩũ₧ ...................................................................................... 37

2.2. şе₧ŎЮĮŲЮŷŵŎРũ˝ĖО₣ŁũΒĕНŷĳŚ ............................................................................................ 37

2.3. ΖşĠ₣ЁŌĕĕЊ˝ņŊļĮ ............................................................................................................... 37

XI. Ю₤ş˝ŚБ₤ĕĖЊŢť ĕЮ₤ş˝ŚБ₤ĕĖЊŢť ĕЮ₤ş˝ŚБ₤ĕĖЊŢť ĕЮ₤ş˝ŚБ₤ĕĖЊŢť ĕ ......................................................................................................................................................... 39

υ˝⅜ũЮŗ₣υ˝⅜ũЮŗ₣υ˝⅜ũЮŗ₣υ˝⅜ũЮŗ₣

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ₤ĈĀ ĕНŪ˝ņ


₤ĈĀ ĕНŪ˝ņ

ЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲс ĕЊ₣˝НеЁģĳсĠ₣сĕРŷΒĳ□ĕњŎЮřЧņŪ˝ОņũĠ₤сŠńОеģ◦ ₤РņņЊĕĠ˝ЯŪĠĕРŷĵ˝ŏĠЮş Ć Ю◦₤ЮΌЧŎ ĄеĕУ₤ЁĠŔΆ ЮĕйЮŎЧ₣ŠńОеģĕĠЮ₣ ˛ЧĳĕРŷ₤ĈĀ ĕНŪ˝ņŠųБņУŎЮřЧņġБĮĕŏŲсĕРŷΒĳ□ĕњŎũĠ₤сĵ˝ŏĈе₣ЮĜйĄеĕУ₤ŷЋŀ řРЮş Ėй₤РņЮŵ˝ŪÐС ΒĖ ŪÐС ŪĮņĈе₣ņЊĳŚ₤Њ₤⅝ĕН₤℮Њ₤Ĉе₣Β₤сЮņ″Ś ΒĊŜŪ₤њŎ¤

ĵ˝ŏ Βĳ□ĕњŎ

Banker’s Acceptance ÐЙď˝Њş Ć₤ĕŜũŎкЮĮŲŠųБ ЯřŲЮĊſЧЮΌЧ₣ЮŢŎŪ˝Оņ΅пНĕņУŎЮřЧņġБ₤₣Юĉ

ЮŲЧ◦еĕЊŀ ιЮ₤ǻ ЮŢŎŌĕŁũēĜĮБĊĜýũ˝ĖО₣Łũ₤₣ĄеĕУ₤ ŪĠ₤ЊĕЮĠЧŪ˝Оņ΅пНĕЮĜйņЊĕģĕ₤₣Юĝаℓ Ğ е‗ĳс Ю΅ЧŎď◦РЮĉ˝Њş Ć₤ĕŜŪĠЮķ◦ЮĕйЮŪĠЧ₤ŪŌĠсĵ‗ЊĄ ą ņŊΒĕ ŚũďĳЊ¤

Board of Governor ÐЙď Ū˝ОņŪĠЕ˝⅝ņУŎЮĝ˝ĖО₣ĊĜýũ˝₧Ś ŲΖЮņũЋşŌĕ₤ŌĄЊ˝şеĕУĕũРĠЯřŲďΒĖ ЮĊſЧŁũ₤ЮŪņşşЊĳŉ ₤ŪŌĠсŪĠĳЊĠĳŉЊŁũĈе₣ΐŎЯřŲĈ˝с◦₣ĕЕ₣ĊĜýũ˝₧Ś Ų¤

Certificate of Deposit Rate ÐЙďΒŪ″ŁũŪģ˝сЯřŲĩŚŲсЁЮŢŎĊĜýũ ЮĉΒĳЊℓЊĄĕЯřŲŌĕŪģ˝сĠЮŃňЧũĊеY Ю΅ЧŎΒŪ″ŁũŪģ˝сЮĕйΖŪ₤њŎЮŢŎŁũşũČũ¤

CPI ₤ĕĀ₤℮ĕчаℓ ųΒĖ ЮŪĠЧŪģ₤с (Consumer Price Index)¤

Defensive Open Market Operations

ÐЙďЯĩ Ė ņУŎаĕŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations)

ЯřŲŌĕĠе‗₣ ЮĊſЧŁũ◦РĈĳсĕРŷŁũЯŪĠŪĠФŲĈе₣ΐŎЯřŲŌĕΟ◦ċЊĮŲЮĉЮŲЧ◦НĕĠŪņО₣ řРşď ŁũЯŪĠŪĠФŲаĕŪģ˝сĠЮŃňЧũĳĜýЮĝ˝ĖО₣ĊĜýũ˝₧Ś ŲďЮřЧņ¤

Discount Lending ÐЙďΟ‗ĈĕũĠ₤сĊĜýũ ˝₧Ś ŲЯřŲĩŚŲс˝ņĆБЮĉЁĊĜýũřа◦Ю◦ЬĳЮĝ˝ĖО₣ŪĠĮњĕ ċĊĜýũ¤

Discount Loan ЮņЧŲ Discount Lending¤

Discount Policy ÐЙďΧĠ˝ũ‗чĕЮŗģŎņУŎ˝ĖО₣şеЮ₧ņΧĠ˝ũ‗чĕЮŗģŎĈе₣ĠБ ũĠ₤сĊĜýũ˝₧Ś ŲЯřŲĩŚŲс˝ņĆБЮĉЁĊĜýũЮĩ℮₣Y¤

Discount Rate ÐЙďΒŪ″ŁũŪģ˝сЯřŲĊĜýũ˝₧Ś Ų Ŏ˝ĮБĊĜýũЮĩ℮₣YЯřŲŠĆБĕРŷ Discount Loan¤

Discount Window ÐЙďņЮĊŜģŎũĠ₤с ĊĜýũ˝₧Ś ŲЯřŲЮŪĠЧŪģ₤сЮřЧņġБĩ ŚŲсĕРŷ Discount Loan ЮĉЁĊĜýũЮĩ℮₣Y¤



Dynamic Open Market

Operations

ÐЙďЯĩ Ė ņУŎаĕĕЮŗģŎ Open Market Operations ЯřŲŌĕĠе‗₣˝ĖО₣ŁũЮĊſЧЁŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣¤

Excess Reserves ◦НĕĠŪņО₣ЮŲЧ₤¤

Federal Funds Market ÐЙď◦Бĩ⅝ũЯřŲЮĊſЧŁũĄУŀřРũĕРŷ◦НĕĠŪņО₣ ₤ŪŌĠсЯĳŪÐЕй⅜□ ĊĜýũ¤

Federal Funds Rate ÐЙďΒŪ″ŁŪģ˝саĕ˝ņĆБЯřŲď◦РЮĉŌĕũŎкЮĮŲņУŎŎĠс ЯřŲĊĜýũņУŎĩŚŲс˝ņĆБĕРŷ◦НĕĠŪņО₣ ЮĉЁĊĜýũņУŎЮ◦Ьĳ¤

Federal Funds Rate Target ÐЙďЮýŲЮţũĠ₤сĊĜýũ˝₧Ś Ų˝ĖО₣Łũ˝е‗ĳсĕРŷΒŪ″ Federal funds

rate ЁЮĝ˝ĖО₣˝ŪņЊĳņУŎЯřŲŠųФĕş₣сģĕ¤ Federal Reserve ÐЙďĊĜýũ˝₧Ś ŲũĠ₤с₤΅ũřťΖЮņũЋş¤

Fixed Exchange Targeting ÐЙď ЮýŲЮţũĠ₤сĊĜýũ˝₧Ś ŲЮřЧņġБũ˝⅝ЁģĕĕРŷ₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ĠŚСũŪģ˝с¤

GDP ĩŲЊĳĩŲ˝ĖО₣Ū₤О˝₤ũНĠ (Gross Domestic Product)¤

Gold Standard ÐЙďŪĠĮњĕ ċņУŎЯřŲĳаņųũРĠЊŎŷĳ□ОΖŪ₤њŎЮŲЧŁũĳņŲсŌ₤¤

Inflation Targeting ÐЙď ЮýŲЮţũĠ₤сĊĜýũ˝₧Ś Ų˝ĖО₣Łũũ˝⅝ĕРŷ˝ŪņЊĳΒĳЊĩũ₧Ё₤□ЊĳЮĝ˝ŪņЊĳņУŎЯřŲЮÐş₣сģĕ ЯřŲďŁũŪĠЮņЧŲ ЮņЧŲĜЮĮŲΒĜÐĳ¤

Intermediate Targets Intermediate Targets ÐЙďŁũЮŪĠЧŪģ₤сĕРŷΒЮℓũЮĩ℮₣YЯřŲŪĳСŷģĕЮÐЮŪĠЧŪģ₤сЮřЧņġБǻ₤сĕРŷĠũЋŌ‗ĩðĳсĩ ð₣сũРĠЊŎŷĳ□О₤ũНĠ (řРşď M1, M2, M3

ďЮřЧņ) ι˝єΒŪ″ŁũŪģ˝с Ю΅ЧŎΒЮℓũĈе₣ЮĕйŌĕΟ◦ċЊĮŲЮŢŎĬĀ ŲсЮĉЮŲЧЮýŲĠе‗₣ũĠ₤сŠųФĕ ĠлНЯĕ ŚǻņЊĕģĕ◦◦УŲũ₣Ο◦ċЊĮŲЮŢŎĬĀ ŲсĮБŁũЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОũĠ₤сĊĜýũ˝₧Ś ŲЮΌЧŎ¤

Mixed Policy ďĕЮŗģŎşŪņОйаĕ Inflation Targeting, Price Level Targeting,

Monetary Aggregates, Fixed Exchange Rate, Gold Standard ĠлНЯĕ ŚЮĬŚ ĳ₤еžĕсЮĉЮŲЧşе‗ НşĮБũřеĠР₣ЮŪşЧĕď₣¤

Monetary Affairs Division ÐЙďŪ˝ОņņУŎЯřŲЮĊſЧŁũŪ⅜ŷŪďŷĕЊ₣ŷЋļÐЮřЧņġБýеŪ◦ЮĉŪ˝ОņŪĠЕ˝⅝ķЊģŲ ĕЊ₣ FOMC ЮřЧņġБŪĳФĳĮЊĕЊĳŏĕЮŗģŎũРĠЊŎŷĳ□О¤

Monetary Aggregate ũРĠЊŎŷĳ□О₤ũНĠ (M1; M2; M3)¤

Monetary Base ÐЙďĩŲĠР˝ũǻ₣ũРĠЊŎŷĳ□ОЯřŲ˝еĮН₣şŬşũ ĠР˝ĕЕ₣◦НĕĠŪņО₣ЯřŲŌĕ˝ĖО₣ŪĠĮњĕ ċĊĜýũ¤



Nonborrowed base Ю₤ŊЧĕЕ₣ Monetary Bases ř˝ĕЕ₣ ◦НĕĠŪņО₣ЯřŲģĕŠĆБ (Borrowed

Reserves) ¤

Nonborrowed Reserves ÐЙďĩŲř˝ũǻ₣◦НĕĠŪņО₣₤ũНĠ ĕЕ₣ ◦НĕĠŪņО₣ЯřŲģĕŠĆБЮŢŎĊĜýũ (ЯřŲďĠũЋŌ‗ĕРŷ Discount Loan ũĠ₤сĊĜýũ˝₧Ś Ų)¤

One Basis Point Ơ.Ơơ%¤

Open Market Operation ÐЙďΧĠ˝ũ‗чĕЮŗģŎņУŎ˝ĖО₣şеЮ₧ņ ΧĠ˝ũ‗чĕЮŗģŎĈе₣ĠБũĠ₤сĊĜýũ˝₧Ś ŲЯřŲЮĊſЧŁũ◦Њŀ Ų˝сĕРŷņРŲĠњŪĳ˝ĖО₣◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤

Open Market Purchases ÐЙďЯĩ Ė ņУŎаĕ Open Market Operations ЯřŲЮĊſЧŁũ◦ЊŀĕРŷņРŲĠњŪĳ″ņũŎк◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤

Open Market Sales ÐЙďЯĩ Ė ņУŎаĕ Open Market Operations ЯřŲЮĊſЧŁũŲ˝сĕРŷņРŲĠњŪĳ″ņũŎк◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤

Operating Targets Operating Targets ιΖşЮΊģĕ▫ Instruments ÐЙďŁũЮŪĠЧŪģ₤сĕРŷΒЮℓũЮĩ℮₣YЯřŲďĠсĈ˝с◦₣ĕЕ₣ Reserve Aggregate (reserves,

nonborrowed reserves, monetary base, nonborrowed base) ι˝єď Interest Rates (Federal funds rate, Treasury Bills rate) ЯřŲΒЮℓũĈе₣ЮĕйЮđųЧŎĳĠŗл ₣žų е₣Юĉ ĕЕ₣ŁũΒĕНŷĳŚΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОũĠ₤сĊĜýũ˝₧Ś Ų¤

Opportunity Cost ÐЙďĳаņųаĕŁũŪģ˝сЯřŲĊĜýũģĕЮģйĠ₣с ЮŢŎ◦◦УŲŎ˝Łũũ˝⅝◦Н˝ĕРŷŪ◦Įŏ₤˝ņŊ (◦НĕĠŪņО₣)¤

Price Level Targeting ǻřРşýĖ ĕЕ₣ Inflation Targeting Яřũ ĠлНЯĕ ŚǻŪĳСŷģĕЮŪĠЧЮřЧņġБЯ˝ЯŪĠ ⅜□ ĕļĮЮĮŲΒĳБĳŁŲ ЯřŲЮ◦ЧĠĕЕ₣Ю˝ЧĳЮΌЧ₣¤

Primary Credits ÐЙď ŁũĩŚŲс˝ņĆБũĠ₤сĊĜýũ˝₧Ś ŲЯřŲŌĕΒŪ″ŁũŪģ˝сĈĠЮ΅ЧŎǻģĕЮřЧũĳУŗл ₣₤еžĕсЮĝ˝ĖО₣ĕЮŗģŎũРĠЊŎŷĳ□О¤ Ο‗ĈĕŪĠЮķ◦ЮĕйŪĳСŷģĕĩŚŲсЮĉόŏĊĜýũ ЯřŲŌĕ⅜□ ĕļĮ΅ЊũŃ ňŷĳ□ОŲ ∆ŪĠЮ₤Чũ¤

Primary Dealers ÐЙďĵ‗ЊĄ ą ũЯřŲ ЮĊſЧŁũĄУŀřРũĕРŷņРŲĠњŪĳ˝ĖО₣ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤

Required Reserve ÐЙď◦НĕĠŪņО₣ ЯřŲĊĜýũ˝₧Ś ŲĳŪņСŷЁĊĜýũЮĩ℮₣YĳņŲсЮĝ˝ĖО₣⅜□ ĠњĕũĠ₤сŠųФĕ¤



Required Reserve Ratio ÐЙď₤ņŌŪĳаĕŪģ˝сĠЮŃňЧ ЯřŲĊĜýũ˝₧Ś ŲĳŪņСŷЁĊĜýũ Юĩ℮₣Y ũ˝⅝◦Н˝ď◦НĕĠŪņО₣¤

Reserve Aggregates ◦НĕĠŪņО₣₤ũНĠ (Reserves, nonborrowed reserves, monetary base,

nonborrowed base)¤ Reserves ◦НĕĠŪņО₣Ю₤ŊЧĕЕ₣ ◦НĕĠŪņО₣ŁĳĮſ Њş ĆЯřŲĳņŲсЮĝĊĜýũ˝₧Ś ŲĠР˝ĕЕ₣

⅜şсŪģ˝сЯřŲЮĝ˝ĖО₣ŪĠĮњĕ ċĊĜýũ¤

Reserves Demand or

Demand for Reserves

ÐЙďĳŪņСŷŁũ◦НĕĠŪņО₣ũĠ₤сĊĜýũЯřŲŠſйĕРŷ◦НĕĠŪņО₣¤

Reserves Requirement ÐЙďΧĠ˝ũ‗чĕЮŗģŎ◦БĠБũĠ₤сĊĜýũ˝₧Ś Ų ЯřŲЮĊſЧŁũ˝е‗ĳсĮБĠũЋŌ‗◦НĕĠŪņО₣ЯřŲĊĜýũЮĩ℮₣YŪĳСŷЯĳũ˝⅝◦Н˝¤

Reserves Supply or Supply of Nonborrowed Reserves

ÐЙďŁũĩðĳсĩ ð₣с◦НĕĠŪņО₣ЮŢŎĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ЮŲЧ₤¤

Seasonal Credit ÐЙďΟ‗ĈĕņУŎЯřŲĩŚŲсόŏ ЮřЧņġБЮđųЧŎĳĠĕЕ₣ĳŪņСŷŁũаĕşеĕУĕ˝е‗ĳсņУŎũĠ₤сĊĜýũЯřŲĈ˝с◦₣ĕЕ₣ŷЋ₤њŎ˝₤Њ˝ņŊ¤

Secondary Credit Secondary credit ÐЙďΟ‗ĈĕЯřŲĩŚŲсόŏЮĉĊĜýũЮřŲŌĕĠŔΆ΅ЊũŃ ňŷĳ□О ĕЊ₣ŌĕĠ◦ĮЊЮ⅜ĊĕĄУĠŪĠ◦йĕРŷĠŔΆ Ųе΅Рũ⅜şсŪģ˝сŗл ₣ ĊĞĕсĊĞũ¤

Standing Lending Facility ÐЙďŁũĩŚŲсΟ‗ĈĕņЊĕ˝е‗ĳсЁЮĉĊĜýũЯřŲŌĕ⅜□ ĕļĮ΅ЊũŃ ňŷĳ□ОŲ ∆ŪĠЮ₤Чũ ĮБĊĜýũ˝₧Ś Ų¤

The Trading Desk ÐЙďŁũŷЋĕЊЮŗÐ ιďŁũ◦ЊŀŲ˝сĕРŷņРŲĠњŪĳЮĝ˝ĖО₣ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ¤

TRAPS Trading Room Automated Process Systems¤

Treasury Bills Ġњ‗‼ũĳĜýũЯřŲŌĕũŎкЮĮŲŠųБ (ĳЊşď₣ņУŎĂĖ е)¤

Treasury Bills Rates ÐЙďΒŪ″ŁũŪģ˝сЯřŲ Treasury bills ŪĳСŷģĕĄУŀřРũ¤ Treasury Deposits ÐЙďŪģ˝сĠЮŃňЧũĠ₤сũĳĜýũďĳЊЮĝ˝ĖО₣ĊĜýũ˝₧Ś ŲΖЮņũЋş¤

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ Ю₤ş˝ŚБЮĩ ŚЧņ

ЮũЬĠşеЮŢŎĕЊ₤℮ЊĳŪ Оņ◦Б ơ, ◦еĮњũ◦Б | 1

I. Ю₤ş˝ŚБЮĩ ŚЧņЮ₤ş˝ŚБЮĩ ŚЧņЮ₤ş˝ŚБЮĩ ŚЧņЮ₤ş˝ŚБЮĩ ŚЧņ ĕЮŗģŎũРĠЊŎŷĳ□О ÐЙďĕЮŗģŎņУŎřє₤еžĕсЯřŲЮ₤ĀЧũŪÐĠсŪĠЮ◦₤ ŪÐĠсďĳЊ⅜₤ĕчЮĝЮŲЧĮЊķĮЮŵ˝

ЮŎЧ₣Юĕй Ŏ˝şЊĳŉ◦Н˝Ţ˝с ЮŢŎЮĊſЧŁũŷЋļÐ ŁũĮЊČũ₧ ЮŢŎĠЮŃĆŀĕРŷ◦₤℮ĕк ιŪ◦Е₤ŚБℓ ŊБYĄНеŷЋŀĠŔΆ Юĕй ЮŪĵйЮÐŎŲс▫ ″ņũŎкĕЮŗģŎũРĠЊŎŷĳ□О ЯřŲŌĕĊĜýũ˝₧Ś ŲďΒĖ ΒĕНŷĳŚĕРŷĕЮŗģŎЮĕйģĕЮŢйŪ⅜ŎĠŔΆ Ю₤řť Њş ĆďЮŪşЧĕЯřŲģĕ ĕЊ₣˝еĮН₣Ю˝ЧĳŌĕЮΌЧ₣Юĝ˝ĖО₣ŪĠЮ◦₤ďĳЊũĠ₤сŠųФĕ¤ ÐУĠŔą ˝с▫ĊĜýũ˝₧Ś Ųď⅜□ Ġњĕυ˝ŬĄŏņУŎ˝ĖОŁũΒĕНŷĳŚĕРŷĕЮŗģŎũРĠЊŎŷĳ□ОЮřЧņġБũ˝⅝ĕРŷ₤□ЊũļĮаℓ ų Łũĵũ ι◦Ġс⅜ĳсĕРŷΒĳЊĩũ₧ ЮřЧņġБЮĊſЧЁЮ₤řť Њş ĆŌĕŁũũВ˝şЮŪņЧĕŲРĳŵ₤с¤

ℓſБĳġЊĳЯĳĊĜýũ˝₧Ś Ųď⅜□ Ġњĕυ˝ŬĄŏŗл ₣₧˝єЮŢŎ ˝єǻЮĝЯĳŌĕ◦еĜ˝с◦еĕ₣ŗл ₣ĄЊĳ₤ĖЊĳďņУŎĕЕ₣⅜□ Ġњĕřа◦YЮ◦ЬĳďЮŪşЧĕЮřЧņġБЮŲЧ˝˝ņį₤сĕРŷŪĠ₤Њ◦ċЊļĮаĕŪĠĳЊĠĳŉЊŁũũĠ₤сŠųФĕ¤ Ю΅ĳНřРЮş ĖйЮ΅ЧŎģĕďŌĕņĳЊŠųйĮЊČũ₧▫ЮĳЧĊĜýũ˝₧Ś ŲÐУď⅜□ Ġњĕυ˝ŬĄŏι˝єÐУũЯĳ₤□ЊĳЮĝЮŪŁņŁũŪÐĠсŪÐ₣ũĠ₤сũŢť ķЊģŲ ¤ şеЮĵйΒĖ ýеŪ◦υ˝ŬĄŏļĮũĠ₤сĊĜýũ˝₧Ś ŲŎŲсЮþЧŀ▫ ĊĜýũ˝‗ŚŲÐУũЯĳď⅜□ Ġњĕυ˝ŬĄŏņУŎŗл ₣ĮЊĳŪģ˝řЮŪĵй▫ŪĠ₤ЊĕЮĠЧ⅜□ Ġњĕ₤□ЊĳЮĝЮŪŁņŁũŪÐĠсŪÐ₣ũĠ₤сũŢť ķЊģŲ ЮĜйЮÐĕЕ₣ЮŪĠЧŪģ₤сĕРŷĕЮŗģŎũРĠЊŎŷĳ□ОЮřЧņġБĈ˝сĈŀŪĠďŪĠЊŎļĮĮБŪĠďĮŲũřť ď˝сďņЊĕžĕ¤ ЮŎЧ₣ΧĈ΅ũ‗ч▫ ΒĖ ĕЮŗģŎЮřЧņġБ◦◦УŲģĕŁũýеŪ◦ЮĜйģĕĮŜŗņŁĳсĠĕ□ŎĕРŷΒŪ″ĕЊ˝ņŊļĮ ЮŢŎĠЮ₣ ˛ЧĳЁŌĕ˝еЮ‗ЧĕŷЋĕЊЮŗÐ ЮŢŎ⅜ũЯĳŁũŁĳсĠĕ□ŎΒŪ″ŁũŪģ˝с ″ņũŎкŁũĩðĳсĩ ð₣с⅜şсŪģ˝сĠЯĕ □ņşРŲЮĉ˝ĖО₣Ю₤řť Њş Ć¤ řРЮş ĖйşеЮĵйΒĖ Ю₤řť˝Њş ĆЮÐŎŲс▫◦Ю₣ ſЧЯĠĠЮĕйĕЕ₣Ġ₣ЁŌĕΒĳЊĩũ₧ŗл ₣ĊĞĕсĊĞũЮĝЮĮŲΒĜÐĳ ℓ ſБĳġЊĳЯĳǻ◦◦УŲģĕŲ◦ċĩŲŲ ∆ЮĝЮĮŲЮĕй˝єЮŢŎ¤ ˝ũ‗БņУŎЮ◦ЬĳŪĠ₤ЊĕЮĠЧ⅜□ ĠњĕЮĕй₤□ЊĳЮŪŁņΒе₧şĕЮŗģŎ ЮĜйЮÐĕЕ₣ЮŪĠЧŪģ₤с ⅜□ ĠњĕЮĕйЮřЧņġБ₤ŪņФŲřŲсόĕļĮℓŷЋŁũũř ťŗл ₣ ЮŪşЧĕ₤ЮņġЧņЯřŲĕЕ₣Ġ₧Ś ŲЁŌĕΒĳЊĩũ₧ŗл ₣ĊĞĕсĊĞũĠеĩНĳЮĝ˝ĖО₣Ю₤řť Њş Ć¤ ĠлНЯĕ ŚşеЮĵйΒĖ ĕЮŗģŎŷЋŀģĕýеŪ◦ЁĊĜýũ˝₧Ś Ųď⅜□ ĠњĕņУŎЯřŲ₤□ЊĳЮĝЮŪŁņŁũŪÐĠсŪÐ₣ũĠ₤сũŢť ķЊģŲЮŢŎЮÐŎŲс▫ ŁũŪĠÐŲс˝Њş ĆŁũİũЁЮĉņĕН₤℮ņУŎŪ˝ОņЮřЧņġБΒĕНŷĳŚĕРŷĕЮŗģŎũРĠЊŎŷĳ□О ǻΉ˝сřРşďņЊĕŌĕĕРŷŲ◦ċЊŪĠďĊЊĠЮĳŎŏĈŲсЯĳЮ⅜й ЮŪĵй▫ņĕН₤℮Ĉе₣ЮĜйņЊĕģĕЮ˝ЧĳЮşŀĮБđĕĀкũĠ₤сŪĠďĄĕЮĜйЮΌЧŎ¤ ŗл ₣₧ņЊŀ ŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ś Ųď⅜□ Ġњĕυ˝ŬĄŏЮĜй ǻÐЙņЊĕŌĕĕРŷŲ◦ċļĮŪÐĠсŪýĕсЮřЧņġБŪÐĠсŪÐ₣ЮĉЮŲЧũŢť ķЊģŲ ЯřŲďΒĖ ˝е‗ĳсĕРŷ₤НŠНļĮЮ₤řť Њş ĆĈе₣ņРŲЮĜйЮΌЧŎ¤ ņŜл ₣Ю◦ЬĳũŢť ķЊģŲďΒĖ ΒĕНŷĳŚĕРŷĕЮŗģŎ⅜ũЮĮЧũĮĕ ċ ЯřŲĕЮŗģŎЮĕйŪĳСŷŪĠĳЊĠĳŉЊŗл ₣ĄЊĳ₤ĖЊĳďņУŎĕЕ₣ĕЮŗģŎũРĠЊŎŷĳ□ОЮřЧņġБũ˝⅝ĕРŷ˝еЮ‗ЧĕЮ₤řť Њş Ć¤ ЮŲЧ₤ĮБЮĕйЮ◦ЬĳĊĜýũ˝₧Ś ŲÐЙēų ĠсĠŬĄњŎ˝ĖО₣ŁũΒĕН ŷĳŚĕРŷĕЮŗģŎũРĠЊŎŷĳ□ОЮřЧņġБũ˝⅝ĕРŷ₤□ЊũļĮ řРşď˝ũ‗БЮĝ˝ĖО₣₤΅ũřťΖЮņũЋşďЮřЧņ¤ ĠлНЯĕ ŚЮĈйĠБďŗл ₣₧˝єЮŢŎ ˝єЮŎЧ₣ЮþЧŀ▫ĜЮĮŲĠş ĆОĠġĕ ĖĊĜýũ˝₧Ś ŲЯřŲďΒĖ ΒĕНŷĳŚĕРŷĕЮŗģŎũРĠЊŎŷĳ□ОЮĜй ŪĳСŷģĕЮÐĩŚŲс₤Њ◦ċЊďυ˝ŬĄŏņУŎЮŢŎņЊĕ₤□ЊĳЮĝЮŪŁņΒе₧şřа◦Ю◦ЬĳЮΌЧŎ¤



ĊĜýũ˝₧Ś ŲÐЙď⅜□ ĠњĕņУŎЯřŲŌĕũşĜ₤ņįњĕ ċ⅜ еőО еЮřЧņġБŪĳФĳĮЊĕЊĳŏ ĕЊ₣ΒĕНŷĳŚĕРŷĕЮŗģŎũРĠЊŎŷĳ□ОЁŌĕŪĠ₤Њ◦ċЊļĮŠį₤с¤ ďΧĈ΅ũ‗чЮĝ˝ĖО₣ŪĠЮ◦₤˝ņįОď ĊĜýũ˝₧Ś ŲŪĳСŷģĕЯş˝Юşŀď ĜŎ˝Ţť ĕ ₤еžĕсYũУņŌĕ ΒÐðĜŎ˝Ţť ĕЮŲžĊЊŁũũŢť ĕ ΒÐðĜŎ˝Ţť ĕĠЮş Ć Ю◦₤ ΒÐðĜŎ˝Ţť ĕŪĳФĳĮЊĕЊĳŏ Βýð ĊЊŁũ ũŢť ĕ ĕЊ₣ΒÐðЮĠΐ ЯřŲΒÐðĜŎŢť ĕĈе₣ Юĕй ŪÐĠсŪÐ₣ЮŢŎŪ˝ОņŪĠЕ˝⅝ķЊģŲ (ЯřŲŌĕЮ◦⅜ķЊģŲďŪĠēĕ)(1)¤ Юĕй₤ĠŔą ˝сЁЮþЧŀ▫ ⅜□ ĠњĕЮĕйď⅜□ ĠњĕņУŎřє₤еžĕсЯřŲďΒĖ ΒĕНŷĳŚĕЮŗģŎũРĠЊŎŷĳ□ОũĠ₤сŪĠЮ◦₤ďĳЊĕБņУŎYЮřЧņġБũ˝⅝ĕРŷ₤□ЊũļĮ˝еЮ‗ЧĕЮ₤řť Њş Ć¤

ŁũΒĕНŷĳŚĕРŷĕЮŗģŎũРĠЊŎŷĳ□ОģĕĩŚŲсĕРŷΒĳ□ŪĠЮŗĄĕчŗл ₣ЮŪşЧĕřŲсЮ₤řť Њş Ć ĠлНЯĕ Śǻ˝єΖşĩŚŲсĕРŷĩŲΖŪ˝˝сņУŎşеĕУĕřŲсЮ₤řť Њş ĆďĳЊŷЋŀЯřũ¤ ĠлНЯĕ ŚЮĈйĠБďŗл ₣Юĕй˝єЮŢŎ ˝єЮÐЮĝЯĳЮŪĠЧŪģ₤сĕРŷĕЮŗģŎЮĕйЮřЧņġБЮŢйŪ⅜Ŏ⅜□ ĕŁũ‗чņУŎşеĕУĕЮĝ˝ĖО₣Ю₤řť Њş ĆřЯřŲ Ю΅ЧŎď₣ЮĕйЮĉЮ◦ЬĳŪĠ₤ЊĕЮĠЧŁũΒĕНŷĳŚĕЮŗģŎũРĠЊŎŷĳ□ОŪĠ˝ĠЮŢŎŁũĮЊČũ₧ ĕЊ₣Łũ ŷЋļÐŲ ∆ЊĳŲ ∆ĕсЮĜйĠŔΆ Ĉе₣ΐŎĕЕ₣ΖşЮĄЬĳĩНĳģĕ¤

řРЮş ĖйЮřЧņġБŎŲсĮБΒĳ□ĕњŎ ĕЊ₣ŠųЕņ⅜ũаĕĕЮŗģŎũРĠЊŎŷĳ□ОЁģĕŁĕсЯĳşĤ₤сЮĜй Ū˝ОņũĠ₤сŠńОеģ◦ģĕЮŲЧ˝ЮΌЧ₣ĕРşе‗ НşņУŎşеĕУĕ ļą ĠсĕЕ₣₤е‗ У₤еžĕсYЮřЧņġБЮĊſЧŁũĠ˝Ū⅜ŎŌĕřРşĳЮĉк

� ĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣ũРĠЊŎŷĳ□Ок şе‗ НşЮĕйĕЕ₣ĠİΆ ŀ▫ЮĳЧΒſБЮĉďĕЮŗģŎũРĠЊŎŷĳ□О Ю΅ЧŎΒſБЮĉďũРĠЊŎŷĳ□О ЮĳЧũРĠЊŎŷĳ□ОŌĕņНŠİũΒſБŠ ųйЮĝ˝ĖО₣Ю₤řť Њş Ć¤

� ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□Ок ЮĳЧĊĜýũ˝₧Ś ŲЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чΒſБŠ ųй˝ĖО₣ŁũΒĕНŷĳŚĕРŷĕЮŗģŎũРĠЊŎŷĳ□О Ю΅ЧŎ▫ЮĳЧΧĠ˝ũ‗чĈе₣ЮĜйŪĳСŷģĕŪĠĳЊĠĳŉЊŗл ₣řРşЮņŚş¤

� ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎ Open Market Operations: şе‗ НşЮĕйЮĊſЧŁũĠ˝Ū⅜Ŏ▫ЮĳЧЮ΅ĳНΒſБģĕďĊĜýũ˝₧Ś ŲļÐЮŪşЧĕşРŲşЊĳŉΒĕНŷĳŚ ιЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чĕЮŗģŎņУŎЮĕй¤

� ◦Бĩ⅝ũ◦НĕĠŪņО₣ ĕЊ₣ΒŪ″ Federal funds rate: ▫ЮĳЧ◦Бĩ⅝ũ◦НĕĠŪņО₣ŪĠĳЊĠĳŉЊŗл ₣řРşЮņŚş Ю΅ЧŎΒŪ″ Federal funds rate ŪĳСŷģĕ˝е‗ĳсŗл ₣řРşЮņŚş Ю΅ЧŎЮĳЧŁũЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОĈе₣ЮĜйŌĕΟ◦ċЊĮŲŗл ₣₧ŠųйЮĉЮŲЧΒŪ″Юĕй¤

� ŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś Ųк ЮĳЧĊĜýũ˝₧Ś ŲЮŪĠЧŪģ₤сĕРŷŎН◦ċ⅜ū₤ŚΒſБŠ ųйЮřЧņġБ₤ЮŪņşĕРŷЮýŲĠе‗₣ũĠ₤сŠųФĕ¤

� ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤Ś ũĠ₤с Federal Reserve: ▫ЮĳЧŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś ŲŌĕŁũŷЋŷĳŚŗл ₣řРşЮņŚşŠųй ģĕũ΅Рĳņ˝řŲсĠş ĆОĠġĕ ĖЮĕй¤

(1) ΧĠ₤ņįњĕ ċаĕŪĠŁ₤ЮŲŠк ŪĠ.˝. şНйаℓ Ğ◦Б Ư ЯŠŷЋş ¯ЊŁ ĂĖ е ƯƠơƠ



� ◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ćк ЮĳЧĕЮŗģŎũРĠЊŎŷĳ□ОŌĕ◦еĜ˝с◦еĕ₣ŗл ₣řРşЮņŚşŠųйďņУŎĕЕ₣ ₤Рşĕ˝ũаĕЮ₤řť Њş Ć¤

� ЮýŲĠе‗₣ĕЮŗģŎũРĠЊŎŷĳ□Ок ЮĳЧŁũΒĕНŷĳŚĕЮŗģŎũРĠЊŎŷĳ□ОũĠ₤сĊĜýũ˝₧Ś Ų˝ĖО₣ЮýŲĠе‗₣ΒſБŠ ųй ЮĳЧЮÐΖş₤ЮŪņşĕРŷЮýŲĠе‗₣Ĉе₣ЮĜйģĕЯřũιЮ◦¤

� ÐН‗₤ņġĳŉЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□Ок ЮĳЧŁũЮŪĠЧĕЮŗģŎũРĠЊŎŷĳ□ОŌĕÐН‗₤ņġĳŉЊřРşЮņŚşŠųй Ю΅ЧŎЮĳЧŁũΒĕНŷĳŚЮĜйΖşŌĕÐН‗ŷЋĠĳŉЊЯřũιЮ◦¤

řРЮş ĖйЮřЧņġБŎŲсЁģĕŁĕсЯĳşĤ₤сĕРŷΒĳ□ĕњŎ ĕЊ₣şЮņųЧŎаĕ₤е‗ УũĈе₣Юĕй ₤РņΒЮŃąЧŀ″ņŢĕďņУŎĕЕ₣ŁũĠ˝Ū⅜ŎũĠ₤сŪ˝ОņŠńОеģ◦ЯřŲŌĕďĠĕŚĠĜĀ Ġс¤

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ĕЊŎņĕњĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣ũРĠЊŎŷĳ□О


II. ĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷĕЊŎņĕњŎĕЮŗģŎũРĠЊŎŷĳ□Оĳ□Оĳ□Оĳ□О ĕЊ₣ũРĠЊŎŷĳ□ОĕЊ₣ũРĠЊŎŷĳ□ОĕЊ₣ũРĠЊŎŷĳ□ОĕЊ₣ũРĠЊŎŷĳ□О 1. ĕЊŎņĕњŎаĕĕЮŗģŎũРĠЊŎŷĳ□ОĕЊŎņĕњŎаĕĕЮŗģŎũРĠЊŎŷĳ□ОĕЊŎņĕњŎаĕĕЮŗģŎũРĠЊŎŷĳ□ОĕЊŎņĕњŎаĕĕЮŗģŎũРĠЊŎŷĳ□О

ĕЮŗģŎũРĠЊŎŷĳ□ОÐЙď ĕЮŗģŎũĠ₤сŪĠЮ◦₤ďĳЊņУŎ ЯřŲģĕΒĕНņњĳЮΌЧ₣ЮŢŎ ⅜□ Ġњĕ˝еĮРŲ (ũř ť₤ļ) Ю΅ЧŎĩŉŲс₤Њ◦ťЊυ˝ŬĄŏЮĉЁĊĜýũ˝₧ŉ Ų˝ĖО₣ŁũΒĕНŷĳŉŪĠĳЊĠĳŉЊ ĖО₣ЮýŲĠе‗₣ũ˝⅝ĕРŷ₤□ЊũļĮаℓ ų ĕЊ₣˝еЮ‗ЧĕЮ₤řť Њş ĆũĠ₤сŪĠЮ◦₤ďĳЊŠųФĕ ¤ ĕЮŗģŎũРĠЊŎŷĳ□О ŪĳСŷēĜЁģĕĕРŷ₤□ЊũļĮЯřŲŲ ∆ņУŎ řŲсЮ₤řť Њş ĆďĳЊ˝єřРşďŁũĵũĕРŷŷЋ₤њŎЮĩ℮₣Y Юĝ˝ĖО₣ŪĠĮњĕ ťЮ₤řť Њş ĆďĳЊ ˝НеЁŌĕĕРŷĠĕĀО žų е₣ЮĮ˝ ЮŢŎ⅜ũЯĳŁũũЖĳĠĕŉЕ₣аĕĕЮŗģŎ Ю΅ЧŎ˝єĩ ŉŲсļĮЮĄЩď˝сřŲсΒĖ ŷЋĕЊЮŗÐ◦НĕĠũЮ◦₤˝ĖО₣ŁũŎ˝◦НĕşРŲņ˝ ŷЋĕЊЮŗÐ˝ĖО₣ŪĠЮ◦₤ŠųФĕ řРЮş ĖйЮ΅ЧŎĕЮŗģŎũРĠЊŎŷĳ□О ďĕЮŗģŎ řєŌĕΟ◦ċЊĮŲĕЊ₣⅜ũк₤еžĕсņУŎаĕĕЮŗģŎЮĩ℮₣YũĠ₤сũŢť ķЊģŲ ¤ ņНĕĕЕ₣ЮĊſЧŁũĠ˝Ū⅜ŎЁģĕşĤ₤сŵ₤сĕРŷşе‗ Нş₤еžĕсY ЮŎЧ₣ĕЕ₣ЮŲЧ Ŏ˝ĕРŷĕЊŎņĕњŎŪĠЮķ◦ũРĠЊŎŷĳ□О ĕЊ₣ņНŠİũ₤еžĕсYũĠ₤сǻņ˝ЮĊſЧŁũĠ˝Ū⅜ŎďņНĕ₤ЊĕďņНĕ₤Њĕ ¤

2. ĕЊŎņĕњŎũРĠЊŎŷĳ□О ŪĠЮķ◦ ĕЊ₣ņНŠİũũĠ₤сǻĕЊŎņĕњŎũРĠЊŎŷĳ□О ŪĠЮķ◦ ĕЊ₣ņНŠİũũĠ₤сǻĕЊŎņĕњŎũРĠЊŎŷĳ□О ŪĠЮķ◦ ĕЊ₣ņНŠİũũĠ₤сǻĕЊŎņĕњŎũРĠЊŎŷĳ□О ŪĠЮķ◦ ĕЊ₣ņНŠİũũĠ₤сǻ

2.1. ĕЊŎņĕњŎĕЊŎņĕњŎĕЊŎņĕњŎĕЊŎņĕњŎ

ũРĠЊŎŷĳ□ОŪĳСŷģĕЮÐČĳс◦Н˝▫ď ΒſБYĈе₣Β₤сЯřŲЮÐ◦◦УŲ⅜ð Ųсď◦РЮĉЮĝ˝ĖО₣Łũ◦РĈĳсаℓ ų ◦еĕЊŀ ĕЊ₣Ю₤ǻ ι₤еŬĠсЮŪĠЧŪģ₤сЮřЧņġБ◦РĈĳс₤₣Ġе‗ НŲ ¤

2.2. ŪĠЮķ◦аĕũРĠЊŎŷĳ□ОŪĠЮķ◦аĕũРĠЊŎŷĳ□ОŪĠЮķ◦аĕũРĠЊŎŷĳ□ОŪĠЮķ◦аĕũРĠЊŎŷĳ□О

ΒĖ Ю₤řť Њş ĆŷЋ◦РģĕЯĠ₣Яş˝ĕРŷŪĠЮķ◦ũРĠЊŎŷĳ□ОďĠБŪĠЮķ◦Юĩ℮₣YýĖ к Commodity money ÐЙďŪĠЮķ◦◦еĕЊŀņУŎŪĠЮķ◦ЯřŲŌĕĳаņųřРşďŌ₤Ūģ˝сďЮřЧņ ¤ Fiat Money ÐЙďŪĠЮķ◦ ũРĠЊŎŷĳ□ОЯřŲĳаņųũĠ₤сǻŌĕ˝ŪņЊĳĈĠď₣ĳаņųЯřŲЮÐЮŪĠЧŪģ₤с ¤ ΧĈ΅ũ‗чк řРşď Ūģ˝с řНŵų ι˝єďŷЋ˝њŎĠњŪĳǻďŪĠЮķ◦ņУŎаĕ

Fiat Money ЮŪĵй▫ĳаņų ũĠ₤сǻ ŪĳСŷģĕ ЮÐЮģй ЮşŀĮБŪ˝Ţ₤ЯřŲŌĕĳаņųЮ▫˝ ď₣ĳаņųĮЊĳ ũĠ₤сǻ¤ Bank Money ÐЙďŪĠЮķ◦ ũРĠЊŎŷĳ□О ЯřŲЮşŀЮŢŎĊĜýũ″ņũŎкŪģ˝сĠЮŃňЧũĠ₤с ĠНÐðŲ˝ĖО₣₤₣ðņ ЯřŲŌĕřРşď ņРŲĠġĈĕĠњŪĳ ĕЊ₣ Ġњ‗‼Ο‗ĈĕďЮřЧņ ¤

2.3. ņНŠİũаĕũРĠЊŎŷĳ□ОņНŠİũаĕũРĠЊŎŷĳ□ОņНŠİũаĕũРĠЊŎŷĳ□ОņНŠİũаĕũРĠЊŎŷĳ□О

ũРĠЊŎŷĳ□ОŪĳСŷģĕЮÐ₤Њ˝⅝▫ŌĕņНŠİũĠУĕ₤еžĕсЮĝ˝ĖО₣Ю₤řť Њş ĆÐЙ ďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũ (Medium

of Exchange) ďυ˝″Ð‗ĕБ (Unit of Account or Starndard of Value) ďžĖ ĳ₤еŬĠсũ˝⅝ĳаņų (Store of

Value) ĕЊ₣ďžĖ ĳ₤ŪŌĠс◦РĈĳсĠ₧Ś ˝с ι◦РĈĳсĜЮĮŲž₣ņНŠ (a Standard of Deferred Payment) ¤



2.3.1. ďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũďņЮĊŜģŎ˝ĖО₣ŁũЮŢйřРũ

ЮŢŎũРĠЊŎŷĳ□ОÐЙďΒſБYЯřŲŪĳСŷģĕ◦◦УŲ⅜ð Ųсď◦РЮĉ˝ĖО₣Łũ◦РĈĳсаℓ ų◦еĕЊŀ ĕЊ₣Ю₤ǻ ι₤еŬĠс ЮŪĠЧŪģ₤сЮřЧņġБ◦РĈĳс₤₣Ġе‗ НŲ ũРĠЊŎŷĳ□ОŪĳСŷģĕЮŪĠЧŪģ₤сЮřЧņġБĠеģĳсĕРŷŁũЮŢйřРũЮŢŎĬĀ Ųс ĮБ◦еĕЊŀņУŎЮĉ◦еĕЊŀņУŎЮ◦Ьĳ ¤ Ю₤ĀЧũЯĳŪÐĠсŪĠĳЊĠĳŉЊŁũ˝ĖО₣Ю₤řť Њş ĆũРĠЊŎŷĳ□ОŌĕ◦еũ₣сď Ū˝Ţ₤сŪģ˝с ιďņРŲĠġĈĕĠњŪĳЯřŲŌĕņНŠİũďΖďń ˝₧ŉ Ų₤ŪŌĠсЮŢйřРũÐЙ▫ЮÐЮŪĠЧŪģ₤сǻ₤ŪŌĠсşе₧ŎЮŲЧ◦еĕЊŀ ĕЊ₣Ю₤ǻ ιĠе‗ НŲ ¤ Ζďń ˝₧ŉ Ų₤ŪŌĠсЮŢйřРũЮĕйŪĳСŷģĕ ЮÐЮŪĠЧŪģ₤сЮřЧņġБĄУŎŁĳсĠĕ□Ŏаℓ ųŪĠĳЊĠĳŉЊŁũ ¤ ЮĕйŌĕĕњŎ▫ ˝ĖО₣ŪĠĮњĕ ċЮŢйřРũЮŢŎņЊĕЮŪĠЧ ũРĠЊŎŷĳ□О ЮÐŪĳСŷЮŪĠЧŪģ₤с◦еĕЊŀĕЊ₣Ю₤ǻЮřЧņġБЮŢйřРũŎ˝◦еĕЊŀ ĕЊ₣Ю₤ǻņУŎЮĩ℮₣Ю◦Ьĳ¤

ΧĈ΅ũ‗ч ″₤НŠď˝₤Њ˝ũĩŲЊĳģĕ◦еĕЊŀņУŎŪĠЮķ◦ÐЙŪ₤Сŷ ýĳсş₣сģĕ₤еЮŲЬ˝Ġеĵ˝с řРşЮĕйýĳсņЊĕŪĳЕņЯĳЯ₤ſ₣ũ˝ΒĖ Ų˝с₤еЮŲЬ˝Ġеĵ˝сĠлНЮ₧‼ йЮ◦ Ю΅ЧŎŲНйŪ″ЯĳΒĖ Ų˝сЮĜйŌĕ ĳŪņСŷŁũŪ₤Сŷĩ₣Яřũ¤ řРşЮĕйЮřЧņġБ₤ŪņФŲřŲсŁũ◦РĈĳсаℓ ų◦еĕЊŀ ĕЊ₣Ю₤ǻ ЮÐŪĳСŷЮŪĠЧũРĠЊŎŷĳ□О ₤ŪŌĠсďΖďń ˝₧ŉ Ų˝ĖО₣ŁũЮŢйřРũ¤

2.3.2. ďυ˝″Ð‗ĕБďυ˝″Ð‗ĕБďυ˝″Ð‗ĕБďυ˝″Ð‗ĕБ

ũРĠЊŎŷĳ□ОģĕĩŉŲсņНŠİũņУŎЮ◦ЬĳÐЙďυ˝″Ð‗ĕБ ¤ ЮŎЧ₣ǻ₤сĳаņų◦еĕЊŀ ĕЊ₣Ю₤ǻЮŢŎЮŪĠЧŪģ₤сũРĠЊŎŷĳ□ОЮĊſЧďžĖ ĳřРşЯřŲЮŎЧ₣ǻ₤с◦ņĞĕсďÐБΌСŪŁņ ιǻ₤с şŌĞ ŎďÐБΌСЯņлĳ¤ ΧĈ΅ũ‗ч ˝ĖО₣˝ũ‗БЮ₤řť Њş ĆЮŢйřРũ ΧĠŌ▫˝ĖО₣Ю₤řť Њş ĆŌĕ◦еĕЊŀĠБ ŪĠЮķ◦řРşďЯĩųŪ˝Сş Яĩ ųЮģл ņĕЊ₣Яĩ ųŌĖ ₤сЮřЧņġБЮŢйřРũ◦еĕЊŀņУŎĕЊ₣◦еĕЊŀЮĩ℮₣Ю◦ЬĳЮŎЧ₣ŪĳСŷřЕ₣аℓ ų◦еĕЊŀĈе₣ĠБЮĕй¤ аℓ ųЯĩ ųŪ˝Сş ĕЊ₣Яĩ ųЮģл ņ(ЮĳЧŪĳСŷЮŪĠЧЯĩ ųŪ˝СşĠлНĜŊ ĕЮřЧņġБģĕЯĩ ųЮģл ņņУŎ) аℓ ųЯĩ ųЮģл ņЮĊЬĠĕЕ₣Яĩ ųŌĖ ₤с (ЮĳЧŪĳСŷЮŪĠЧЯĩ ųЮģл ņĠлНĜŊ ĕЮřЧņġБģĕЯĩ ųŌĖ ₤сņУŎ) ĕЊ₣аℓ ųЯĩ ųŪ˝СşЮĊЬĠ ĕЕ₣Яĩ ųŌĖ ₤с (ЮĳЧŪĳСŷЮŪĠЧЯĩ ųŪ˝СşĠлНĜŊ ĕЮřЧņġБģĕЯĩ ųŌĖ ₤сņУŎ)¤ řеЮ₧йŪ⅜ŎşеЮĵйĠŔň Юĕй ÐЙ ЮÐŪĳСŷ˝е‗ĳсŢ˝сũРĠЊŎŷĳ□ОЁЮĊſЧşŬşũ˝ĖО₣Ю₤řť Њş ĆĕЊ₣ŬŲсĳаņųĈе₣Β₤сŪĳСŷŪ₤₣сďžĖ ĳаĕ ũРĠЊŎŷĳ□О ЯřŲΖşЁЮŎЧ₣˝е‗ĳсаℓ ųЯĩ ųŪ˝Сş

Яĩ ųЮģл ņ ĕЊ₣Яĩ ųŌĖ ₤сģĕŗл ₣İŎŪ₤ФŲ ¤

2.3.3. ďžĖ ĳ₤ŪŌĠсũ˝⅝ĕРŷĳаņųďžĖ ĳ₤ŪŌĠсũ˝⅝ĕРŷĳаņųďžĖ ĳ₤ŪŌĠсũ˝⅝ĕРŷĳаņųďžĖ ĳ₤ŪŌĠсũ˝⅝ĕРŷĳаņų

ũРĠЊŎŷĳ□ОŌĕņНŠİũďžĖ ĳ₤ŪŌĠсũ˝⅝ĳаņų ιŪ◦Įŏ₤ņġĳŉЊ ¤ ņНŠİũũРĠЊŎŷĳ□ОΖşĄУŎŗл ₣ ЮŪşЧĕřŲс₤₣ðņ″ņņЮĊŜģŎЮĩ℮₣Y ¤ ũРĠЊŎŷĳ□ОŪĳСŷģĕЮŪĠЧŪģ₤сЮřЧņġБũ˝⅝Βе₧ş◦ЊŀĮБũŎкЮĮŲ◦◦УŲŪģ˝сşе‗ РŲũ΅РĳřŲсũŎкЮĮŲşе₧Ŏ ¤ ņНŠİũЮĕйŌĕ⅜ũк₤еžĕс₧₤с ΖŪ₤њŎЮŢŎЮŎЧ₣ŌĖ ˝сYņЊĕş₣сşе₧ŎŬŲсŪģ˝сşе‗ РŲũĠ₤сЮŎЧ₣ Ĉе₣Β₤сļų ņYЮĜйЮ◦ ЮŢŎЮŎЧ₣ş₣с₤ĕ℮ е◦Н˝ũ΅РĳřŲсЮŎЧ₣ŌĕĠе‗₣ş₣сşе₧Ŏ ¤

ЮĕйŌĕĕњŎ▫ďŪĠďĄĕ ЯřŲ◦◦УŲŪģ˝сşе‗ РŲŪĠČеЯŠ ι ˝₤Њ˝ũЯřŲ◦◦УŲŪģ˝сşе‗ РŲũĠ₤сЮÐЯřŲļÐЮŪşЧĕď Ūģ˝сşе‗ РŲŪĠČеĂĖ еŌĕŲ◦ċļĮЮřЧņġБЯĠ₣ Яş˝Łũşе₧ŎũĠ₤сŠųФĕĮБņУŎаℓ ĞЮĉņУŎаℓ Ğ ¤ ŪĠďĄĕΖşũ˝⅝◦Н˝ũРĠЊŎŷĳ□ОũĠ₤сЮÐ₤ŪŌĠсşе₧ŎЮĮŲЮŪŁŎ řРşď₤ŪŌĠсЮĮŲşРŲĕЊŷĳŉĕч ₤ŪŌĠсŁũşе₧ŎĠ‗ŉО й



Ġ₧ŉ Ų˝Рĕ ĕЊ₣şе₧Ŏ₤ŪŌĠсŪĠ˝Ġ˝Њş ĆŁũĄеĕУŀ ¤ ЮÐΖşĮĕŜŁũşе₧ŎЮŲЧŁũЮŪĠЧŪģ₤сũĠ₤сЮÐ″ņЯřŲЮÐЮŪĄЧ₤ЮũВ₤ Ю΅ЧŎЮÐΖşЮ˝‗ŹŪĠņРŲņРŲĕЊĊЊ₤ŪŌĠсşе₧ŎЮŲЧŁũŷЋĕЊЮŗÐ¤

˝ĖО₣˝ũ‗БņЊĕŌĕũРĠЊŎŷĳ□ОЮÐΖşΒĕНŷĳŉņНŠİũЮĕйЯřŲ″ņũŎкŁũũ˝⅝◦Н˝◦еĕЊŀ ¤ ĠлНЯĕ ŉ ǻŌĕŁũİŎŪ₤ФŲĳЊşĳУşЮ΅ЧŎŪĳСŷşе₧ŎЮŪşЧĕЮřЧņġБĠЮ₣ ˛ЧĳŁũũ˝⅝◦Н˝⅜şс ĠЯĕų ₤еЮŲЬ˝Ġеĵ˝с ЮŪĠ₣ Οĕťĕк ι◦еĕЊŀЮĩ℮₣YЮ◦Ьĳ₤ŪŌĠсЮŪĠЧŪģ₤сЮĮŲЮŪŁŎ¤

2.3.4. žĖžĖžĖžĖ ĳ₤ŪŌĠс◦РĈĳсĠ₧Ś ˝с ι◦РĈĳсĜЮĮŲž₣ņНŠĳ₤ŪŌĠс◦РĈĳсĠ₧Ś ˝с ι◦РĈĳсĜЮĮŲž₣ņНŠĳ₤ŪŌĠс◦РĈĳсĠ₧Ś ˝с ι◦РĈĳсĜЮĮŲž₣ņНŠĳ₤ŪŌĠс◦РĈĳсĠ₧Ś ˝с ι◦РĈĳсĜЮĮŲž₣ņНŠ

◦еĕЊŀņУŎşеĕУĕ˝ĖО₣Ю₤řť Њş Ć◦еЮĕЧĠĳŪņСŷόŏŌĕЮĮŲЮŷŵ₤ņŪ₤Ġ₤ŪŌĠсŁũĩŲЊĳ Ю΅ЧŎď◦РЮĉŪĳСŷģĕĩŲЊĳЮŪŁņ˝Њş Ć₤ĕŜ¤ ΧĈ΅ũ‗чк ĩŲЊĳ˝ņŊ◦еĕЊŀЮŗē ĕЊ₣Łũ⅜₣₤₣сŲеЮĝ⅜□ ĕď◦РЮĉĵ˝сĮњĕ ċĕЕ₣˝Њş Ć₤ĕŜЯřŲĳŪņСŷόŏ◦РĈĳсďũРĠЊŎŷĳ□ОĜЮĮŲž₣ņНŠ¤ ЮĮŲŠųй˝Њş Ć₤ĕŜŪĳСŷģĕşũČũ₤ŪŌĠс◦еĕЊŀЯřŲŪĳСŷŪĠÐŲсόŏļų ņY ЮŢŎŪĳСŷŌĕŁũ◦РĈĳсĮĕŜũ₤ŪŌĠсĠеЮĮŀĠе‗₣ΒĖ ◦Њŀ¤ ΧĈ΅ũ‗чк ĠНÐðŲŌĖ ˝с◦ЊŀЮŪĠ₣ΟĕċĕкЮŢŎşНй΅ĳ□ЮŲž▫ĕЕ₣ЮĊſЧŁũ◦РĈĳсď⅜şсŪģ˝сЮĝЮĮŲЮŪŁŎ¤ ЮŢŎ₤΅Ūý₤ş₣сŲ˝с◦еĕЊŀЮŢŎņЊĕĳŪņСŷόŏŌĕŁũ◦РĈĳсļų ņYЯřŲŌĕ◦Ūņ₣сď⅜şсŪģ˝с ιņРŲĠġĈĕĠњŪĳ₤΅Ūý₤ΖşĮĕŜŁũ◦РĈĳсЮĜйřŲсΒĖ ЮŪĠЧŪģ₤с ιΒĳЊℓЊĄĕũĠ₤сЮÐ Ю΅ЧŎŬŲс Њş Ć₤ĕŜŪĳСŷģĕǻ₤сЯŷ₣ďũРĠЊŎŷĳ□О¤

3. ũİſ ₤сũРĠЊŎŷĳ□О₤ũНĠũİſ ₤сũРĠЊŎŷĳ□О₤ũНĠũİſ ₤сũРĠЊŎŷĳ□О₤ũНĠũİſ ₤сũРĠЊŎŷĳ□О₤ũНĠ Measures of the Monetary Aggregates

M1 = ũРĠЊŎŷĳ□О˝ĖО₣şŬşũ (Currency in Circulation)

+ ņРŲĠġĈĕĠњŪĳЮ◦₤şũ‗ч (Traveler’s Checks)

+ Ūģ˝сĠЮŃňЧ″ņĳŪņСŷŁũĕЊ₣Ūģ˝сĠЮŃňЧďņРŲĠġĈĕĠњŪĳ Demand/Checkable Deposits

+ Ūģ˝сĠЮŃňЧďņРŲĠġĈĕĠњŪĳЮĩ℮₣Ю◦Ьĳ Other Checkable Deposits

M2 = M1

+ Ūģ˝сĠЮŃňЧŌĕŁŲ˝е‗ĳсЯřŲŌĕ◦е΅е⅜şсŪģ˝сĳЊş (Small-denomination Time Deposits)

+ Ūģ˝сĠЮŃňЧ₤ĕ℮ е (Saving Deposits)

+ Ð‗ĕБŪģ˝сĠЮŃňЧ◦Бĩ⅝ũũРĠЊŎŷĳ□О (Money Market Deposit Accounts)

+ ˝Њş Ć₤ĕŜŎŲсŪĮņ◦ЊŀŷЋŀũŎкЮĮŲņУŎŎĠс (Overnight Repurchase Agreements)

+ Ūģ˝сĠЮŃňЧďŎРũмРřНŵų ŎкЮĮŲņУŎŎĠс (Overnight Eurodollars)

+ şеЯ‗˝΅пНĕņРŲĕЊĊЊ₤₣ð ◦Бĩ⅝ũũРĠЊŎŷĳ□ОņЊĕЯņĕ⅜□ Ġњĕ (Non-institutional Money Market Fund

Shares) ¤

M3 = M2 + Ūģ˝сĠЮŃňЧŌĕŁŲ˝е‗ĳсЯřŲŌĕ◦е΅е⅜şсŪģ˝сЮŪşЧĕ (Large-denomination Time Depostis)

+ ˝Њş Ć₤ĕŜŎŲсŪĮņ◦ЊŀŷЋŀŌĕŁŲ˝е‗ĳс (Term Repurchase Agreements)



+ Ūģ˝сĠЮŃňЧďΒНЙũмРřНŵų ŌĕŁŲ˝е‗ĳс (Term Eurodollars)

+ ₤ņĳНŲŏņРŲĕЊĊЊ₤₣ð ◦Бĩ⅝ũũРĠЊŎŷĳ□ОЯřŲď⅜□ Ġњĕ (Institutional Money Market Funds Balances)

L = M3

+ ņРŲĠњŪĳũĳĜýũũŎкŁŲŠųБ (Short Term Treasury Securities)

+ ĩŲĠњŪĳĵ‗ЊĄ ą ņŊ (Commercial Papers)

+ Łũ₤ĕ℮ еď₤Ŕň Ġњ‗‼ (Saving Bonds)

+ Banker’s Acceptances

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□О


III. ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□О ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОÐЙďΧĠ˝ũ‗чņУŎŗл ₣₤еžĕсũĠ₤сĊĜýũ˝₧Ś Ų˝ĖО₣ŁũŪÐĠсŪÐ₣ЮŲЧŁũĩ ðĳс

ĩ ð₣сũРĠЊŎŷĳ□О ĕЊ₣ŪÐĠсŪÐ₣ΒŪ″ŁũŪģ˝с¤ ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОŌĕĠБ₤еžĕсYÐЙк ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy or Discount Lending) ĕЊ₣ ◦НĕĠŪņО₣ŁĳĮſ Њş Ć (Reserves Requirement)¤

řРЮş ĖйЮĝşе‗ НşĠĜĀ ĠсЮŎЧ₣ĕЕ₣ĮЊČũ₧▫ЮĳЧĊĜýũ˝₧Ś ŲΒĕНŷĳŚĕРŷΧĠ˝ũ‗чĕЮŗģŎĈе₣Юĕйŗл ₣řРşЮņŚş Ю΅ЧŎ▫ЮĳЧǻŌĕΟ◦ċЊĮŲŗл ₣₧ŠųйЮĉЮŲЧЮýŲĠе‗₣ũĠ₤сŠųФĕ¤

1. ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ şе ũ ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ şе ũ ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ şе ũ ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ şе ũ (Open Market Operations)

Open Market Operations ÐЙďŪĠĳЊĠĳŉЊŁũЯřŲĊĜýũ˝₧Ś Ų◦Њŀ Ų˝сĕРŷņРŲĠњŪĳЮĝ˝ĖО₣◦Бĩ⅝ũЮĠЧ˝ şе΅ũ (Open Market) Ю΅ЧŎǻ˝єďΧĠ˝ũ‗чĕЮŗģŎņУŎŗл ₣₤еžĕсЮŪĵйǻЮĊſЧЁŌĕŁũЯŪĠŪĠФŲаĕ ◦НĕĠŪņО₣ ĕЊ₣ Federal funds rate¤

Open Market Operations ŪĳСŷģĕЮÐЯş˝ЮşŀďĮБЯĩ Ė ₤еžĕсYÐЙк Dynamic Open Market Operations

ĕЊ₣ Defensive Open Market Operations¤

Dynamic Open Market Operations ÐЙŌĕЮýŲĠе‗₣˝ĖО₣ŁũĬų ₤сĠŚСũ (ЮĊſЧЁЯŪĠŪĠФŲ) аĕ◦НĕĠŪņО₣ ũВυ Defensive Open Market Operations ÐЙЮřЧņġБ◦РĈĳсĕРŷŁũЯŪĠŪĠФŲĈе₣ΐŎЮŢŎĠ₧Ś Ųņ˝ĮБ ″Ś Юĩ℮₣YЯřŲĠлйĵŲсЮĉЮŲЧ◦НĕĠŪņО₣řРşď ŁũЯŪĠŪĠФŲаĕŪģ˝сĠЮŃňЧũĳĜýũ (Treasury Deposits) Юĝ˝ĖО₣ĊĜýũ ˝₧Ś ŲďЮřЧņ¤

ŁũŪĠĳЊĠĳŉЊаĕΧĠ˝ũ‗чĕЮŗģŎЮĕйŌĕĮБũÐЙ Łũ◦Њŀ ĕЊ₣ŁũŲ˝сĕРŷņРŲĠњŪĳ¤ Ł◦ЊŀĕРŷņРŲĠњŪĳ (Open

Market Purchases) ЮĊſЧЁŌĕŁũЮ˝ЧĕЮΌЧ₣аĕ◦НĕĠŪņО₣ ĕЊ₣Ūģ˝сĠЮŃňЧЮĝ˝ĖО₣ŪĠĮњĕ ċĊĜýũ (◦НĕĠŪņО₣Ю˝ЧĕЮΌЧ₣ЮŢŎ⅜ũЯĳĊĜýũŎ˝◦НĕĠŪņО₣Юĉ◦ЊŀņРŲĠњŪĳ) ЯřŲЮĊſЧЁŌĕŁũЮ˝ЧĕЮΌЧ₣ĕРŷ monetary base ĕЊ₣ money supply¤ ĩ ĀОŎЮĉŷЋŀŁũ◦ЊŀĕРŷņРŲĠњŪĳ (Open Market Sales) ЮĊſЧЁŌĕŁũℓŎşНйаĕ◦НĕĠŪņО₣ĕЊ₣Ūģ˝сĠЮŃňЧЮĝ˝ĖО₣ŪĠĮњĕ ċĊĜýũ ЯřŲЮĊſЧЁŌĕŁũℓŎşНйаĕ monetary base ĕЊ₣ money supply ¤

ĊĜýũ˝₧Ś ŲļÐЮŪşЧĕΒĕНŷĳŚ Open Market Operations ЮĉЮŲЧņРŲĠњŪĳЯřŲЮşŀĩ⅝ŎЮŢŎũŢť ķЊģŲ ÐЙņЊĕΒĕНŷĳŚЮĉЮŲЧņРŲĠњŪĳЯřŲЮşŀЮŢŎυ˝ĄĕЮĜйЮ◦(2)¤ Юĝ˝ĖО₣₤΅ũřťΖЮņũЋşĊĜýũ˝₧Ś Ų (Federal

Reserves) ΒĕНŷĳŚΧĠ˝ũ‗чЮĕйЮĝЯĳЮŲЧņРŲĠњŪĳЯřŲЮşŀЮŢŎũŢť ķЊģŲ ιļĖ ˝сİũũŢť ķЊģŲЯĳĠлНЮ₧‼ йď

(2) ЮřЧņġБ НеόŏŌĕĄЮŌų йЮĉЮŲЧΒŪ″ŁũŪģ с◦Бĩ⅝ũũŢť ķЊģŲģĕΒĕНŷĳŉĕРŷΧĠ˝ũ‗чĕЮŗģŎЮĕйЮĉЮŲЧЯĳņРŲĠњŪĳЯřŲЮşŀЮŢŎũŢť

ķЊģŲЯĳĠлНЮ₧‼ й¤



ĮЊЮ₤₤ÐЙЮĉЮŲЧ Treasury bills¤ ģĕďĊĜýũ˝₧Ś ŲşРŲşЊĳŉΒĕНŷĳŚЮĉЮŲЧņРŲĠњŪĳЮĕйÐЙЮŢŎ⅜ũǻİŎĕЕ₣ĠЯņų₣ď⅜şсŪģ˝с ĕЊ₣ŌĕЮŲġЪĕŷЋĕЊЮŗÐЮŲЩĕď₣ņРŲĠњŪĳřа◦ (The largest trading volume)¤

Юĝ˝ĖО₣₤΅ũřťΖЮņũЋşΖďń ĊũЯřŲЮĊſЧŁũ₤ЮŪņşşЊĳŉ₤ŪŌĠсŪĠĳЊĠĳŉЊŁũЮĕй ÐЙ Federal Open Market

Committee (FOMC) ЯřŲ˝е‗ĳсЮýŲЮţЮĉЮŲЧ Federal funds rate¤ ″ņĮЊĳЮĉŪĠĳЊĠĳŉЊŁũĈе₣ЮĕйŪĳСŷģĕΒĕНŷĳŉ″ņũŎкŁũŷЋĕЊЮŗÐ “the Trading Desk” ЮĉЮŲЧņРŲĠњŪĳũĠ₤сũŢť ķЊģŲ Юĝυ Federal Reserve

Bank of New York(3)¤ ЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲсЮĉЮŲЧĮБΧĠ˝ũ‗чĕЮŗģŎЮĕйЮŎЧ₣İ˝ЮĉЮņЧŲŪĠĳЊĠĳŉЊŁũņУŎ (ŁũŷЋĕЊЮŗÐņРŲĠњŪĳ) Юĝ₤΅ũřťΖЮņũЋşЯřŲЮÐЮΊ▫ (A Day at the Trading Desk)¤

ŪĠēĕЯřŲΒĕНŷĳŚĕРŷŪĠĳЊĠĳŉЊŁũ Open Market Operations Юĝ˝ĖО₣₤΅ũřťΖЮņũЋşÐЙЮŵ˝Ū₤Б Sandy

Krieger(4) ЯřŲďΒĖ ŪÐĠсŪÐ₣ЮŲЧΒĖ ŷЋļÐ ĕЊ₣ĵ‗ЊĄ ą ũЯřŲŪĠĳЊĠĳŉЊ ĕРŷŪĠĳЊĠĳŉЊŁũ◦Њŀ Ų˝сĕРŷņРŲĠњŪĳ¤

″ņũŎкŁũĠİΆ ŀž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ ЮýŲЮţаĕŪĠĳЊĠĳŉЊŁũũĠ₤с Open Market Operations ÐЙ Federal funds rate¤ řРЮş ĖйЮřЧņġБŁŚ ĠсόŏŌĕĕРŷĮњĳхŌĕЮĝ˝ĖО₣◦Бĩ⅝ũ Federal Fund Market Юĝ˝ĖО₣аℓ ĞЮĕй Sandy ĕЊ₣ĠНÐðŲЊ˝ũĠ₤сĜ₣ĕЕ₣ČĠсЮĩ ŚЧņĕРŷŁũİũďņУŎĕЕ₣ŁũĮЊĕЊĳŏЮĉЮŲЧŁũŷЋŷĳŚЮĉЮŲЧ◦Бĩ⅝ũ Federal

funds Market ŁŲĮБņ℮ЊŲņЊŀ ďņУŎĕЕ₣◦Њĕ ĖĕњŎℓ ŊБЯřŲĠİΆ ŀĮБĠũЋŌ‗◦НĕĠŪņО₣ĮЊĳŪģ˝řЯřŲŌĕЮĝ˝ĖО₣ ŪĠĮњĕ ċĊĜýũ¤ ĠĜĀ Ġсņ˝ĠНÐðŲЊ˝ũĠ₤сĜ₣ĕЕ₣ЮşŀĕРŷũģŎŁũ‗чℓ ŊБņУŎЯřŲŌĕĕРŷŁũĮŜ˝ũ‗чŲņ∆Њĳ▫ЮĳЧΒſБĕЕ₣Ю˝ЧĳŌĕЮΌЧ₣ЮĉЮŲЧ˝″ŉ ņУŎşеĕУĕЯřŲŌĕΟ◦ċЊĮŲЮĉЮŲЧŁũĩðĳсĩ ð₣с ĕЊ₣ĳŪņСŷŁũ◦НĕĠŪņО₣¤

″ņũŎк◦Њĕ ĖĕњчŎĈе₣Юĕй ĕЕ₣ĄУŎόŏĜ₣ ĕЊ₣ĠНÐðŲЊ˝ũĠ₤сĜ₣˝ĖО₣Łũ₤ЮŪņşşЊĳŉ▫ЮĳЧŪĳСŷόŏŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣˝ĖО₣˝ŪņЊĳ₧ЮřЧņġБ◦◦УŲģĕĕРŷ Federal funds rate ЯřŲş₣сģĕ¤ ŪĠ₤ЊĕЮĠЧ◦НĕĠŪņО₣˝ĖО₣ŪĠĮњĕ ċĊĜýũЮŲЧ₤ (ŌĕĠũЋŌ‗ЮŪşЧĕ) ŌĕĕњŎ▫ĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ЮŲЧ₤Ĉе₣ЮĜйĕЕ₣ŌĕĠе‗₣όŏŠĆБЮĊſЧЁ Federal funds rate ĈĠď₣˝ŪņЊĳЯřŲŠųФĕş₣сģĕ ЮŪĵйŁũĩðĳсĩ ð₣сЮŪşЧĕď₣ĳŪņСŷŁũ¤ ĩ ĀОŎņ˝ŷЋŀŪĠ₤ЊĕЮĠЧ◦НĕĠŪņО₣˝ĖО₣ŪĠĮњĕ ċĊĜýũŌĕĠũЋŌ‗ĳЊş ǻĕЕ₣ЮĊſЧЁ Federal funds rate Šį₤сď₣˝ŪņЊĳЯřŲĊĜýũ˝₧Ś Ųş₣сģĕ ЮŢŎ⅜ũЯĳĳŪņСŷŁũ Šį₤сď₣Łũĩðĳсĩ ð₣с¤ řРЮş ĖйĠНÐðŲЊ˝ũĠ₤сĜ₣ ĕЕ₣ŪÐĠсŪÐ₣ЮŲЧ ΟũЋŗĠℓũĠ₤с Federal funds market Ĉе₣ЮĜйģĕЮ΅ЧŎ ЮÐĕЕ₣Ĉ˝с◦₣ЮĉΒĖ şРŲũУņ₤еžĕсYЮĝ˝ĖО₣◦Бĩ⅝ũЮĕй ЮřЧņġБ◦◦УŲģĕĕРŷĮњĳхŌĕυ˝ŬĄŏņУŎ ▫ЮĳЧ◦НĕĠŪņО₣ЯřŲŪĳСŷŁũ˝ĖО₣˝ŪņЊĳ₧ЮřЧņġБ◦◦УŲģĕĕРŷΒŪ″ЯřŲЮÐş₣сģĕ Federal funds rate ¤

ĠĜĀ Ġсņ˝Ю◦ЬĳĠНÐðŲЊ˝ũĠ₤с Sandy ĕЕ₣Ĉ˝с◦₣ЮĉΒĖ ĳе₧₣ņУŎşеĕУĕЯřŲЮÐЮΊ▫ primary dealers

ĕЊ₣ĵ‗ЊĄ ą ũņРŲĠњŪĳũŢť ķЊģŲ(5) ЯřŲĈ˝с◦₣ĕЕ₣ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũЮĕй¤ ĠНÐðŲЊ˝Ĉе₣ЮĕйĕЕ₣ĮЊĕЊĳŏ (3) ď⅜žĊĜýũ˝₧Ś ŲũĠ₤с₤΅ũřťΖЮņũЋş¤

(4) ◦Њĕ ĖĕњŎЮ₤ЬŷЮŅЯřŲŪĳСŷģĕЮģйĩ⅝Ŏ˝ĖО₣ĂĖ е ƯƠƠ (5) ΒĖ ЯřŲЮĊſЧŁũЮŪłĮБ⅜□ Ġњĕυ˝Ąĕ ĕЊ₣ĊĜýũĵ‗ЊĄ ą



ЮņЧŲ▫ЮĳЧĵ‗ЊĄ ą ũĕБņУŎYĠİΆ ŀĕРŷ◦₤℮ĕкŗл ₣řРşЮņŚşЮĉЮŲЧŲ˝šŠ‗Ź◦Бĩ⅝ũ ĕЊ₣ЮņЧŲ▫ЮĳЧΒſБĕЕ₣Ю˝ЧĳŌĕЮΌЧ₣ЮĉЮŲЧĳаņųаĕņРŲĠњŪĳЯřŲŪĳСŷŲ˝сЮĝ˝ĖО₣аℓ ĞЮĕй¤ ĮР˝ЮÐ˝є◦еĜ˝с◦еĕ₣ĩ₣ЯřũЮĉŁĕс Treasury ЮřЧņġБ◦◦УŲģĕĮњĳхŌĕℓ ŊБYĈ˝с◦₣ЮĉĕЕ₣˝ŪņЊĳ₤ņĳНŲŏЯřŲũжĮЕ₣◦Н˝Юĝ˝ĖО₣ĊĜýũ˝₧Ś Ų ˝ĖО₣ЮýŲĠе‗₣ЮřЧņġБЮĊſЧόŏŪĠЮ₤ЧũЮΌЧ₣ĕРŷŁũģл ĕс⅜Ŋ ĕũĠ₤сЮÐ ˝ĖО₣Łũĩð₣сĩ ð₣сĕРŷ◦НĕĠŪņО₣¤

ĠĜĀ Ġсņ˝Ю◦Ьĳ₤ŌĄЊ˝аĕ Monetary Affairs Division Юĝυ Board of Governor ŪĳСŷģĕЮÐĈ˝с◦₣ЮřЧņġБόŏЮũЬĠşеĕРŷŁũ◦₤℮ĕчĈŎņУŎ ĮБŁũĩ ðĳсĩ ð₣с ĕЊ₣ĳŪņСŷŁũĕРŷ◦НĕĠŪņО₣ ЮřЧņġБЮĊſЧŁũЮĩ ĀЭ₣ĬĀ ĳсďņУŎĕЕ₣ ĊĜýũ˝₧Ś Ų¤ ĠĜĀ ĠсĮБřеЮ‗ЧũŁũşĠс₤ĮſŪÐĠс ŁũŷЋĕЊЮŗÐЮŲЧņРŲĠњŪĳ ĕЕ₣ŪĳСŷЮũЬĠşеЮΌЧ₣ ЮŢŎļą Ġсņ˝ĕРŷďņУŎ₤еЮ‗ЧũЮřŀаℓ ųЮĝ˝ĖО₣аℓ ĞЮĜй ЯřŲĈ˝с◦₣ЮĉĕЕ₣ÐЮŪŌ₣ЮřЧņġБĠЯĕ □ņ ιĠĕ□ŎĕРŷĠũЋŌ‗◦НĕĠŪņО₣˝ĖО₣ŪĠĮњĕ ċĊĜýũ″ņũŎкŪĠĳЊĠĳŉЊŁũ Open Market Operations¤

ĠĜĀ Ġсņ˝Ю◦Ьĳ ŁũŷЋĕЊЮŗÐŪĳСŷģĕļą ĠсЮŢŎ₤ſњŎŪĠŷĳŚЊďņУŎĕЕ₣ŷЋĕЊЮŗÐЊĕ˝ĖО₣Ū₤О˝ŪÐĠсũРĠЯřŲşРŲũУņЮĝЮŲЧ Open Market¤ ″ņũŎкŪĠĮњĕ ċ НеĮŏС◦њũЯřŲЮΊ▫ TRAPS(6) ŪĠĳЊĠĳŉЊŁũ Open Market Operations

ĕЕ₣řеЮ‗ЧũŁũ″ņũŎкŪĠĮњĕ ċЮΒΌЊşŪĳСĕЊşЮĕй¤ ⅜ũ (message) ĕБņУŎYŪĳСŷģĕЮĩ ńЧũ″ņŪĠĮњĕ ċЮΒΌЊşŪĳСĕЊşďĠĕŚĠĜĀ ĠсЮĉŁĕс primary dealers ŪÐĠсũРĠЮŢŎĠŔą ˝сĮБŪĠЮķ◦ ĕЊ₣ŁŲ˝е‗ĳс₤₣аĕņРŲĠњŪĳЯřŲŪĳСŷŲ˝с ι ◦Њŀ¤ ĵ‗ЊĄ ą ũĕБņУŎYŪĳСŷģĕЮÐ◦Н ЮĮŲόŏĮБ Ư Юĉ ưĜ◦БЮřЧņġБЮđųЧŎĳĠЮŢŎļą Ġсņ˝ďņУŎĕРŷ₤еЮ‗ЧũũĠ₤сЮÐ¤ ₤еЮ‗ЧũĕБņУŎYŪĳСŷģĕĠİΆ ŀ ĕЊ₣ǻŎĳаņųЮŢŎŪĠĮњĕ ċ НеĮŏС◦њũ¤ ĠĜĀ Ġсņ˝Ю◦Ьĳ₤еЮ‗ЧũĕБņУŎYŪĳСŷģĕЮŪĄЧ₤ЮũВ₤ЮŢŎČĠсЮĩ ŚЧņĮБĳаņų ũ΅РĳřŲс˝ŪņЊĳņУŎЯřŲĠũЋŌ‗ЯřŲŪĳСŷŁũŪĳСŷģĕŲ˝с ι◦Њŀ¤ ĠĜĀ Ġсņ˝ЮÐĕЕ₣ĠİΆ ŀĮБĄЮŪņЧ₤ЮĉŁĕсĵ‗ЊĄ ą ũĕБņУŎY″ņũŎк TRAPS ¤ ďşН₣ЮŪŁŎņРŲĠњŪĳĕЕ₣ŪĳСŷŲ˝сЮĉόŏΒĖ ЯřŲΉп ĕĕРŷĳаņųŠį₤с ĕЊ₣ĠũЋŌ‗ЮŪşЧĕ¤

ĊĜýũ˝₧Ś ŲŲ˝сĕРŷņРŲĠњŪĳ ÐЙņЊĕřРşď◦Њř ťļĮĊņŊ″ЮĜйЮ◦ ÐЙǻŪĳСŷģĕЮÐŲ˝сЮŪŁņũРĠļĮď˝Њş ĆŪĮņЮŪĮЭ₣◦ЊŀŪĳŲĠсŷЋŀ (repurchase agreement) ŌĕĕњŎ▫ŠųФĕΖş◦ЊŀĕРŷņРŲĠњŪĳĈе₣ЮĜйŪĳŲĠсņ˝ŷЋŀ˝ĖО₣ĳаņųď˝сŵ˝с₧ņУŎ ″ņЮĮŲ˝е‗ĳс¤ Ю΅ĳНЯĳĊĜýũ˝₧Ś ŲЮĊſЧĕРŷ˝Њş Ć₤ĕŜŪĠЮķ◦ЮĕйÐЙЮŢŎ⅜ũЯĳǻş₣сЁŌĕΟ◦ċЊĮŲЮŲЧ◦НĕĠŪņО₣ũŎкЮĮŲŠųБЯĳĠлНЮ₧‼ й¤

″ņũŎкŁũĠ˝Ū⅜ŎĠİΆ ŀž₣ЮŲЧЮŎЧ₣₤Ю₣ĳЮþЧŀ▫ ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ Open Market

Operations ŪĳСŷģĕЮÐЯĠ₣Яş˝ďĮБũÐЙ defensive ĕЊ₣ dynamic open market operations¤ ˝ĖО₣şеЮ₧ņŪĠĳЊ ĠĳŚЊŁũĈе₣ЮĕйĊĜýũ˝₧Ś ŲşРŲşЊĳŉΒĕНŷĳŚ defensive open market operations ЮŢŎ⅜ũЯĳǻģĕЮđųЧŎĳĠЮĉ″ņЮýŲĠе‗₣ũĠ₤сĊĜýũ˝₧Ś ŲÐЙũ˝⅝ĕРŷ₤□ЊũļĮ◦НĕĠŪņО₣ ĕЊ₣ΒŪ″ Federal funds rate¤

(6) Trading Room Automated Process Systems



2. ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy)

ÐЙďΟ‗ĈĕũĠ₤сĊĜýũ˝₧Ś Ų (discount loans) ЯřŲŪĳСŷģĕĠЮ₣ ˛ЧĳЮΌЧ₣ЮřЧņġБĩ ŚŲс˝ņĆБЮĉόŏĊĜýũЯřŲŠſй◦НĕĠŪņО₣¤ Ο‗ĈĕĈе₣ЮĕйÐЙŌĕΒŪ″ (Federal funds rate) ĈĠď₣ΒŪ″◦Бĩ⅝ũ Ю΅ЧŎď◦РЮĉŠį₤сď₣ΒŪ″ЮýŲЮţũĠ₤сĊĜýũ˝₧Ś Ų ¤ ŁũĩŚŲсĕРŷΟ‗ĈĕĈе₣ЮĕйŪĳСŷģĕЮÐ⅜ð Ųс▫ď discount window

¤ řРЮş ĖйЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲсĕРŷΧĠ˝ũ‗чĕЮŗģŎņУŎЮĕйЮŎЧ₣ĕЕ₣₤Ю₣ĳ▫ЮĳЧ discount loans

ŪĠĳЊĠĳŉЊŁũŗл ₣řРşЮņŚş?

ŪĠĳЊĠĳŉЊŁũũĠ₤с ŪĠĳЊĠĳŉЊŁũũĠ₤с ŪĠĳЊĠĳŉЊŁũũĠ₤с ŪĠĳЊĠĳŉЊŁũũĠ₤с Discount Loans

Ο‗Ĉĕ (discount loans) ũĠ₤сĊĜýũ˝₧Ś ŲЯřŲĩŚŲсόŏřŲсĊĜýũЯřŲŠſйĕРŷ◦НĕĠŪņО₣ (reserves) ŪĳСŷģĕЮÐЯĠ₣Яş˝ďĠБЯĩ Ė ₤еžĕсYÐЙк primary credit, secondary credit ĕЊ₣ seasonal credit¤

Primary Credit ÐЙďŁũĩŚŲс˝ņĆБũĠ₤сĊĜýũ˝₧Ś ŲЯřŲŌĕΒŪ″ŁũŪģ˝сĈĠЮ΅ЧŎǻģĕЮřЧũĳУŗл ₣₤еžĕсЮĝ˝ĖО₣ĕЮŗģŎũРĠЊŎŷĳ□О¤ Ο‗ĈĕŪĠЮķ◦ЮĕйŪĳСŷģĕĩŚŲсЮĉόŏĊĜýũЯřŲŌĕ⅜□ ĕļĮŲ ∆ŪĠЮ₤Чũ ŌĕĕњŎ▫ĊĜýũЯřŲŌĕ⅜□ ĕļĮ΅ЊũŃ ňŷĳ□ОŲ ∆ŪĠŪ˝ĳБŪĳСŷģĕ ΒĕНŔň ĳόŏŠĆБ◦НĕĠŪņО₣ЮĝĊĜýũ˝₧Ś Ų″ņĳŪņСŷŁũ¤ řРЮş ĖйǻŪĳСŷģĕЮÐČĳс◦Н ▫ Standing Lending Facility ЯřŲΒŪ″ŁũŪģ˝сЮĉЮŲЧ ņĆБŪĠЮķ◦ЮĕйŪĳСŷģĕ˝е‗ĳсŠį₤сď₣ Federal funds rate target (ÐЙďΒŪ″ЮýŲЮţņУŎũĠ₤сĊĜýũ˝₧Ś ŲЯř₣ş₣сģĕ) ЯřŲďĊņŊ″ÐЙ 100 basis point (1 percent point) Ю΅ЧŎЮĝ˝ĖО₣ŁŲкЮ◦₤кďЮŪşЧĕĠũЋŌ‗аĕ˝ņĆБŪĠЮķ◦ЮĕйÐЙŌĕ˝ŪņЊĳĳЊşĳУşĠлНЮ₧‼ й ĠлНЯĕ ŚşНйЮ΅ĳНΒſБģĕďĊĜýũ˝₧Ś ŲĠЮ₣ ˛ЧĳόŏŌĕ˝ņĆБŪĠЮķ◦Юĕй? řРЮş ĖйЮřЧņġБŎŲсЁģĕŁĕсЯĳşĤ₤сЮŎЧ₣ŪĳСŷЮĊſЧŁũŷЋļÐЮĉЮŲЧŪŁķЊşž₣ЮŪŁņк

ũРĠļĮ◦Бơ ŁũĬų ₤с◦БаĕЯŠ℮ЮŁ₣ĳŪņСŷŁũЮĉ⅜Ś е ĮБ�� Юĉ �� ЮĊſЧЁşе‗ НşŲеĕЕ₣ЯŪĠŪĠФŲĮБ A Юĉ B

Ġ₧Ś ŲЁΒŪ″ (Federal funds rate) Ю˝ЧĕĮБ�� Юĉ�� ĕЊ₣ discount loan Ю˝ЧĕĮБ 0 Юĉ DLB ¤

A

R1d

DLB

B

Rn

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��

Federal Funds Rate

Quantity of Reserves

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″ņŪŁķЊşž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ Юĝşе‗ НşŲеĕЕ₣řеĠР₣ЯŠ℮ЮŁ₣ĳŪņСŷŁũ ĕЊ₣Łũĩðĳсĩ ð₣сĕРŷ◦НĕĠŪņО₣ĠЮ₣ ˛Чĳģĕďşе‗ НşŲеĕЕ₣ЮĝŪĳ₣сşе‗ Нş A ЯřŲ Federal funds rate ÐЙЮ₤ŊЧĕЕ₣ΒŪ″ďЮýŲЮţũĠ₤с ĊĜýũ˝₧Ś Ų �� ¤ ĠĜĀ Ġсņ˝ЮŎЧ₣₤ĕŊĳ▫ŌĕŁũЯŪĠŪĠФŲŗл ₣žų е₣ĕРŷĳŪņСŷŁũЯřŲĜеЁЯŠ℮ЮŁ₣ĳŪņСŷŁũĬų ₤с◦БЮĉž₣⅜Ś е ÐЙĮБ �� Юĉ �� ЯřŲĠЮ₣ ˛ЧĳģĕďŲеĕЕ₣ℓ ŊБЮĝŪĳ₣сşе‗ Нş B ¤ ЮŎЧ₣ЮþЧŀ▫ŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ś ŲņЊĕĩ ŚŲсĕРŷ discount loans (DLB) Ю◦ ЮĜйΒŪ″ũĠ₤с Federal funds rate ĕЊ₣Ю˝ЧĕЮΌЧ₣ЮŲЧ₤ĮБ �� ¤ řРЮş ĖйŁũĩ ŚŲсΟ‗ĈĕũĠ₤сĊĜýũ˝₧Ś ŲÐЙďŁũ˝е‗ĳсĕРŷΒŪ″ Federal funds rate ΒĳЊĠũŌ ЯřŲĈĠď₣ΒŪ″ĮЊĳŪģ˝řЮĝЮŲЧ◦Бĩ⅝ũЯřŲЮ˝ЧĳЮΌЧ₣ЮŢŎ⅜ũŁũĩðĳсĩ ð₣с ĕЊ₣ĳŪņСŷŁũ◦НĕĠŪņО₣ũĠ₤сŪĠĮњĕ ċĊĜýũ¤

řРЮş ĖйЮřЧņġБ˝НеЁΒŪ″ Federal funds rate Ю˝ЧĕЮΌЧ₣Šį₤сЮĮ˝ĊĜýũ˝₧Ś ŲŪĳСŷЯĳЮşŀņНŠĩ ŚŲсĕРŷ discount loan ЮĉŁĕсĊĜýũ₧ЯřŲŠſйĕРŷ◦НĕĠŪņО₣ЮřЧņġБŁũĵũĮБŁũ˝℮њŎĊĕĩ₣ ĕЊ₣ЮřЧņġБ₤□ЊũļĮ◦Бĩ⅝ũ◦НĕĠŪņО₣ĩ₣ (Federal Funds Market)¤

Secondary credit ÐЙďΟ‗ĈĕЯřŲĩŚŲсόŏЮĉĊĜýũЯřŲŌĕĠŔΆ ΅ЊũŃ ňŷĳ□О ĕЊ₣ŌĕĠ◦ĮЊЮ⅜ĊĕчĄУĠŪĠ◦йĕРŷĠŔΆ Ųе΅Рũ⅜şсŪģ˝сŗл ₣ĊĞĕсĊĞũ¤ ΒŪ″ŁũŪģ˝сЮĝЮŲЧΟ‗ĈĕŪĠЮķ◦ЮĕйÐЙŠį₤сď₣ΒŪ″ discount

rate 50 basis point (0.5% percent point) ЯřŲďŁũĮЊĕњŎřŲсĊĜýũЯřŲŪÐĠсŪÐ₣΅ЊũŃ ňŷĳ□ОŠ ųФĕņЊĕģĕŲ ∆¤

Seasonal Credit ÐЙďΟ‗ĈĕņУŎЯřŲĩŚŲсόŏ ЮřЧņġБЮđųЧŎĳĠĕЕ₣ĳŪņСŷŁũаĕşеĕУĕ˝е‗ĳсņУŎũĠ₤сĊĜýũЯřŲĈ˝с◦₣ĕЕ₣ŷЋ₤њŎ˝₤Њ˝ņŊ¤ ΒŪ″ŁũŪģ˝сЮŲЧΟ‗ĈĕŪĠЮķ◦ЮĕйÐЊĳďņĊŏņũǻ₣ Federal funds

rate ĕЊ₣ Certificate of deposit rates¤

ЮýŲĠе‗₣₤еžĕс˝ĖО₣ŁũĠЮ₣ ˛ЧĳόŏŌĕĊĜýũ˝₧Ś ŲÐЙ ЮřЧņġБŁũĵũĕРŷŁũ˝℮њŎĊĕũĠ₤сĊĜýũЯřŲŌĕĠŔΆ ΅ЊũŃ ňŷĳ□О″ņũŎкŁũĩŚŲсĕРŷ discount loan ◦БόŏĊĜýũЯřŲŌĕĠŔΆ ЮĜй ЯĳЮĈйĠБďŗл ₣₧˝єЮŢŎǻĮЊĳďŌĕŁũŲеģ˝ĠĕŚЊş˝ĖО₣ŁũόŏĊĜýũņУŎЯřŲŌĕĠŔΆ ž₣΅ЊũŃ ňŷĳ□ОŠ ĆБĕРŷ◦НĕĠŪņО₣ЮĜй¤

3. ◦Нĕ◦Нĕ◦Нĕ◦НĕĠŪņО₣ĠŪņО₣ĠŪņО₣ĠŪņО₣ŁĳĮſ Њş Ć ŁĳĮſ Њş Ć ŁĳĮſ Њş Ć ŁĳĮſ Њş Ć (Reserve Requirements)

◦НĕĠŪņО₣ŁĮſ Њş Ć єďΧĠ˝ũ‗чĕЮŗģŎņУŎ ˝ĖО₣şеЮ₧ņΧĠ˝ũ‗чĈе₣ĠБũĠ₤сĊĜýũ˝₧Ś Ų ĠлНЯĕ ŚЮÐņЊĕ₤РŷŎ˝ΧĠ˝ũ‗чЮĕйņ˝ЮŪĠЧŪģ₤с₧₤с₧Ю◦ЮŢŎ⅜ũЯĳǻЮĊſЧЁŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣ ЮŲЧ˝ЯŲ₣Яĳ˝ĖО₣˝ũ‗БЯřŲĊĜýũ˝₧Ś Ųş₣сЁŌĕŁũЯŪĠŪĠФŲĕРŷ◦НĕĠŪņО₣ЮĜй¤ ĠлНЯĕ ŚЮĝ˝ĖО₣⅜□ ĕļĮď◦РЮĉЮÐņЊĕŎ˝ǻņ˝ЮŪĠЧŪģ₤сЮΌЧŎЮŪĵй▫ ЮĝЮĮŲЯřŲ reserve requirements Ю˝ЧĕЮΌЧ₣ ЮĜйĊĜýũŪĳСŷЯĳũ˝⅝◦НĕĕРŷ◦НĕĠŪņО₣ЁģĕŁĕсЯĳЮŪşЧĕ¤ ĩ ĀОŎņ˝ŷЋŀЮĝЮĮŲЯřŲ reserve requirements ℓŎşНй ЮĜйĊĜýũďЮŪşЧĕ ĕЕ₣ņЊĕũ˝⅝◦НĕĕРŷ◦НĕĠŪņО₣ЮŪşЧĕЮ◦ ЯřŲşе‗ НşĈе₣ĮБЮĕй₤Н◦ċЯĳďĠŔΆ ₤еžĕс ЯřŲĈņĈũόŏŌĕŁũĮЊČũ₧ņНĕĕЕ₣₤ЮŪņşşЊĳŉĠЮ₣ ˛Чĕ ιĠĕ□Ŏ¤ ЮĝЮĮŲЯřŲĊĜýũĠЮ₣ ˛ЧĕŁũũ˝⅝◦Н˝◦НĕĠŪņО₣ ЮĜй⅜şсŪģ˝сЯřŲşŬşũЮĝ˝ĖО₣Ю₤řť Њş ĆĕЕ₣ŪĳСŷℓŎşНй¤ řРşýĖ ЮĕйЯřũЮĝЮĮŲЯřŲĊĜýũŁĳсĠĕ□ŎŁũũ˝⅝◦Н˝◦НĕĠŪņО₣ЮĜйЮ₤řť Њş Ć



ĕЕ₣ŌĕĠũЋŌ‗ŲНŎşŬşũЮŪşЧĕЮĮ˝ ņŜл ₣Ю◦ЬĳĊĜýũĕЕ₣ģĳсĠ₣сĕРŷŪÐЕй˝ĖО₣Łũ◦Ġс◦ŲсďņУŎĕЕ₣ΉĕЊķњŎЯřŲĕЕ₣Ю˝ЧĳЮΌЧ₣Юĝаℓ Ğ₧ņУŎЮĜй¤ ĕЊŗŎďũУņΧĠ˝ũ‗чЮĕйĊĜýũ˝₧Ś Ų˝ŪņŎ˝ǻņ˝ЮŪĠЧЮŢŎ⅜ũЯĳǻЮĊſЧόŏŌĕĠŔΆ ļų ņYЮĉЮŲЧĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ĳЊşĳУş¤

ĠлНЯĕ ŚĊĜýũ˝₧Ś Ų ÐЙΖşĠЮ₣ ˛ЧĕĕРŷ◦НĕĠŪņО₣ŁĳĮſ Њş ĆЮĉŪĳ₣сşе‗ НşņУŎЯřŲŠųФĕş₣сģĕ″ņũŎкŁũЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□О◦БņУŎÐЙ ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ι˝є″ņ ũŎкĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) ЮĉŁĕсĊĜýũЯřŲŌĕ◦НĕĠŪņО₣ĳЊş¤ ĠлНЯĕ ŚЮĈйĠБďŗл ₣₧˝єЮŢŎ ˝єŁũĠЮ₣ ˛ЧĕĕРŷ◦НĕĠŪņО₣″ņũŎкņЮĊŜģŎЮĕйǻĕЕ₣ЮĊſЧЁĠлйĵŲсřŲсĊĜýũņУŎşеĕУĕĕЊ₣ĮЊģ˝˝ĖО₣ŁũŪÐĠсŪÐ₣ЮŲЧŲе΅Рũ⅜şсŪģ˝с¤

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с Open Market Operations


IV. ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с ⅜ũк₤еžĕсаĕŁũЮŪĠЧŪģ₤с Open Market ЮŲЧΧĠ˝ũ‗чĕЮŲЧΧĠ˝ũ‗чĕЮŲЧΧĠ˝ũ‗чĕЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣YЮŗģŎЮĩ℮₣YЮŗģŎЮĩ℮₣YЮŗģŎЮĩ℮₣Y

˝ĖО₣şеЮ₧ņΧ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОĈе₣ĠБ ΧĠ˝ũ‗чşņġ₣ЯřŲĊĜýũ˝₧Ś ŲşРŲşЊĳŉЮŪĠЧÐЙ Open

Market Operations¤ ŁũЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗чЮĕйÐЙΖŪ₤њŎЮŢŎŲ˝š‗кĮЊЮ₤₤ ŗл ₣ЮŲЧŲΧĠ˝ũ‗чĕЮŗģŎřа◦Ю◦Ьĳ¤

◦Бơ Open Market Operations Ю˝ЧĳЮΌЧ₣ЮĝЮŪŁņŁũΒĕНŷĳŚЮŢŎĊĜýũ˝₧Ś ŲЮŢŎĬĀ Ųс ЯřŲŠųФĕΖşŪÐĠсŪÐ₣ģĕĈе₣Ū₤О₣ЮĉЮŲЧЮŲġЪĕаĕŪĠĳЊĠĳŉЊŁũЮĕй¤ ЮĠЧЮŎЧ₣Ū˝ЮŲ˝ЮņЧŲЮĉЮŲЧΧĠ˝ũ‗чĕЮŗģŎЮĩ℮₣Ю◦ЬĳřРşď Discount Policy ÐЙĊĜýũ˝₧Ś ŲŪýĕсЯĳďΒĖ ЮŲЧ ◦Е˝şЊĳŉ ιĠİ∆ ˝с◦Е şЊĳŉĊĜýũĵ‗ЊĄ ąЮřЧņġБĩ ŚŲсĕРŷ discount loan ЯĳĠлНЮ₧‼ й ÐЙĊĜýũ˝₧Ś ŲņЊĕģĕŪÐĠсŪÐ₣ЮŢŎĬĀ ŲсЮĉЮŲЧЮŲġЪĕаĕ discount

loan ЮĜйЮ◦¤

◦БƯ Open Market Operations ÐЙŌĕļĮĠĳсЯĠĕ ĕЊ₣şĤ₤сŵ₤сЮĵŲÐЙǻŪĳСŷģĕЮÐŎ˝ЮŪĠЧŪģ₤с ģĕĕРŷŪÐĠсŁŲкЮ◦₤кĈе₣Β₤с¤ ďΧĈ΅ũ‗чĊĜýũ˝₧Ś ŲĳŪņСŷЁŌĕŁũЯŪĠŪĠФŲĳЊşĳУşаĕ◦НĕĠŪņО₣ŁĳĮſ Њş Ć řРЮş ĖйǻŲеģ˝žų е₣₧₤с˝ĖО₣ŁũЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗ч◦Б ư ÐЙ Reserves Requirement ЮŪĵйǻΖşĠлй ĵŲсřŲсřеЮ‗ЧũŁũũĠ₤сĊĜýũĵ‗ЊĄ ą¤ ЮŢŎЮŪĠЧŪģ₤сĕРŷ Open Market Operations ĊĜýũ˝₧Ś ŲŪýĕсЯĳЮĠЧ˝όŏŌĕŪĠĳЊĠĳŉЊŁũ Open Market Purchases ЮřЧņġБ◦Њŀ ιŲ˝сĕРŷņРŲĠњŪĳĠĕŚЊşǻďŁũЮŪ₤ş¤

◦БƯ Open Market Operations ÐЙǻŌĕļĮİŎŪ₤ФŲ˝ĖО₣ŁũЯ˝ĳŪņСŷ¤ ďΧĈ΅ũ‗чЮĝЮĮŲЯřŲŌĕŪĠĳЊĠĳŉЊŁũ Open Market Purchases ЮĊſЧЁ Federal funds rate ēų ˝сşНйžų е₣ЮĮ˝ ЮĮŲЮĜйĊĜýũ˝₧Ś ŲŪýĕсЯĳЮĠЧ˝ŪĠĳЊĠĳŉЊŁũ Open Market Sales ЮřЧņġБŲ˝сņРŲĠњŪĳ ЮĜйǻΖşЯ˝ĳŪņСŷ Federal funds rate ģĕŗл ₣ĂĠсũ΅њ₤¤

◦Б Open Market Operations ÐЙďΧĠ˝ũ‗чņУŎЯřŲΖşŎ˝ņ˝ΒĕНŷĳŚģĕŗл ₣ĂĠсũ΅њ₤ĠеĩНĳ ЮĵŲÐЙǻņЊĕŪĳСŷŁũόŏŌĕŁũΒĕНŔň ĳΒſБЮĜйЮ◦¤ ЮĝЮĮŲĊĜýũ˝₧Ś Ųş₣сЯ˝ЯŪĠĕРŷ◦НĕĠŪņО₣ ЮÐŪýĕсЯĳŪģĠсЮĉĵ‗ЊĄ ą ũņРŲĠњŪĳЮĜйŁũĄУŀřРũ ĕЕ₣Ю˝ЧĳŌĕЮΌЧ₣¤

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ◦Бĩ⅝ũ◦НĕĠŪņО₣ ĕЊ₣ Federal Funds Rates


V. ◦Бĩ⅝ũ◦Нĕ◦Бĩ⅝ũ◦Нĕ◦Бĩ⅝ũ◦Нĕ◦Бĩ⅝ũ◦НĕĠŪņО₣ĠŪņО₣ĠŪņО₣ĠŪņО₣ ĕЊ₣ΒŪ″ĕЊ₣ΒŪ″ĕЊ₣ΒŪ″ĕЊ₣ΒŪ″ Federal funds (Market for Reserves and Federal Funds Rate)

″ņũŎкŁũĠ˝Ū⅜Ŏž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ĕЊ₣ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝сÐЙЮĊſЧЁĠлйĵŲсЮĉЮŲЧ₤ņĳНŲŏаĕ◦НĕĠŪņО₣¤ ŁũЯŪĠŪĠФŲаĕ◦НĕĠŪņО₣ЮĕйЮ΅ЧŎЯřŲĠ₧Ś ŲЁŌĕŁũЯŪĠŪĠФŲĕРŷΒŪ″ Federal funds rate¤

Юĝşе‗ НşĠĜĀ ĠсЮŎЧ₣ĕЕ₣ĮЊļ˝⅝ΒеĮБ▫ЮĳЧ ĕЮŗģŎũĠ₤сĊĜýũ˝₧Ś ŲģĕЮĊſЧЁĠлйĵŲсЮĉЮŲЧ◦НĕĠŪņО₣ŗл ₣₧ŠųйЯřŲĠ₧Ś ŲЁŌĕŁũЯŪĠŪĠФŲĕРŷΒŪ″ Federal funds rate¤

1. Łũĩðĳсĩ ð₣с ĕЊŁũĩ ðĳсĩ ð₣с ĕЊŁũĩ ðĳсĩ ð₣с ĕЊŁũĩ ðĳсĩ ð₣с ĕЊ₣ĳŪņСŷŁũЮĝЮŲЧ◦Бĩ⅝ũ◦Нĕ₣ĳŪņСŷŁũЮĝЮŲЧ◦Бĩ⅝ũ◦Нĕ₣ĳŪņСŷŁũЮĝЮŲЧ◦Бĩ⅝ũ◦Нĕ₣ĳŪņСŷŁũЮĝЮŲЧ◦Бĩ⅝ũ◦НĕĠŪņО₣ĠŪņО₣ĠŪņО₣ĠŪņО₣ 1.1. ЯŠ℮ЮŁ₣ĳŪņСŷŁũ◦НĕЯŠ℮ЮŁ₣ĳŪņСŷŁũ◦НĕЯŠ℮ЮŁ₣ĳŪņСŷŁũ◦НĕЯŠ℮ЮŁ₣ĳŪņСŷŁũ◦НĕĠŪņО₣ĠŪņО₣ĠŪņО₣ĠŪņО₣

ЮřЧņġБĮЊČũ₧ЮĉЮŲЧЯŠ℮ЮŁ₣ĳŪņСŷŁũаĕ◦НĕĠŪņО₣ ЮŎЧ₣ŪĳСŷЯĳЮČ◦₤е‗ Уũ▫ЮĳЧĕЕ₣ŌĕΒſБЮ˝ЧĳЮΌЧ₣ЮĉЮŲЧĠũЋŌ‗ĳŪņСŷŁũаĕ◦НĕĠŪņО₣ (ũ˝⅝˝″Ś Юĩ℮₣YЮĝЮℓũ) ЮĝЮĮŲЯřŲΒŪ″ Federal funds rate ŌĕŁũЯŪĠŪĠФŲ¤ ĠũЋŌ‗аĕ◦НĕĠŪņО₣ŪĳСŷģĕЯş˝ЮşŀďĮБũÐЙк ◦НĕĠŪņО₣ŪĳСŷũ˝⅝ũ◦Н˝ (required reserves) ЯřŲЮ₤ŊЧĕЕ₣ ΖĕНģĳаĕ◦НĕĠŪņО₣ЯřŲŪĳСŷŁũ (required reserves ratio) ÐН‗ĕЕ₣ĠũЋŌ‗Ūģ˝сĠЮŃňЧЯřŲŪĳСŷũ˝⅝◦Н˝ď◦НĕĠŪņО₣ ĕЊ₣ ◦НĕĠŪņО₣ЮŲЧ₤ ďĠũЋŌ‗◦НĕĠŪņО₣ĠЯĕ □ņЯřŲĊĜýũЮŪĄЧ₤ЮũВ₤ЮřЧņġБũ˝⅝◦Н˝ǻ¤ řРЮş ĖйĳŪņСŷŁũаĕ◦НĕĠŪņО₣ Ю₤ŊЧĕЕ₣ ◦НĕĠŪņО₣ЯřŲŪĳСŷŁũ ĠР˝ĕЕ₣ ĠũЋŌ‗◦НĕĠŪņО₣ЯřŲЮŲЧ₤¤ аℓ ųЮřЧņ˝ĖО₣Łũũ˝⅝◦Н˝ĕРŷ◦НĕĠŪņО₣Ĉе₣Юĕй ŪĳСŷģĕЮÐČĳс◦Н˝▫ďаℓųόŁ₤ (Opportunity costs) Ю΅ЧŎΒŪ″ŁũŪģ˝сЯřŲ◦◦УŲģĕĮБŁũĩ ŚŲс˝ņĆБаĕ◦НĕĠŪņО₣ ŪĳСŷģĕ˝е‗ĳсЮŢŎΒŪ″ Federal funds rate ŌĕĕњŎ▫ŪĠ₤ЊĕЮĠЧ Federal

funds rate ēų ˝сşНйЮĜй аℓ ųόŁ₤˝ĖО₣Łũũ˝⅝◦Н˝ĕРŷ◦НĕĠŪņО₣Ĉе₣ЮĕйÐЙŌĕ˝ŪņЊĳĈĠ ЮŢŎ⅜ũЯĳŌĕŁũЮ˝ЧĕЮΌЧ₣аĕĳŪņСŷŁũ◦НĕĠŪņО₣ (7)¤ řРЮş ĖйЯŠ℮ЮŁ₣ĳŪņСŷŁũаĕ◦НĕĠŪņО₣ (��)Ōĕ◦Њ₤ЮţΒŷЋĄ ąŌĕďņУŎĕЕ₣ΒŪ″ Federal funds rate¤

1.2. ЯŠ℮ЮŁ₣ĩð₣сĩ ð₣с◦НĕЯŠ℮ЮŁ₣ĩð₣сĩ ð₣с◦НĕЯŠ℮ЮŁ₣ĩð₣сĩ ð₣с◦НĕЯŠ℮ЮŁ₣ĩð₣сĩ ð₣с◦НĕĠŪņО₣ĠŪņО₣ĠŪņО₣ĠŪņО₣

Łũĩ ðĳсĩ ð₣с◦НĕĠŪņО₣ŪĳСŷģĕЯĠ₣Яş˝ďĮБũЯĩ Ė ÐЙк Nonborrowed Reserves (ÐЙďĠũЋŌ‗ЯřŲĩðĳсĩ ð₣сЮŢŎŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ şе΅ũũĠ₤сĊĜýũ˝₧Ś Ų) ″₣ЮŢŎ � ĕЊ₣ĠũЋŌ‗◦НĕĠŪņО₣ЯřŲĊĜýũŠĆБĮБĊĜýũ₧Ś Ų″ņũŎкĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (discount policy) ЮΊ▫ Borrowed Reserves ¤ аℓ ųЮřЧņşņġ₣˝ĖО₣Łũ◦◦УŲģĕ˝ņĆБĮБĊĜýũ˝₧Ś Ų ÐЙďΒŪ″ŁũŪģ˝сЯřŲĊĜýũ˝₧Ś ŲŎ˝ĮБŁũĩ ŚŲс˝ņĆБĈе₣ЮĜйЮĝŪĳ₣с discount rate (��)¤ ŪĠ₤ЊĕЮĠЧΒŪ″ŁũŪģ˝с Federal funds rate ЮĝЮŲЧ◦Бĩ⅝ũĈĠď₣ΒŪ″ЯřŲĊĜýũ˝₧Ś ŲĩŚŲсĕРŷ discount rate (��) ЮĜй discount loan ũĠ₤сĊĜýũ˝₧Ś ŲĕЕ₣Ю₤ŊЧ₤Рĕŏ ЮŢŎ

(7) ₤ĕŊĳ▫˝″Ś Юĩ℮₣YЮ◦ЬĳЮĝЮℓũ ЮŢŎŬĠсĠŃĆСŲĈе₣◦НĕĠŪņО₣ЯřŲŪĳСŷũ˝⅝◦Н˝¤



ĊĜýũřа◦Ю◦ЬĳĕЕ₣ЮĉŠĆБ ◦НĕĠŪņО₣ĮБ◦Бĩ⅝ũ◦НĕĠŪņО₣¤ řРЮş ĖйЮĝЮĮŲЯřŲΒŪ″◦Бĩ⅝ũ ��∗ ĈĠď₣ �� ЮĜйŁũĩðĳсĩ ð₣сĕРŷ◦НĕĠŪņО₣ÐЙЮ₤ŊЧĕЕ₣ Nonborrowed Reserves � ЯřŲĩð₣сĩ ð₣с″ņũŎкŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе ũũĠ₤сĊĜýũ˝₧Ś Ų¤ řРЮş ĖйŁũЯŠ℮ЮŁ₣ĩðĳсĩ ð₣с◦НĕĠŪņО₣ďĠĜĀ ĳсĘũ¤ ņŜл ₣Ю◦ЬĳЮĝЮĮŲЯřŲΒŪ″◦Бĩ⅝ũ ЮΌЧ₣ũ΅РĳřŲсŠį₤сď₣ΒŪ″ discount loan (��) ЮĜйĊĜýũĕЕ₣ş₣сŠĆБ◦НĕĠŪņО₣ЮĝŪĳ₣сΒŪ″ (��) ЁģĕŁĕсЯĳЮŪşЧĕ¤ řРЮş Ėй˝ĖО₣˝ũ‗БЮĕйЯŠ℮ЮŁ₣ĩðĳсĩ ð₣сŌĕŬ₣ŬĠЮĝŪĳ₣сΒŪ″ (��) ¤

1.3. şе‗ Нşşе‗ Нşşе‗ Нşşе‗ НşŲеĕЕ₣◦Бĩ⅝ũ◦НĕŲеĕЕ₣◦Бĩ⅝ũ◦НĕŲеĕЕ₣◦Бĩ⅝ũ◦НĕŲеĕЕ₣◦Бĩ⅝ũ◦НĕĠŪņО₣ĠŪņО₣ĠŪņО₣ĠŪņО₣

ũРĠļĮ◦БƯ ŲеĕЕ₣◦Бĩ⅝ũ◦НĕĠŪņО₣Ю˝ЧĳЮΌЧ₣ЮĝŪĳ₣сşе‗ НşŪĠ₤Įſũǻ₣ĳŪņСŷŁũ ĕЊ₣Łũĩðĳсĩ ð₣с◦НĕĠŪņО₣

Ūĳ₣с şе‗ Нş A ЯřŲΒŪ″ Federal funds rate ÐЙ ��∗ ¤ ŲеĕЕ₣◦Бĩ⅝ũЮ˝ЧĳЮΌЧ₣ЮĝЮĮŲЯřŲĠũЋŌ‗ĳŪņСŷŁũаĕ◦НĕĠŪņО₣ Ю₤ŊЧĕЕ₣ Łũĩð₣сĩ ð₣саĕ◦НĕĠŪņО₣ЯřŲ

� = ��¤ řРЮş Ėйşе‗ НşŲеĕЕ₣аĕ◦Бĩ⅝ũ◦НĕĠŪņО₣ЮĝŪĳ₣сşе‗ НşŪĠ₤Įſũǻ₣ЯŠ℮ЮŁ₣ĳŪņСŷŁũаĕ◦НĕĠŪņО₣ ��

ĕЊ₣ĠũЋŌ‗ĩðĳсĩ ð₣саĕ◦НĕĠŪņО₣ � Ūĳ₣сşе‗ Нş A ЯřŲΒŪ″ Federal funds rate ŲеĕЕ₣ÐЙ ��∗ ¤ ЮĝЮĮŲЯřŲ Federal funds rate Šį₤сď₣ΒŪ″ŲеĕЕ₣ ЮĜйŁũĩðĳсĩ ð₣сЮŪşЧĕď₣ĳŪņСŷŁũ (Łũĩðĳсĩ ð₣сЮŲЧ₤) ЮĊſЧЁΒŪ″ Federal funds rate ēų ˝сņ˝ũ˝ şе‗ НşŲеĕЕ₣ŷЋŀřРşЯřŲģĕĠİΆ ŀЮĝ˝ĖО₣ŪŁķЊşž₣ЮŲЧ¤ ĩ ĀОŎЮĉŷЋŀЮĝЮĮŲЯřŲΒŪ″ Federal funds rate ĈĠď₣ΒŪ″ŲеĕЕ₣ЮĜй ĳŪņСŷŁũЮŪşЧĕď₣Łũĩðĳсĩ ð₣с (ĳŪņСŷŁũЮŲЧ₤) ЮĊſЧЁΒŪ″ Federal funds rate Ю˝ЧĕЮΌЧ₣Юĉũ˝ΒŪ″ŲеĕЕ₣ŷЋŀ (řРşЯřŲģĕĠİΆ ŀ″ņ₤Ŕň ŪĮФŀ˝ĖО₣ũРĠ)

şе₧ е ˝ĖО₣ŪŁķЊşž₣ЮŲЧ discount loan �� ₤□ЊĳЮĝЮŲЧ ΒŪ″ŲеĕЕ₣ЮĕйЮŢŎ⅜ũЯĳĊĜýũ˝₧Ś Ųũ˝⅝ĕРŷΒŪ″ discount rate Šį₤сď₣ΒŪ″ Federal funds rate ЯřŲďЮýŲЮţũĠ₤сŠųФĕ¤

2. ĩŲĠлйĵŲсаĕŁũĬų ₤сĠŚСũΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОĩŲĠлйĵŲсаĕŁũĬų ₤сĠŚСũΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОĩŲĠлйĵŲсаĕŁũĬų ₤сĠŚСũΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОĩŲĠлйĵŲсаĕŁũĬų ₤сĠŚСũΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОЮŲЧ ЮŲЧ ЮŲЧ ЮŲЧ Federal Funds Rate

Юĝşе‗ Нşž₣ЮŲЧЮŎЧ₣ģĕřЕ₣ũУşņ˝Ю΅ЧŎ▫ЮĳЧΒŪ″ Federal funds rate ŪĳСŷģĕ˝е‗ĳсŗл ₣řРşЮņŚşЮĜй Ю΅ЧŎЮĝşе‗ НşĠĜĀ ĠсЮĕйЮŎЧ₣ĕЕ₣ЮĊſЧŁũĮЊļ˝⅝ ▫ЮĳЧŁũЯŪĠŪĠФŲаĕΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОЯřŲ˝ĖО₣

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ЮĜйũУņŌĕŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ (Open Market Operations) ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy) ĕЊ₣ ◦НĕĠŪņО₣ŁĳĮſ Њş Ć (Reserve Requirements) ŌĕΟ◦ċЊĮŲŗл ₣₧ŠųйЮĉЮŲЧ◦Бĩ⅝ũ◦НĕĠŪņО₣ (Market for Reserves) ĕЊ₣şе‗ НşŲеĕЕ₣аĕΒŪ″ Federal funds rate ¤

2.1. ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ şе ũ ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ şе ũ ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ şе ũ ŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ şе ũ (Open Market Operations)

ЮŎЧ₣ģĕřЕ₣ũУşņ˝Ю΅ЧŎ▫ Łũ◦ЊŀĕРŷņРŲĠњŪĳ (Open Market Purchases) ĕЕ₣ЮĊſЧЁŌĕŁũЮ˝ЧĕЮΌЧ₣ĕРŷŁũĩ ðĳсĩ ð₣с◦НĕĠŪņО₣ĮБ �� Юĉ � ¤

ũРĠļĮ◦Бư Open Market Purchases ĕЕ₣ЮĊſЧЁŌĕŁũЮ˝ЧĕЮΌЧ₣аĕ nonborrowed reserves ĕЊ₣ЮĊſЧЁŁũ

ĩðĳсĩ ð₣с◦НĕĠŪņО₣Ю˝ЧĕЮΌЧ₣ЯřŲĠ₧Ś ŲόŏЯŠ℮ЮŁ₣ĩðĳсĩ ð₣сĬų ₤с◦БЮĉž₣⅜Ś еĮБ �� Юĉ � Ю΅ЧŎşе‗ НşŲеĕЕ₣Ĭų ₤с◦БĮБşе‗ Нş A Юĉ B ЯřŲЮĊſЧόŏ Federal funds rate ℓŎşНйĮБ �� Юĉ �� ¤

řРЮş ĖйŪĠĳЊĠĳŉЊŁũ◦ЊŀĕРŷņРŲĠњŪĳĕЕ₣ЮĊſЧόŏЯŠ℮ЮŁ₣ĩðĳсĩ ð₣сĬų ₤с◦БЮĉ⅜Ś еĮБ �� Юĉ � Ю΅ЧŎşе‗ НşŲеĕЕ₣Ĭų ₤с◦БĮБşе‗ Нş A Юĉşе‗ Нş B ЯřŲΒŪ″ Federal funds rate ēų ˝сşНйĮБ �� Юĉ �� ¤ Ю΅ĳНĩŲřРşýĖ ЮĕйЯřũşеЮĵйŁũŲ˝сĕРŷņРŲĠњŪĳÐЙǻĕЕ₣ЮĊſЧЁŁũĩðĳсĩ ð₣с◦НĕĠŪņО₣ēų ˝сşНй Ю΅ЧŎЯŠ℮ЮŁ₣ĩðĳсĩ ð₣сĬų ₤с◦БЮĉž₣Юđſ₣ЯřŲЮĊſЧЁΒŪ″ Federal funds rate Ю˝ЧĕЮΌЧ₣¤

ď₤ũНĠņ˝Łũ◦ЊŀĕРŷņРŲĠњŪĳĕЕ₣ЮĊſЧЁΒŪ″ Federal funds rate ēų ˝сşНй Š‗кЮĮŲЯřŲŁũŲ˝сĕРŷņРŲĠњŪĳ ĕЕ₣ЮĊſЧЁΒŪ″ Federal funds rate Ю˝ЧĕЮΌЧ₣¤

2.2. ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝с (Discount Policy)

Ο◦ċЊĮŲаĕ discount rate ЮĉЮŲЧΒŪ″ Federal funds rate ÐЙǻΖŪ₤њŎЮĉЮŢŎ▫ЮĳЧЯŠ℮ЮŁ₣ĳŪņСŷŁũаĕ◦НĕĠŪņО₣ ŪĠ₤ĮſĕЕ₣ЯŠ℮ЮŁ₣ĩðĳсĩ ð₣сЯřŲďĠĜĀ ĳсĘũ ιďĠĜĀ ĳсЮř˝¤

Federal Funds Rate

Quantity of Reserves, R

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ũРĠļĮ◦Б ˝ũ‗БũРĠ (˝) ĊĜýũ˝₧Ś ŲĩŚŲс discount rate ĮБ �� Юĉ �� ˝ĖО₣˝ũ‗БЯřŲЯŠ℮ЮŁ₣ĳŪņСŷ

ŁũŁĳс ЯŠ℮ЮŁ₣ĩðĳсĩ ð₣сЯřŲďĠĜĀ ĳсĘũ ЮĊſЧЁЮĊſЧЁ Federal funds rate ņЊĕЯŪĠŪĠФŲ¤ ˝ĖО₣˝ũ‗БũРĠļĮ (Š) ЯřŲЯŠ℮ЮŁ₣ĳŪņСŷŁũŁĳс ЯŠ℮ЮŁ₣ĩðĳсĩ ð₣сЯřŲďĠĜĀ ĳсЮř˝ ĜеЁΒŪ″ŁũŪģ˝сēų ˝сşНй¤

˝ĖО₣ũРĠļĮ (˝) аĕũРĠļĮ◦Б discount loan ũĠ₤сĊĜýũ˝₧Ś ŲģĕĠŃĆОйĕРŷΒŪ″ Federal funds rate

ĮБ �� ņ˝ŪĳЕņ �� Łũĩðĳсĩ ð₣саĕ◦НĕĠŪņО₣ЯřŲЮĝýŊ ĕĕРŷ discount loan ÐЙŌĕ˝ŪņЊĳĈĠ (řРşЯřŲģĕĠİΆ ŀĮБşе‗ Нş A Юĉ ��) řРЮş ĖйŲеĕЕ₣аĕŁũĩðĳсĩ ð₣с ĕЊ₣ĳŪņСŷŁũ₤□ЊĳЮĝ˝ĖО₣˝ŪņЊĳřЯřŲ¤

řРЮş ĖйЮĝ˝ĖО₣˝ũ‗БЮĕй ÐЙýŊ ĕŁũЯŪĠŪĠФŲĕРŷşе‗ НşŲеĕЕ₣аĕ Federal funds rate ��∗ �ЮĜйЮ◦ ÐЙЮŢŎ⅜ũ

Яĳ ĊĜýũ˝₧Ś Ųď◦РЮĉĩŚŲсĕРŷΟ‗Ĉĕ Юĝ˝ŪņЊĳ ΒŪ″ЯřŲŠį₤сď₣ΒŪ″ďЮýŲЮţũĠ₤сŠųФĕ¤ ˝ĖО₣˝ũ‗БЮĕйЮŎЧ₣Ζş₤ĕĖЊŢť ĕģĕ▫ ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝сũĠ₤сĊĜýũ˝₧Ś ŲÐЙņЊĕŌĕŪĠ₤Њ◦ċЊļĮЮĉЮŲЧΒŪ″ Federal funds ЮĜйЮ◦¤

ĩĀОŎЮĉŷЋŀŪĠ₤ЊĕЮĠЧЯŠ℮ЮŁ₣ĳŪņСŷŁũ ŪĠ₤ĮſĕЕ₣ЯŠ℮ЮŁ₣ĩðĳсĩ ð₣с ЯřŲďĠĜĀ ĳсЮř˝ (ũРĠŠ) ĕЮŗģŎĠŃĆОйΒŪ″ŁũŪģ˝сÐЙŌĕΟ◦ċЊĮŲЮĉЮŲЧ Federal funds rate ¤ Юĝşе‗ НşŲеĕЕ₣řеĠР₣ŪĠ₤ЊĕÐЙĊĜýũ˝₧Ś ŲĩŚŲсĕРŷ discount loan Ūĳ₣сΒŪ″ �� ЮĜйΒŪ″ Federal funds rate ÐЙ �� ¤ ĠĜĀ Ġсņ˝ŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ś ŲĠĕŚĕРŷĕЮŗģŎ discount Ūĳ₣сΒŪ″ �� ЮĜйΒŪ″ Federal funds rate ĕЕ₣ēų ˝сşНйņ˝ŪĳЕņ �� ¤ řРЮş Ėй˝ĖО₣˝ũ‗БЮĜй ĕЮŗģŎũĠ₤сĊĜýũ˝₧Ś ŲÐЙŌĕŪĠ₤Њ◦ċЊļĮ¤

2.3. ◦Нĕ◦Нĕ◦Нĕ◦НĕĠŪņО₣ĠŪņО₣ĠŪņО₣ĠŪņО₣ŁĳĮſ Њş ĆŁĳĮſ Њş ĆŁĳĮſ Њş ĆŁĳĮſ Њş Ć (Reserve Requirements)

ЮĝЮĮŲЯřŲΖĕНģĳаĕ◦НĕĠŪņО₣ŁĳĮſ Њş Ć (Required Reserve Ratio(8)) Ю˝ЧĕЮΌЧ₣ ЮĜйĊĜýũ˝₧Ś ŲĳŪņСŷЁĳņŲсĕРŷ◦НĕĠŪņО₣ ЮŪşЧĕď₣ņНĕ ЯřŲЮĊſЧЁĳŪņСŷŁũ◦НĕĠŪņО₣ĕЕ₣Ю˝ЧĕЮΌЧ₣ЮĝŪÐĠсΒŪ″ Federal funds rate ¤ řРЮş ĖйŁũЮ˝ЧĕЮΌЧ₣ĕРŷ required reserve ratio ĕЕ₣ЮĊſЧЁЯŠ℮ЮŁ₣ĳŪņСŷŁũĬų ₤с◦БЮĉž₣

(8) ΧĈũ΅‗чřРş˝ũ‗БŪĠЮ◦₤˝ņįОďŪĳСŷĳņŲс◦НĕĠŪņО₣ŁĳĮſ Њş ĆşеĕУĕ ơƠ%

Federal Funds Rate


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⅜Ś еĮБ �� Юĉ �� ЮĊſЧЁşеĕНŠŲеĕЕ₣Ĭų ₤с◦БĮБ A Юĉ B Ю΅ЧŎΒŪ″ŁũŪģ˝сЮ˝ЧĕЮΌЧ₣ĮБ �� Юĉ �� ¤

řРЮş ĖйЮĝЮĮŲЯřŲĊĜýũ˝₧Ś ŲĠЮ₣ ˛ЧĕĕРŷ Reserve Requirements ЮĜй Federal funds rate ĕЕ₣Ю˝ЧĕЮΌЧ₣¤

ĩĀОŎЮĉŷЋŀŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ś ŲĠĕ□ŎĕРŷ required reserve ratio ЮĜйЯŠ℮ЮŁ₣ĳŪņСŷŁũĕЕ₣Ĭų ₤с◦БЮĉž₣Юđſ₣ ЯřŲЮĊſЧЁΒŪ″ Federal funds rate ēų ˝сşНй¤

řРЮş ĖйЮĝЮĮŲЯřŲĊĜýũ˝₧Ś ŲĠĕ□ŎĕРŷ Reserve Requirements ЮĜй Federal funds rate ĕЕ₣ℓŎşНй¤

ũРĠļĮ◦Б ЮĝЮĮŲĊĜýũ˝₧Ś ŲĠЮ₣ ˛Чĕ Reserve Requirements ЮĊſЧЁĳŪņСŷŁũаĕ◦НĕĠŪņО₣Ю˝ЧĕЮΌЧ₣

ďЮ΅ĳНĠ₧Ś ŲЁЯŠ℮ЮŁ₣ĳŪņСŷŁũĬų ₤с◦БЮĉž₣⅜Ś еĮБ �� Юĉ �� ЯřŲşе‗ НşŲеĕЕ₣ЯŪĠŪĠФŲĮБ A Юĉ B

Ю΅ЧŎΒŪ″ Federal funds rate Ю˝ЧĕЮΌЧ₣ĮБ �� Юĉ �� ¤

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⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś Ų


VI. ŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧ŚŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧ŚŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧ŚŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś ŲŲŲŲ

1. ŁũЮŪĠЧŪģ₤сĕРŷЮýŲЮţŁũЮŪĠЧŪģ₤сĕРŷЮýŲЮţŁũЮŪĠЧŪģ₤сĕРŷЮýŲЮţŁũЮŪĠЧŪģ₤сĕРŷЮýŲЮţ (Using Targets)

ЮĈйĠБďņЊĕĈĕсŌĕŁũĠ˝Ū⅜Ŏ˝єЮŢŎ ˝єЮŎЧ₣ΖşřЕ₣ģĕЯřũ▫ ЮýŲĠе‗₣şņġ₣ũĠ₤сĊĜýũ˝₧Ś ŲÐЙũ˝⅝ĕРŷ₤□ЊũļĮаℓ ų¤ ĊĜýũ˝₧Ś ŲģĕЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗ч ĕЮŗģŎũРĠЊŎŷĳ□О ư ₤еžĕсYÐЙк Open Market Operation, Discount Policy, ĕЊ₣ Reserve Requirement (ΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОĈе₣ ư ЮĕйĕЕ₣ŪĳСŷģĕĠ˝Ū⅜ŎŲņ∆ЊĳЮĝ˝ĖО₣şе‗ Нş◦Б III) ЯřŲŌĕŪĠ₤Њ◦ċЊļĮЮĉЮŲЧЮýŲĠе‗₣ũĠ₤сŠųФĕ (ЮýŲĠе‗₣ĊĜýũ˝₧Ś ŲĕЕ₣ŪĳСŷĠİΆ ŀЮĝ˝ĖО₣şе‗ Нş◦Б IX) ˝ĖО₣ũŎкЮĮŲЯŷ₣ (ď◦РЮĉЯŷ₣ď₣ ơĂĖ е)¤ ŌĕĕњŎ▫ĊĜýũ˝₧Ś ŲŪĳСŷЮŪĠЧΧĠ˝ũ‗чĕЮŗģŎĈе₣ЮĕйЮĝЮĮŲЯřŲŠųФĕÐЊĳ▫ ĕЕ₣ŌĕŁũЯŪĠŪĠФŲаĕаℓ ųĜЮĮŲΒĜÐĳ (ЮŪĵйŪĠ₤Њ◦ċЊļĮĕЮŗģŎЮŢŎЮŪĠЧΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОŌĕũŎкЮĮŲЯŷ₣)¤ ЮĠЧņЊĕřРЮş ĖйЮĝЮĮŲЯřŲŷЋĠĳŚЊЮ˝ЧĳŌĕЮΌЧ₣ (Β₤□ЊũļĮаℓ ų) ÐЙǻŎЙĳЮĮŲЮĉЮ΅ЧŎ˝ĖО₣ŁũЮŢйŪ⅜ŎŷЋĠĳŉЊĈе₣ЮĜйόŏŌĕŪĠ₤Њ◦ċЊļĮļų ņY (ĩŲĠлйĵŲсũŎкЮĮŲЯŷ₣)¤

ĊĜýũ˝₧Ś ŲģĕЮŪĠЧŪģ₤сĕРŷŎН◦ċ⅜ū₤ŚЮĩ℮₣YЮřЧņġБŪĳФĳĮЊĕЊĳŏЮŲЧĕЮŗģŎũРĠЊŎŷĳ□ОЮŢŎЮŪĠЧŪģ₤сĕРŷΒЮℓũņУŎЯřŲ₤ņŪ₤Ġũǻ₣ЮýŲĠе‗₣ЯřŲŠųФĕş₣сģĕ ĕЊ₣ΧĠ˝ũ‗чĕЮŗģŎЯřŲŪĳСŷΒĕНŷĳŚ¤

ΒЮℓũЯřŲŪĳСŷģĕЮÐŎ˝ЮŪĠЧŪģ₤сЮĊſЧďŎН◦ċ⅜ū₤ŚŪĳСŷģĕЯĠ₣Яş˝ďĮБũЯĩ Ė ÐЙк Intermediate Targets

ĕЊ₣ Operating Targets¤

Intermediate Targets ÐЙďŁũЮŪĠЧŪģ₤сĕРŷΒЮℓũЮĩ℮₣YЯřŲŪĳСŷģĕЮÐЮŪĠЧŪģ₤сЮřЧņġБǻ₤сĕРŷĠũЋŌ‗ĩðĳсĩ ð₣сũРĠЊŎŷĳ□О₤ũНĠ (řРşď M1, M2, M3 ďЮřЧņ) ι˝єΒŪ″ŁũŪģ˝с Ю΅ЧŎΒЮℓũĈе₣ЮĕйŌĕΟ◦ċЊĮŲЮŢŎĬĀ ŲсЮĉЮŲЧЮýŲĠе‗₣ũĠ₤сŠųФĕ ĠлНЯĕ ŚǻņЊĕģĕ◦◦УŲũ₣Ο◦ċЊĮŲЮŢŎĬĀ ŲсĮБŁũЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОũĠ₤сĊĜýũ˝₧Ś ŲЮΌЧŎ¤

Operating Targets ιΖşЮΊģĕ▫ Instruments ÐЙďŁũЮŪĠЧŪģ₤сĕРŷΒЮℓũЮĩ℮₣YЯřŲďĠсĈ˝с◦₣ĕЕ₣ Reserve Aggregate (reserves, nonborrowed reserves, monetary base, nonborrowed base) ι˝єď Interest

Rates (Federal funds rate, Treasury Bills rate) ЯřŲΒЮℓũĈе₣ЮĕйЮđųЧŎĳĠŗл ₣žų е₣ЮĉĕЕ₣ŁũΒĕНŷĳŚΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□ОũĠ₤сĊĜýũ˝₧Ś Ų¤

ЮřЧņġБİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲсЮŎЧ₣İ˝ņ˝ĮЊĕЊĳŏЮņЧŲЮŲЧΧĈ΅ũ‗чņУŎ¤ ЮŎЧ₣ΧĠŌ▫ЮýŲĠе‗₣ũĠ₤сĊĜýũ˝₧Ś ŲÐЙ₤□ЊũļĮаℓ ų ĕЊ₣ΒŪ″ĕЊ˝ņŊļĮĈĠ¤ ǻřЕ₣▫ЮřЧņġБ₤ЮŪņşЮýŲĠе‗₣Ĉе₣ЮĕйÐЙĈņĈũЁŌĕŁũЮ˝ЧĕЮΌЧ₣ 5% аĕ GDP¤ ĠлНЯĕ ŚЮřЧņġБЁŌĕ˝еЮ‗Чĕаĕ GDP ÐЙǻĈņĈũЁŌĕ ŁũЮ˝ЧĕЮΌЧ₣ 4% аĕ M2 (Intermediate Targets) Ю΅ЧŎŁũЮ˝ЧĕЮΌЧ₣ЮĕйÐЙĈņĈũЁŌĕŁũЮ˝ЧĕЮΌЧ₣ĕРŷ nonborrowed reserves

3% (Operating Targets) ďĠĕŚЮ◦Ьĳ ЯřŲŁũЮ˝ЧĕЮΌЧ₣ЮĕйǻЮđųЧŎĳĠЮĉĕЕ₣ŁũЮŪĠЧŪģ₤сĕРŷΧĠ˝ũ‗ч



ĕЮŗģŎņУŎЮěŊ й▫ Open Market Operations¤ ĊĜýũ˝₧Ś ŲĕЕ₣ČĠсЮĩ ŚЧņΒĕНŷĳŚĕРŷĕЮŗģŎ Open

Market Purchases ЮřЧņġБ◦◦УŲģĕŁũЮ˝ЧĕЮΌЧ₣аĕ nonborrowed reserves 3%¤ ĠĜĀ ĠсĮБŁũΒĕНŷĳŚĕЮŗģŎ ĊĜýũ˝₧Ś ŲЮþЧŀ▫ nonborrowed reserves ŌĕŁũЮ˝ЧĕЮΌЧ₣ŎЙĳ (₤ĕŊĳ▫ 2%) řРЮş ĖйĊĜýũ˝₧Ś ŲĕЕ₣ĠĕŚΒĕНŷĳŚĕРŷĕЮŗģŎЮĕйďĠĕŚЮ◦Ьĳũ΅Рĳ₤ЮŪņşĕРŷЮýŲЮţũĠ₤сŠųФĕ¤ ЮĝЮĮŲЯřŲŌĕŁũЮ˝ЧĕЮΌЧ₣аĕ nonborrowed reserves ĊĜýũ˝₧Ś ŲĕЕ₣ĮЊĕЊĳŏЮņЧŲ▫ЮĳЧ M2 Ю˝ЧĕЮΌЧ₣˝ĖО₣˝ŪņЊĳ₧¤ ŪĠ₤ЊĕЮĠЧĠũЋŌ‗ M2 Ю˝ЧĕЮΌЧ₣ЮŲЩĕžų е₣ЮĮ˝ (₤ĕŊĳ▫ 7%) ЮĜйĊĜýũ˝₧Ś ŲĕЕ₣ЮĠЧ˝όŏŌĕŪĠĳЊĠĳŉЊŁũ Open Market Sales ЮřЧņġБŁĳсĠĕ □Ŏ M2 ũ΅РĳřŲс˝ŪņЊĳņУŎЯřŲŠųФĕş₣сģĕ¤ Юĝ◦БĠŃĆĠсЮÐĕЕ₣◦◦УŲģĕĕРŷ₤□ЊũļĮаℓ ų ĕЊ₣ΒŪ″ĕЊ˝ņŊļĮĈĠ¤

2. ŁũЮŪĄЧŁũЮŪĄЧŁũЮŪĄЧŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲЮţ₤ЮũВ₤ĕРŷЮýŲЮţ₤ЮũВ₤ĕРŷЮýŲЮţ₤ЮũВ₤ĕРŷЮýŲЮţ (Choosing Targets)

Юĝ˝ĖО₣ΧĈ΅ũ‗чž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ ĊĜýũ˝₧Ś ŲĠЮ₣ ˛ЧĕĕРŷ nonborrowed reserves 3% ЮřЧņġБ◦◦УŲģĕ˝еЮ‗Чĕ 5% аĕ GDP ι˝єĊĜýũ˝₧Ś ŲΖşŌĕĄЮŪņЧ₤ņУŎЮ◦ЬĳÐЙ Łũ˝е‗ĳсĕРŷ Federal funds rate

ŪĳЕņ 2% ŌĕĕњŎ▫ĊĜýũ˝₧Ś ŲŪĳСŷЯĳЮŪĄЧ₤ЮũВ₤ĕРŷΒЮℓũņУŎ˝ĖО₣şеЮ₧ņΒЮℓũĈе₣ĮБ (˝е‗ĳс Federal

funds rate ι˝єĠЮ₣ ˛Чĕ nonborrowed reserves) ЮřЧņġБЮĊſЧďŎН◦ċ⅜ū₤Ś ĖО₣ŁũĠЮ₣ ˛Чĕ˝еЮ‗Чĕ 5% аĕ GDP¤

ЮĝŪĳ₣сşе‗ НşЮĕй ЮÐŌĕ₤е‗ УũņУŎģĕЮŲЧ ЮΌЧ₣▫ ЮĳЧĊĜýũ˝₧Ś ŲΖşЮŪĠЧŪģ₤сĕРŷΒЮℓũĈе₣ĮБũ˝ĖО₣ЮĮŲЯĳņУŎģĕЯřũ ιŗл ₣₧? şНйЮĠЧЮŪĠЧĈе₣ĮБЮĳЧǻŌĕΟ◦ċЊĮŲŗл ₣řРşЮņŚşЯřũ?

şеЮĵй₤е‗ Уũ◦БņУŎ ÐЙЮŎЧ₣ΖşЮđųЧŎģĕЮŢŎİŎ▫ ĊĜýũ˝₧Ś ŲÐЙņЊĕΖşЮŪĠЧŪģ₤сĕРŷΒЮℓũņŚ₣ĮБũЮřЧņġБЮĊſЧďŎН◦ċ⅜ū₤ŚģĕЮĜйЮ◦ ŌĕĕњŎ▫ĊĜýũ˝₧Ś ŲŪĳСŷЯĳ˝е‗ĳсĕРŷЮýŲЮţũĠ₤сŠųФĕ▫ЮĳЧŪĳСŷĠЮ₣ ˛Чĕ nonborrowed reserves ι˝є˝е‗ĳс Federal funds rate¤ ЮĵŲÐЙΒЮℓũĈе₣ĮБũ ÐЙŌĕΟ◦ċЊĮŲşеЮĵйýĖ ЮĉŷЋŀ Юĉņ˝¤

ŁũĠЮ₣ ˛Чĕ nonborrowed reserves (3%) ĕЕ₣ЮĊſЧЁ Federal funds rate ŌĕŁũЯŪĠŪĠФŲЮŢŎ⅜ũЯĳŁũЯŪĠŪĠФŲаĕ reserves demand¤

ĩĀОŎņ˝ŷЋŀŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ś ŲЮŪĄЧ₤ЮũВ₤Ŏ˝Łũ˝е‗ĳс Federal funds rate ŪĳЕņ 2% ЮĜйǻĕЕ₣ЮĊſЧόŏŌĕŁũЯŪĠŪĠФŲĕРŷ nonborrowed reserves ЮŢŎ⅜ũЯĳŁũЯŪĠŪĠФŲаĕ reserves demand řЯřŲ¤ ЮŎЧ₣ЮþЧŀ▫˝ũ‗БĈе₣ĮБũ ÐЙĠ₧Ś Ųņ˝ĮБŁũЯŪĠŪĠФŲаĕ reserves demand řРşýĖ şНйЮ΅ĳНΒſБģĕď reserves

demand ЯŪĠŪĠФŲ? şЮņųЧŎÐЙ▫ ĊĜýũ˝₧Ś ŲņЊĕΖş˝е‗ĳс ι˝є₤₣−Еņ◦Н˝ĮБĠũЋŌ‗Ūģ˝сĠЮŃňЧũ ĕЊ₣ĠũЋŌ‗аĕĳŪņСŷŁũаĕ◦НĕĠŪņО₣ЮĜйЮ◦¤

ЮřЧņġБŌĕļĮİŎŪ₤ФŲ˝ĖО₣ŁũЯ₤ſ₣ŎŲсĮБ˝ũ‗БĈе₣ĮБũž₣ЮŲЧ ЮŎЧ₣İ˝ņ˝ЮĊſЧŁũŷЋļÐ ĮЊČũ₧ЮĉЮŲЧŪŁķЊşŷЋŀņŚ₣¤



ũРĠļĮž₣ЮŪŁņģĕĠİΆ ŀ▫ ŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ś ŲĠЮ₣ ˛ЧĕĠũЋŌ‗ nonborrowed reserves ņ˝ŪĳЕņ � Ю΅ЧŎĊĜýũ˝₧Ś ŲũжĮЕ₣◦Н˝▫ reserves demand ÐЙ˝е‗ĳсЮŢŎĠĜĀ ĳс �� ЯřŲĕЕ₣ĠЮ₣ ˛ЧĳģĕďŲеĕЕ₣ Federal funds rate ÐЙ �� ¤ ℓ ſБĳġЊĳЯĳŗл ₣řРЮş Ėй˝єЮŢŎ ˝є reserves demand ŌĕŁũЯŪĠŪĠФŲũǻ₣ ��ĕЊ₣�� ЯřŲĕЕ₣ĠЮ₣ ˛ЧĳģĕďŲеĕЕ₣ℓ ŊБÐЙ ��ĕЊ₣�� ЮŢŎ⅜ũЯĳŁũņЊĕΖşũжĮЕ₣◦Н˝ģĕņНĕĕРŷŪģ˝сĠЮŃňЧ ĕЊ₣

ĳŪņСŷŁũ◦НĕĠŪņО₣¤

ũРĠļĮ◦Б ŁũĠЮ₣ ˛Чĕ nonborrowed reserves řŲс˝ŪņЊĳ � ĕЕ₣ĜеЁŌĕŁũЯŪĠŪĠСŲĕРŷ Federal funds

rate ũǻ₣ ��ĕЊ₣�� ЯřŲĠ₧Ś Ųņ˝ĮБŁũЯŪĠŪĠСŲаĕĳŪņСŷŁũ◦НĕĠŪņО₣ũǻ₣ �� ĕЊ₣�� ¤

″ņũРĠļĮž₣ЮŪŁņģĕĠİΆ ŀ▫ ŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ś Ų˝е‗ĳс Federal funds rate ŪĳЕņ �� ¤ ďℓŊБņŚ₣Ю◦ЬĳĊĜýũ˝₧Ś Ų₤₣−Еņ▫ reserves demand ÐЙ �� ЯřŲĕЕ₣ĠЮ₣ ˛ЧĳģĕŲеĕЕ₣Юĕй¤ ĠлНЯĕ Ś reserves

demand ģĕЯŪĠŪĠФŲũǻ₣ ��ĕЊ₣�� ЮŢŎ⅜ũЯĳŁũņЊĕΖş˝е‗ĳс◦Н ņНĕĕРŷŪģ˝сĠЮŃňЧ ι˝єĳŪņСŷŁũũĠ₤сĊĜýũ˝₧Ś Ų˝ĖО₣Łũũ˝⅝◦Н˝ĕРŷ◦НĕĠŪņО₣¤ ŪĠ₤ЊĕЮĠЧЯŠ℮ЮŁ₣ĳŪņСŷŁũĬų ₤с◦БЮĉž₣ЮŲЧ (⅜Ś е) ЮĜйǻĕЕ₣Ġ₧Ś ŲЁ Federal funds rate Ю˝ЧĕЮΌЧ₣Šį₤с ď₣ �� ¤ ЮĝЮĮŲЮĕйĊĜýũ˝₧Ś ŲĕЕ₣ЮĠЧ˝ŪĠĳЊĠĳŉЊŁũ Open

Market Purchases ЮřЧņġ◦Њŀ₤Ŕň Ġњ‗‼ũ΅РĳĈŲсЯĳ ŁũЮ˝ЧĕЮΌЧ₣аĕ supply of nonborrowed reserves Ю₤ŊЧĕЕ₣ �� ЯřŲĕЕ₣ĠЮ₣ ˛ЧĳŲеĕЕ₣ �� řЯřŲ¤ ĩ ĀОŎņ˝ŷЋŀŪĠ₤ЊĕЮĠЧ ЯŠ℮ЮŁ₣ reserves demand Ĭų ₤с◦БЮĉЮŪŁņ (Юđſ₣) ǻĕЕ₣ЮΒſЧЁ Federal funds rate ℓŎşНйĈĠď₣ΒŪ″ŲеĕЕ₣ �� ЮĝЮĮŲЮĕйĊĜýũ˝₧Ś Ų ĕЕ₣ЮĠЧŪĠĳЊĠĳŉЊŁũ Open Market Sales ЮřЧņġБŲ˝с₤Ŕň Ġњ‗‼ũ΅РĳĈŲсЯĳŠųФĕΖşĠĕ□ŎĕРŷ Supply of nonborrowed

reserves ņ˝ŪĳЕņ �� ЯřŲĕЕ₣ĠЮ₣ ˛ЧĳģĕŲеĕЕ₣ �� řЯřŲ¤

Federal Funds Rate


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ũРĠļĮ◦Б Łũ˝е‗ĳсΒŪ″ŁũŪģ˝сŪĳ₣с˝еũЋĳ ��ЮĊſЧЁŌĕŁũЯŪĠŪĠСŲаĕ nonborrowed reserves

ЮŢŎ⅜ũЯĳŁũЯŪĠŪĠСŲаĕ demand for reserves ũǻ₣ �� ĕЊ₣�� ¤ ď₤ũНĠņ˝ĊĜýũ˝₧Ś ŲΖşЮŪĄЧ₤ЮũВ₤ģĕĕРŷЮýŲЮţ (ЮŪĄЧ₤ЮũВ₤ΒЮℓũ) ģĕЯĳņУŎĠлНЮ₧‼ йЮřЧņġБЮĊſЧ

ďŎН◦ċ⅜ū₤Ś ĖО₣ŪÐĠсŪÐ₣ĕЮŗģŎũРĠЊŎŷĳ□О Ё◦◦УŲģĕЮďÐĄњŎ¤

3. Ų˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲ˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲ˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲ˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲŲŲŲЮţЮţЮţЮţ

″ņŁũŷЋļÐž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ ĊĜýũ˝₧Ś ŲΖşЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲЮţģĕЯĳņУŎĠлНЮ₧‼ йũǻ₣ ΒЮℓũЮĝ˝ĖО₣ Intermediate Targets ĕЊ₣ Operating Targets ЮřЧņġБŎ˝ņ˝ΒĕНŷĳŚ¤ řРЮş ĖйЮĝşе‗ НşĠĜĀ ĠсЮŎЧ₣ŠńОеĕЕ₣ЮŲЧ˝Ŏ˝ĕРŷŲ˝šŠ‗ŹņУŎşеĕУĕ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ĕРŷЮýŲЮţ¤

3.1. Ų˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤Ų˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤Ų˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤Ų˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Intermediate Targets

ŌĕŲ˝šŠ‗ŹĠБ ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Intermediate Targets ÐЙк � Ζşǻ₤сЯŷ₣ģĕ (Measurability)

� ΖşŪÐĠсŪÐ₣ģĕЮŢŎĊĜýũ˝₧Ś Ų (Controllability)

� ĕЊ₣Ζş◦₤℮ĕчĈŎģĕ (Predictable Effect on Goals)

3.1.1. Ζşǻ₤сЯŷ₣ģĕΖşǻ₤сЯŷ₣ģĕΖşǻ₤сЯŷ₣ģĕΖşǻ₤сЯŷ₣ģĕ (Measurability)

ΒЮℓũЯřŲŎ˝ņ˝ЮŪĠЧЮřЧņġБЮĊſЧďЮýŲЮţ ŪĳСŷЯĳΖşǻ₤сЯŷ₣ģĕŗл ₣ĂĠсũ΅њ₤ ĕЊ₣ŌĕļĮ₤НŪ˝Њĳ ĠеĩНĳ¤

ΟŲРŷЮŎЧ₣ĮЊČũ₧ЮĉЮŲЧΒЮℓũ ư ₤еžĕсYÐЙк M2;r;GDP¤

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″ņΧĈ΅ũ‗чž₣ЮŲЧЮŎЧ₣ЮþЧŀ▫ ЮřЧņġБģĕ˝еЮ‗Чĕ 5% аĕ GDP ÐЙĊĜýũ˝₧Ś ŲŪĳСŷЯĳĠЮ₣ ˛Чĕ �� şеĕУĕ 4% Яřũ¤ ЮĳЧǻΖşЮĉũУşЯřũ ιЮ◦ŪĠ₤ЊĕЮĠЧǻЮŪĠЭĠЮĊЬĠďņУŎĕЕ₣ΒŪ″ŁũŪģ˝с? ЮĳЧŁũǻ₤сЯŷ₣ũĠ₤сǻģĕĂĠсũ΅њ₤ ĕЊ₣ŌĕļĮ₤НŪ˝Њĳ Яřũι◦?

ЮŎЧ₣ЮþЧŀ▫ ◦Њĕ ĖĕњŎũĠ₤с Monetary Aggregates (M2) ŪĳСŷģĕ◦◦УŲЮũЬ₣ŬŲс Ư₤ģŚ ΅чņŚ₣Ю΅ЧŎŁũǻ₤сЯŷ₣ũĠ₤сǻņЊĕ₤Рŷ₤НŪ˝ЊĳĠлНĜŊ ĕЮĜйЮ◦ ŪĠ₤ЊĕЮĠЧЮŪĠЭĠЮĊЬĠďņУŎΒŪ″ŁũŪģ˝с¤ ŌĕĕњŎ▫◦Њĕ ĖĕњŎĮБ ΒŪ″ŁũŪģ˝с r ŪĳСŷģĕЮÐ◦◦УŲ ģĕļų ņYЮũЬ₣ŬŲсаℓ Ğ ĕЊ₣ŌĕļĮ₤НŪ˝ЊĳЮ◦Ьĳĩ₣¤ ď₣ЮĕйЮĉЮ◦ЬΒŪ″ŁũŪģ˝сŪĳСŷģĕЮÐř˝Юşŀĩ₣ЯřũĕРŷΒŪ″ΒĳЊĩũ₧₤₣−Еņ◦Н˝Ю◦Ьĳĩ₣¤

ЮĠЧЮŎЧ₣ĕЊŗŎĮБ GDP ŷЋŀŁũ◦◦УŲ◦Њĕ ĖĕњŎũĠ₤сǻŌĕŲ˝š‗кŎЙĳ ď◦РЮĉЮũЬ₣ŬŲс ưЯŠņŚ₣ ŌĕĕњŎ▫ЮĠЧЮŪĠЭĠЮĊЬĠďņУŎĕЕ₣ monetary aggregates ÐЙǻýŊ ĕΖ◦ЊļĮ˝ĖО₣ŁũŎ˝ņ˝ЮĊſЧďЮýŲЮţаĕŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś ŲģĕЮΌЧŎ¤

″ņũŎкŁũĠ˝Ū⅜Ŏž₣ЮŲЧ ЮŎЧ₣ЮþЧŀ▫ΒŪ″ŁũŪģ˝сΖşŪĳСŷģĕǻ₤сЯŷ₣ģĕŗл ₣ĂĠсũ΅њч₤ ĕЊ₣ŌĕļĮ₤НŪ˝Њĳ¤ řРşЮĕйǻÐЙ₤˝ŚЊ₤ņĕЕ₣Ŏ˝ņ˝ЮĊſЧďΒЮℓũЮýŲЮţ аĕŎН◦ċ⅜ū₤ŚũĠ₤сĊĜýũ˝₧Ś Ų¤

3.1.2. ΖşŪÐĠсŪÐ₣ģĕΖşŪÐĠсŪÐ₣ģĕΖşŪÐĠсŪÐ₣ģĕΖşŪÐĠсŪÐ₣ģĕ (Controllability)

ΒЮℓũЯřŲĊĜýũ˝₧Ś ŲŎ˝ņ˝ЮŪĠЧŪĳСŷЯĳďΒЮℓũņУŎЯřŲŠųФĕΖşŪÐĠсŪÐ₣ģĕ ŌĕĕњŎ▫ĊĜýũ˝₧Ś ŲŪĳСŷЯĳΖşŪÐĠсŪÐ₣ģĕĕРŷřеЮ‗ЧũŁũũĠ₤сΒЮℓũЮĜй¤ ďΧĈ΅ũ‗чЮ₤řťŷЋ◦РďЮŪşЧĕģĕόŏЮŗĠŲс▫ĊĜýũ˝₧Ś ŲÐУũЯĳŎ˝ nominal GDP ЮĊſЧďЮýŲЮţаĕŎН◦ċ⅜ū₤Ś ĠлНЯĕ ŚЮŢŎ⅜ũЯĳĊĜýũ˝₧Ś ŲņЊĕŌĕŲ◦ċļĮŪÐĠсŪýĕс ĖО₣ŁũЮĉŪÐĠсŪÐ₣ЮŲЧΒЮℓũЮĕй řРЮş ĖйЮÐņЊĕΖşŎ˝ΒЮℓũЮĕйЮĊſЧďЮýŲģĕЮ◦¤

3.1.3. ◦₤℮ĕчĈŎĮБ◦₤℮ĕчĈŎĮБ◦₤℮ĕчĈŎĮБ◦₤℮ĕчĈŎĮБΟ◦ċЊĮŲЮĉЮŲЧЮýŲĠе‗₣ Ο◦ċЊĮŲЮĉЮŲЧЮýŲĠе‗₣ Ο◦ċЊĮŲЮĉЮŲЧЮýŲĠе‗₣ Ο◦ċЊĮŲЮĉЮŲЧЮýŲĠе‗₣ (Predictable Effect on Goals)

ΒЮℓũЮýŲЮţЯřŲĊĜýũ˝₧Ś ŲŪĳСŷŎ˝ņ˝ЮŪĠЧŪģ₤с ŪĳСŷЯĳďΒЮℓũņУŎЯřŲŠųФĕΖş◦₤℮ĕчĈŎĮБΟ◦ċЊĮŲ (⅜ũкŪĠЮŗĄĕч) ŷЋĄ ąŌĕũĠ₤сǻЮĉЮŲЧЮýŲĠе‗₣ЯřŲŠųФĕş₣сģĕ¤ řРЮş ĖйņНĕĕЕ₣Ŏ˝ΒЮℓũ₧ņУŎņ˝ЮŪĠЧŪģ₤сŠųФĕŪĳСŷЯĳĮЊČũ₧▫ЮĳЧŠųФĕΖş◦₤℮ĕчĈŎĮБŪĠ₤Њ◦ċЊļĮũĠ₤сǻģĕЯřũ ιЮ◦ Ю΅ЧŎŁũ◦₤℮ĕчĈŎЮĜйЮ◦ЬĳЮ⅜ĳŌĕŲ˝š‗кŪĳЕņŪĳСŷ ĕЊ₣₤НŪ˝Њĳ˝ŪņЊĳ₧¤

ΒЮℓũďЮýŲЮţĈе₣ΐŎ₧ũĠ₤с Intermediate Targets ЯřŲŌĕŲ˝š‗кĈе₣ĠБž₣ЮŲЧ ЮĜйΒЮℓũ ЮĜйЮÐĕЕ₣ΖşŎ˝ņ˝ЮŪĠЧŪģ₤сЮřЧņġБ ЮĊſЧďЮýŲЮţŎН◦ċ⅜ū₤ŚЮřЧņġБŪĠĳЊĠĳŉЊĕЮŗģŎũРĠЊŎŷĳ□ОŪĠ˝ĠЮŢŎŪĠ₤Њ◦ċЊļĮ ĕЊ₣ļĮЮďÐĄњŎ¤



3.2. Ų˝šŠ‗ŹņУŎşеĕУĕ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤Ų˝šŠ‗ŹņУŎşеĕУĕ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤Ų˝šŠ‗ŹņУŎşеĕУĕ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤Ų˝šŠ‗ŹņУŎşеĕУĕ˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Operating Targets

ņЊĕŠН₤ýĖ ĠлНĜŊ ĕĮБŲ˝šŠ‗Ź˝ĖО₣ŁũЮŪĄЧ₤ЮũВ₤ Intermediate Targets ЮΌЧŎ ŁũЮŪĄЧ₤ЮũВ₤ Operating

Targets єŪĳСŷĮЕ₣Яĩ ∆ ЮŲЧŲ˝šŠ‗ŹĈе₣ĠБşе‗ НşřРşýĖ ЮĕйЯřũ¤ Ĉе₣ Federal funds rate ĕЊ₣ reserves aggregate ÐЙŪĳСŷģĕЮÐǻ₤сЯŷ₣ģĕŗл ₣ĂĠсũ΅њ₤ ĕЊ₣ŪĳЕņŪĳСŷĠеĩНĳЮ΅ЧŎ◦Њĕ ĖĕњŎũĠ₤сǻЮ◦ЬĳЮ⅜ĳÐЙŪĳСŷģĕЮÐ◦◦УŲģĕďЮũЬ₣ŬŲсаℓ Ğ¤ Ю΅ЧŎΒЮℓũĈе₣ĮБũž₣ЮŲЧЮĕйÐЙŌĕļĮİŎŪ₤ФŲ˝ĖО₣ŁũŪÐĠсŪÐ₣ ЮŢŎ⅜ũŁũЮŪĠЧŪģ₤сΧĠ˝ũ‗чĕЮŗģŎũРĠЊŎŷĳ□О¤ ŪĠ₤ЊĕЮĠЧЮŎЧ₣ĮЊČũ₧ЮĉЮŲЧŲ˝šŠ‗Ź◦БĠБ ЮŎЧ₣ΖşČĳс◦Н˝▫ Intermediate

Targets ÐЙď goal ũĠ₤с Operating Targets(9)¤ ŌĕĕњŎ▫ΒЮℓũũĠ₤с Operating Targets ŪĳСŷЯĳŌĕŲ◦ċļĮ ŪÐĠсŪýĕс˝ĖО₣Łũ₤ЮŪņşЁģĕĕРŷΒЮℓũЮýŲЮţũĠ₤с Intermediate Targets ЯřŲŪĳСŷģĕЮŪĠЧŪģ₤с¤

(9) Χ. ЮřЧņġБЁģĕ еЮ‗Чĕ GDP 5% ĊĜýũ˝₧Ś ŲŪĳСŷĠЮ₣ ˛Чĕ �� 4%¤ ЯřŲŁũЮ ЧĕЮΌЧ₣аĕ �� ĈņĈũόŏŌĕŁũЮ ЧĕЮΌЧ₣ 3% аĕ

nonborrowed reserves ¤ ŌĕĕњŎ▫ nonborrowed reserve (Operation Targets) ŪĳСŷģĕŎ˝ņ˝ЮŪĠЧŪģ₤сЮřЧņġБ₤ЮŪņşģĕŁũЮ ЧĕЮΌЧ₣ 4% аĕ �� (Intermediate Targets)¤

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤ŚũĠ₤с Federal Reserve


VII. ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤ŚũĠ₤с ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤ŚũĠ₤с ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤ŚũĠ₤с ŁũŷЋŷĳŚĕРŷŎН◦ċ⅜ū₤ŚũĠ₤с Federal Reserve

Юĝ˝ĖО₣ĂĖ е ơ�Ơ ĊĜýũ˝₧ŉ Ų₤΅ũřťΖЮņũЋ˝ģĕЮĊſЧŁũЮĬŉ ĳ₤еžĕсЮĉЮŲЧļĮ Юĩ℮₣YýĖ ũǻ₣ŁũŪÐĠсŪÐ₣ΒŪ″ŁũŪģ˝с ĕЊ₣ ЮýŲЮţũРĠЊŎŷĳ□О₤ũНĠ ¤ Ю΅ЧŎЮĝ˝ĖО₣˝еΌО₣ЮĮŲЯřŲČĠсĮБĂĖ е ơ�Ơ Ċĕýũ˝₧ŉ Ų₤΅ũřťΖЮņũЋ˝ģĕЮĊſЧŁũĬų ₤сĠŉСũŎН◦ċ⅜ū₤ŉņУŎЮĉŎН◦ċ⅜ū₤ŉņУŎЮ◦ЬĳďĠĕŉĠĜŉ ĠсЯřŲŎН◦ċ⅜ū₤ŉЮĕй ģĕЮĊſЧŁũ Я˝ЯŪĠşеĕУĕĠБř₣˝ĖО₣ũŎйЮĮŲ ưƠ ĂĖ еņ˝Юĕй¤

1. ĮБĂĖ е ĮБĂĖ е ĮБĂĖ е ĮБĂĖ е ơ�Ơơ�Ơơ�Ơơ�Ơ-ơ�� ơ�� ơ�� ơ�� ŎН◦ċ⅜ū₤ŉ ŎН◦ċ⅜ū₤ŉ ŎН◦ċ⅜ū₤ŉ ŎН◦ċ⅜ū₤ŉ Targeting Federal Funds Rate

Юĝ˝еΌО₣ĂĖ е ơ�Ơ ĊĜýũ˝₧ŉ ŲģĕЮĊſЧŁũ˝е‗ĳс◦Н˝ЮĝΒŪ″ŁũŪģ˝сũŎкЮĮŲ ŠųБ¤ şеЮĵйΒŪ″ЯřŲ₤еžĕс˝ĖО₣Łũ˝е‗ĳсЮĜйÐЙ Federal Funds Rate ЯřŲďΒŪ″ŁũŪģ˝с ˝ĖО₣ŁũĩŉŲсΟ‗ĈĕũĠ₤сĊĜýũņУŎЮĉĊĜýũņУŎЮ◦Ьĳ¤ ˝ĖО₣řеЮ‗ЧŁũаĕŁЁŠĆБЮĕйÐЙ Ūģ˝сĠЮŃňЧũĠ₤сĊĜýĵ‗ЊĄ ąĩ ŉŲсΟ‗ĈĕЯřŲģĕŢ˝сЮĩ ńЧũЮĝ˝ĖО₣ĊĜý˝₧ŉ Ų ģĕЮĊſЧ ŁũЮĩ ĀũЮĉĊĜýĵ‗ЊĄ ą◦◦УŲΟ‗Ĉĕ¤ ЯřŲŪģ˝сĠЮŃňЧЯřŲŢ˝сЮĝ˝ĖО₣ĊĜý˝₧ŉ Ų ЮĕйŪĳСŷģĕЮÐЮΊ▫ ◦НĕĠŪņО₣ĊĜýũ řРЮş ĖйŌĕĕњŎ▫Ο‗ĈĕЯřŲ₤□ЊĳЮĝ˝ĖО₣◦Бĩ⅝ũ Federal Funds ÐЙďŁũЮĩ ĀũЮĝ◦НĕĠŪņО₣Юĝ˝ĖО₣ĊĜýũ˝₧ŉ ŲũĠ₤сĊĜýũĵ‗ЊĄ ą¤ ĮБņУŎЯŠЮĉņУŎЯŠ˝ĖО₣ ˝еΌО₣ĂĖ е ơ�Ơ ģĕЮĊſЧŁũ˝е‗ĳсЮĝ Federal funds rate ďņĊŏņďŬŲс₤ģŉ ΅чЮĝ˝ĖО₣ΒŪ″ņУŎЯřŲ₤□ЊĳЮĝ˝ĖО₣ ˝ŪņЊ₣şЮ₣ ∆ЭĳĮБ Ơ. Юĉ Ơ.% ŁũЮĊſЧЯĠĠЮĕйģĕĄйΟ◦ċЊĮŲЮĉЮŲЧřеЮ‗ЧŁũаĕ◦Бĩ⅝ũЮĠЧ˝şе ďΧĈ΅ũ‗чк ЮĝЮĮŲЯřŲ ΒŪ″ŁũŪģ˝сŌĕŁũЮ˝ЧĕЮΌЧ₣Юĝ˝ĖО₣◦Бĩ⅝ũЮĠЧ şе΅ ЮĜйļÐЮŪşЧĕаĕĊĜýũĈе₣Β₤сĕЕ₣ЮĊſЧŁũ◦ЊŀņРŲĠњŪĳЁģĕЮŪşЧĕ″ņЯřŲΖşЮĊſЧģĕ ЮřЧņġБЮĊſЧŁũĠЮ₣ ˛ЧĕЮĝ◦НĕĠŪņО₣ũĠ₤сŠųФĕ˝ĖО₣ĊĜýũ˝₧ŉ Ų Š‗кЯřŲŌĕЯĳĊĜýņУŎ şеĕУĕĳРşĠлНЮ₧‼ йĕЕ₣ЮĊſЧŁũŠĆБ″ņ federal funds market ЯřŲĕЕ₣ЮĊſЧЁŌĕşеĕУĕĊĜýũĩŉŲс Ο‗ĈĕЮŪşЧĕď₣ņНĕЮĝ˝ĖО₣ federal funds market Ю΅ЧŎ⅜□ ĕļĮЮĕйЮ΅ЧŎĕЕ₣ЮĊſЧЁŌĕ Łũēų ˝сşНйЮĝ federal fund rate¤ The Open Market Desk ĕЕ₣ЮĊſЧЁŌĕŁũĠЮ₣ ˛Чĕ◦НĕĠŪņО₣ ŪÐĠсŪýĕсЯřŲĕЕ₣ЮĊſЧЁ federal funds rate Ţе ĤŲşНйЮĝ˝ĖО₣ ˝ŪņЊĳЮýŲЮţ� ĩĀОŎņ˝ŷЋŀŪĠ₤ЊĕЮĠЧΒŪ″ Federal funds

rate ēų ˝сşНйЮŪŁņΒŪ″ЯřŲďЮýŲЮţũĠ₤сĊĜýũ˝₧Ś ŲЮĜйŠųФĕĕЕ₣ĠЮ₣ ˛ЧĳЁŌĕŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝ şе΅ũ Open Market Operations ЮřЧņġБŲ˝сĕРŷņРŲĠњŪĳЮřЧņġБĠĕ □Ŏ◦НĕĠŪņО₣ũĠ₤сĊĜýũ¤ ŎН◦ċ⅜ū₤ŉĊĜýũ ˝₧ŉ ŲЮĝ˝ĖО₣ĂĖ е ơ�Ơ ņЊĕģĕЮĊſЧŁũ₤Њ˝⅝řŲсΒŪ″ŁũŪģ˝сũŎк ЮĮŲЯŷ₣ЮĜйЮΌЧŎ¤ ˝ŪņЊĳďЮýŲЮţаĕ federal funds rate ŪĳСŷģĕЮĊſЧŁũĬų ₤сĠŉСũŪĠЯ΅Ų ďņУŎЯŠņŉ₣ Ю΅ЧŎǻĕЕ₣ŌĕŁũЮ˝ЧĕЮΌЧ₣ЮĝΒŪ″ŁũŪģ˝сŪĠ₤ЊĕЮĠЧĊĜý˝₧ŉ Ųş₣сЮŪĠЧ Ūģ₤сЮĝЮýŲĕЮŗģŎũРĠЊŎŷĳ□ОũЖĳĳġЊĳ ĕЕ₣ĩ ĀОŎņ˝ŷЋŀŪĠ₤ЊĕЮĠЧĊĜý˝₧ŉ Ųş₣сĠĕ□Ŏ ЮĝΒŪ″ŁũŪģ˝сЮĜйĊĜý˝₧ŉ ŲĕЕ₣ЮŪĠЧŪģ₤сЮýŲĕЮŗģŎũРĠЊŎŷĳ□ОŁĕсЯĳİŎ¤



ЮĈйĠБďŗл ₣₧˝єЮŢŎďņРŲŢť ĕ ĮБņУŎЯŠЮĉņУŎЯŠĊĜýũ˝₧ŉ ŲģĕÐЊĳÐРũĮБΒŪ″ŁũŪģ˝сďΖ◦ЊļĮ˝ĖО₣ŁũЮĊſЧЁЮ˝ЧĕЮΌЧ₣аĕũİſ ₤сũРĠЊŎŷĳ□О ĠлНЯĕ ŉ єŌĕşе‗ НşŠųйŠſйžĳ˝ĖО₣ ŁũĠеЮĮŀЁģĕ₤ЮŪņşЮĝЮýŲЮţΒŪ″ŁũŪģ˝с¤

2. ĮБĂĖ е ĮБĂĖ е ĮБĂĖ е ĮБĂĖ е ơ��ơ��ơ��ơ��-ơ�,Ư ơ�,Ư ơ�,Ư ơ�,Ư Targeting Monetary Aggregates

ŷЋĜř˝ņŊřеĠР₣аĕĕЮŗģŎũĠ₤сĊĜýũ˝₧ŉ Ų₤΅ũřťΖЮņũЋ˝ģĕЮĊſЧЮΌЧ₣Юĝаℓ Ğ◦БƠ ЯŠ ĳНŵ ĂĖ е ơ�� ЮĝЮĮŲЯřŲĊĜýũ˝₧ŉ ŲģĕЮģйĠ₣сЮČŲĕРŷŎН◦ċ⅜ū₤ŉ Targeting the federal funds rate¤ ǻģĕĄеĕУ₤ЮŢŎŁũЮŪĠЧŪģ₤сЮĝŎН◦ċ⅜ū₤ŉЯřŲďŁũŪÐĠсŪÐ₣ ЮŢŎĬĀ ŲсЮĝ◦НĕĠŪņО₣ĊĜýũЮřЧņġБЮĊſЧЁŌĕŁũЮ˝ЧĕЮΌЧ₣Юĝ₤ņ□ļĮũĠ₤сĊĜýũ˝ĖО₣Łũ Čĳс▫Ė ˝сЮýŲЮţЮřЧņġБЮĊſЧЁŌĕŁũЮ˝ЧĕЮΌЧ₣аĕũРĠЊŎŷĳ□О₤ũНĠ (M1 and M2)¤ ˝ĖО₣ĂĖ е ơ�� ΒŪ″ΒĳЊĩũ₧Ōĕ₤ĕĀОйŗл ₣žų е₣¤ ŌĕŁũŲ˝сЁ ŷЋŀŗл ₣ЮŪşЧĕЯřŲũжĮЕ₣Юĝ˝ĖО₣˝еΌО₣ĂĖ е ņЊĕŌĕŁũЮĊſЧ₤Ōĸ ũ˝ņŊЮΌЧŎ¤ ˝ĖО₣⅜□ ĕļĮЯřŲņЊĕşĤ₤сŵ₤сşеЮĵйĳŪņСŷŁũ◦еĕЊŀ ĕЊ₣ Ю₤ǻ˝ņŊ ũРĠЊŎŷĳ□О₤ũНĠÐЙďĄЮŪņЧ₤řєŪĠЮ₤Чũ˝ĖО₣Łũ˝е‗ĳсΒŪ″ŁũŪģ˝сЯřŲЮŎЧ₣Čĳс◦Н˝ǻ ▫ďЮýŲЮţΒĕŉũŁũВņУŎ¤ ЮŎЧ₣ЮþЧŀ▫Łũ₤ĕŜЯřŲĕЕ₣ЮĊſЧЁŌĕŁũЮ˝ЧĕЮΌЧ₣ŗл ₣ŎЙĳаĕũРĠЊŎŷĳ□О₤Е₣ЯĳēĜ▫ΒŪ″ΒĳЊĩũ₧Šį₤сĕЕ₣ņЊĕŌĕŁũЮ˝ЧĕЮΌЧ₣ЮΌЧŎ ЯřŲΒŪ″ŁũŪģ˝сŌĕЯĳĜņņЊĕģĕēĜşеЮĵйЮũЩ₣ЮĕйЮΌЧŎ ďņУŎΒŪ″ΒĳЊĩũ₧ЯřŲЮŲЧ₤ĮБ ơư% ˝ĖО₣ĂĖ е ơ�� ǻŪĳСŷģĕČĳс◦Н˝▫ďÐН‗₤ņġĳŉЊŷЋŀ¤

3. ĮБĂĖ е ĮБĂĖ е ĮБĂĖ е ĮБĂĖ е ơ�,Ươ�,Ươ�,Ươ�,Ư-ƯƠƠƠ ƯƠƠƠ ƯƠƠƠ ƯƠƠƠ ŎН◦ċ⅜ū₤ŉĠş ĆОĠġĕ ĖũĠ₤сĊĜýũ˝₧ŉ ŲΖЮņũЋŎН◦ċ⅜ū₤ŉĠş ĆОĠġĕ ĖũĠ₤сĊĜýũ˝₧ŉ ŲΖЮņũЋŎН◦ċ⅜ū₤ŉĠş ĆОĠġĕ ĖũĠ₤сĊĜýũ˝₧ŉ ŲΖЮņũЋŎН◦ċ⅜ū₤ŉĠş ĆОĠġĕ ĖũĠ₤сĊĜýũ˝₧ŉ ŲΖЮņũЋ

ļÐЮŪşЧĕаĕŁũΒЮ₣ĳΟ‗Ĉĕ ЮþЧŀ▫ģĕЮĊſЧЁŌĕŁũũЖĳĠĕŉЕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ˝ĖО₣ĂĖ еơ��ЮřЧņġБЮĊſЧЁΒĳЊĩũ₧ēų ˝сşНйņ˝ŪĳЕņ %˝ĖО₣ĂĖ еơ�,Ư ЮĈйĠБďĊĜý˝₧ŉ Ų ņЊĕģĕ₤ЮŪņşЮďÐĄњŎ˝ĖО₣ŁũЮŪĠЧŪģ₤сЮĝŷЋĊБ⅜ū₤ŉ ЯřŲĩðĳсĩ ð₣сũРĠЊŎŷĳ□О˝ĖО₣˝еΌО₣ĂĖ е ơ��-ơ�,Ư¤ ŗл ₣₧ņЊŀĊĜýũ˝₧ŉ ŲģĕЮĊſЧŁũЮģйĠ₣ссĕРŷŎН◦ċ⅜ū₤Ś◦БƯЮĕй˝ĖО₣ũřРŷЮłŉ ˝ĖО₣ĂĖ еơ�,Ư Ю΅ЧŎЮŪŁŎņ˝Ю◦ЬĳģĕŪĳŲĠсЮĉЮĊſЧŁũ˝е‗ĳсЁģĕşĤ₤сŵ₤саĕŁũ Ю˝ЧĕЮΌЧ₣аĕ M2 ĕЊ₣ЮĮŲŠųй˝е‗ĳс M1 ĩ₣Яřũ ŬŲсЮýŲЮţĈе₣ЮĕйņЊĕŪĳСŷģĕ₤ĕĖЊŢť ĕ▫ ǻŌĕ⅜ũк₤еžĕс˝ĖО₣ĂĖ еơ�,Ư ЮΌЧŎ¤ Ю΅ĳНĩŲЯřŲÐУũЯĳЮÐģĕÐЊĳЮĜйÐЙũРĠЊŎŷĳ□О₤ũНĠ ďĮЊЮ₤₤ЮĜйЮĉЮŲЧũРĠЊŎŷĳ□О₤ũНĠ M1 ЯřŲģĕЮĊſЧЁŌĕĠŔΆ ЮĉЮŲЧ◦еĜ˝с◦еĕ₣ũǻ₣ ũРĠЊŎŷĳ□О ĕЊ₣ şе‗ РŲ ЯřŲģĕЮ˝ЧĳЮΌЧ₣˝ĖО₣₤ĳŷĳ℮◦Б ,Ơ ¤ ǻģĕЮĊſЧЁŌĕŁũЮ˝ЧĳЮΌЧ₣ ЮĝΒ₤□ЊũļĮĳŪņСŷŁũũРĠЊŎŷĳ□О¤ ŁũŷЋŲŷŲсаĕĳŪņСŷŁũũРĠЊŎŷĳ□ОņЊĕģĕ₤□ЊĳЮŪŁņŲ˝šŠ‗Źаĕ Ю₤řť Њş ĆЮΌЧŎ ĠлНЯĕ ŉǻŌĕļĮũŲРĕЮŢŎŁũĠЮ₣ ˛Чĳℓ ŊБЮĝ˝ĖО₣◦Бĩ⅝ũĠЮŃňЧũ řРşЮĉĕЕ₣ŁũņЊĕ Ōĕ₤₧ŉ ĠсēĖ ĠсЯřŲЮ˝ЧĳЮΌЧ₣ Ю΅ЧŎĊĜýũģĕĩŉŲсĕРŷŪĠЮķ◦ℓ ŊБY₤ŪŌĠсŪģ˝сĠЮŃňЧũ ˝ĖО₣Ų˝šŠ‗ŹЮĕйŁũЮ˝ЧĕЮΌЧ₣аĕũРĠЊŎŷĳ□ОÐЙņЊĕģĕЮĊſЧЁŌĕ₤□ЊũļĮЮ₤řť Њş ĆЮΌЧŎ¤ ŁũņЊĕŌĕ ₤□ЊũļĮаĕĳŪņСŷŁũũРĠЊŎŷĳ□ОÐЙďŲ˝šŠ‗ŹЯřŲΒĕНЮŪýйřŲсΒŪ″ŁũŪģ˝с˝єřРşďЮýŲЮţΒĕŉũŁũВ¤ ĊĜýũ˝₧ŉ ŲŌĕŁũ⅜Ā ˝сЮ₤ĀЧũ▫ЮĳЧÐУũЯĳŪĳŲĠсЮĉЮŪĠЧŪģ₤сĕРŷŷЋĊБ⅜ū₤ŉČ₤с ЯřŲď federal funds rate ˝єЮŪĵйЯĳŎН◦ċ



⅜ū₤ŉЮĕйņЊĕŌĕŪĠ₤Њ◦ċļĮ˝ĖО₣ŁũŁũĵũĮБŁũЮ˝ЧĕЮΌЧ₣ŗл ₣ЮŲЩĕаĕΒĳЊĩũ₧ řРЮş ĖйЮ΅ЧŎĊĜý˝₧ŉ ŲģĕЮĊſЧŁũĠŃęĠсŁũЮŪĠЧŪģ₤с ЯřŲďĕЊĜĖ Łũ˝ĖО₣ŁũΒĕНŷĳŉĕЮŗģŎЮĜйÐЙ ŁũĮŪ₣Б˝◦е΅е₤ũНĠ¤

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ◦еĜ с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ć


VIII. ◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ć◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ć◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ć◦еĜ˝с◦еĕ₣ĕЮŗģŎũРĠЊŎŷĳ□О ĕЊ₣₤Рşĕ˝ũаĕЮ₤řť Њş Ć ĕЮŗģŎũРĠЊŎŷĳŉОŪĳСŷģĕĠЮ₣ ˛ЧĳЮΌЧ₣ ˝ĖО₣ЮýŲĠеĕ₣ЮřЧņġБЯ˝ЯŪĠ⅜□ ĕļĮЮ₤řť Њş Ć Ёņ˝ũ˝₤ļĮЮřЧņ

ιЁŪĠЮ₤Чũď₣ņНĕ¤

ĕЮŗģŎũРĠЊŎŷĳŉОŠН₤ýĖ ĮБņУŎЮĉņУŎЮŢŎ⅜ũΧĠ˝ũ‗чĕЮŗģŎ ĕЊ₣ΒŃňĳŉЊЯřŲďЮýŲЮţ ЯřŲŪĳСŷЮĊſЧŁũЯ˝ЯŪĠЮřЧņġБ₤еЮũşĕРŷĕЮŗģŎũРĠЊŎŷĳŉО ¤

ž₣ЮŪŁņÐЙďĕЮŗģŎũРĠЊŎŷĳŉОĈе₣ ЯřŲŪĳСŷģĕЮÐЮŪĠЧŗл ₣◦РŲе◦РŵŎЮ₤ĀЧũ ŪÐĠсŪĠЮ◦₤¤

ĕЮŗģŎũРĠЊŎŷĳŉО �� ЮýŲЮţũŎйЮĮŲЯŷ₣

Inflation Targeting ΒŪ″ŁũŪģ˝сЮŲЧ overnight debt ΒŪ″ЯŪĠŪĠФŲ CPI ˝ĖО₣

˝ŪņЊĳņУŎ

Price Level Targeting ΒŪ″ŁũŪģ˝сЮŲЧ overnight debt ₤ĕĀ₤℮ĕч CPI ņУŎ

ď˝сŵ˝с

Monetary Aggregates ŁũЮ˝ЧĕЮΌЧ₣ĕРŷŁũĩ ðĳсĩ ð₣сũРĠЊŎŷĳŉО ΒŪ″ЯŪĠŪĠФŲ CPI ˝ĖО₣ ˝е

ũЋĳņУŎ

Fixed Exchange Rate

� ″ņũŎйŁũŪĠŁ₤ĠŔą � ŪĠĮњĕ ċ◦Њŀ řРũ ũРĠЊŎŷĳŉО � ŪĠĮњĕ ċΒŪ″ĠŉСũŪģ˝сЮℓũ � ΖŪ₤њŎĕЮŗģŎũРĠЊŎŷĳŉОĠũЮ◦₤

ĳеаŲũРĠЊŎŷĳŉОďĳЊЮĊЬĠĕЕ₣ũРĠЊŎŷĳŉОĠũЮ◦₤

ĠũЮ◦₤

Gold Standard ŁũēĜЮŢŎũřťЮĉЮŲЧĳеаŲŌ₤▫Юℓũ ΒŪ″ΒĳЊĩũ₧ĈĠ

Mixed Policy ď◦РЮĉĈ˝с◦₣ΒŪ″ŁũŪģ˝с ŁũЯŪĠŪĠФŲΒŪ″ĕЊ˝ņŊļĮ

ĕЊ₣ CPI

1. Inflation Targeting

ĕЮŗģŎЮĕйŌĕЮýŲĠе‗₣ ˝ĖО₣Łũũ˝⅝ĕРŷ˝еũЋĳΒĳЊĩũ₧ЁЮĝ₤□ЊĳЮĝ ˝еũЋĳ ņУŎЯřŲЮÐş₣сģĕ¤

ĕЮŗģŎЮĕйŪĳСŷģĕЮÐЮŪĠЧ″ņũŎкŁũ Я˝ĳŪņСŷΒŪ″ŁũŪģ˝сũĠ₤сĊĜýũ˝₧ŉ ŲЮĵŲÐЙΒŪ″ŁũŪģ˝сЯřŲЮ˝ЧĳЮΌЧ₣ЮŢŎ⅜ũŁũĩŉŲс˝ņĆБЮĉŷЋŀ Юĉņ˝˝ĖО₣ŪĠĮњĕ ċĊĜýũĈе₣ ņРŲŗл ₣ĂĠсũ΅њ₤˝ĖО₣ЮýŲĠе‗₣ЮřЧņġБЁũРĠЊŎŷĳŉОşŬşũЮĝЮŲЧ◦Бĩ⅝ũ¤ ĕЮŗģŎŪĠЮķ◦ЮĕйĳŪņСŷЁŌĕŁũŪĳФĳĮЊĕЊĳŏŪĠČеЯŠ ι ŪĠČеŪĳБŌ₤¤

ΒŪ″ŁũŪģ˝сЮĕйŪĳСŷģĕЯ˝ĳŪņСŷ″ņũŎкŪĠĳЊĠĳŉЊŁũ◦Бĩ⅝ũЮĠЧ˝şе΅ũ Open Market Operations



ЮĵŲÐЙ ″ņũŎкŁũ◦Њŀ ιŲ˝сΧĠ˝ũ‗ч΅ЊũŃ ňŷĳŉОņУŎşеĕУĕ řРşď Securities (ņРŲĠњŪĳ), Treasury bills (Ġњ‗‼ũĳĜýũ) ₤Ŕň Ġњ‗‼ũĠ₤сŪ˝Оņ΅пНĕ ιũРĠЊŎŷĳŉОĠũЮ◦₤ ¤

ΧĈ΅ũ‗чď˝сЯ₤ŉ₣ЮĝЮĮŲŌĕŁũ◦ЊŀņРŲĠњŪĳ ЮŢŎ federal reserve → Ġе‗ НŲ ũĠ₤с federal reserve Ю˝ЧĕЮΌЧ₣ → monetary base Ю˝ЧĕЮΌЧ₣→ Łũĩðĳсĩ ð₣сũРĠЊŷĳŉОЮ˝ЧĕЮΌЧ₣ → ΒŪ″ŁũŪģ˝сℓŎşНй¤

ŁũЯ˝ЯŪĠΒŪ″ŁũŪģ˝сŌĕΟ◦ċЊĮŲŗл ₣řРşЮņŉşЮĉЮŲЧΒĳЊĩũ₧? ž₣ЮŪŁņÐЙď Taylor rule ЯřŲĕЊŗŎΒеĮБ◦еĜ˝с◦еĕ₣ũǻ₣ΒŪ″ŁũŪģ˝сĕЊ₣ΒĳЊĩũ₧¤

Taylor rule:

ЮĝЮĮŲЯřŲΒŪ″ŁũŪģ˝сŌĕЯĳĜņЯŪĠŪĠФŲ → ΒŪ″ΒĳЊĩũ₧ЯŪĠŪĠФŲ ₤еЯř₣ЮŢŎ₤ņБŁũ¤

�� = ΒŪ″ŁũŪģ˝сŌĕЯĳĜņЯřŲŪĳСŷĠЮ₣ ˛Чĕ ι Ġĕ□Ŏ˝ĖО₣ĕЮŗģŎ

�� = ΒŪ″ΒĳЊĩũ₧ǻ₤сЮŢŎ GDP deflator

��∗ = ŲеĕЕ₣ΒŪ″ŁũŪģ˝сЯřŲ₤ĕŊĳс ��∗ = ΒŪ″ΒĳЊĩũ₧ЯřŲş₣сģĕ � = ЮŵŁũВĳаĕ₤Łŉ ĕНĮŲĩŲЊĳĩŲ (potential output)

��∗ = ЮŵŁũВĳаĕĩŲЊĳĩŲ₤ũНĠĮЊĳ (real GDP)

�� , �� > 0 ď◦РЮĉЮÐЁ �� , ��= 0.5

ЮĝЮĮŲЯřŲΒŪ″ŁũŪģ˝сЮ˝Чĕ ơ% ″ņ₤ņБŁũž₣ЮŲЧЮÐŪĳСŷĠЮ₣ ˛ЧĕΒŪ″ŁũŪģ˝сŌĕЯĳĜņ

�

r M�!

�� (")

��#

r�

r�

��

�� =�� + ��∗+ �� (�� – ��∗) + ��(��–��∗)



(1 + ��)% = ��+ ��∗ЯřŲď◦РЮĉÐЙЮ₤ŊЧĕЕ₣ ơ.% ЯĳĄУĕŁŲЮÐΖşĠЮ₣ ˛ЧĕǻĈĠď₣ ơ.% ι Šį₤сď₣ ơ.% ЮĵŲÐЙŪýĕсЯĳЮĊſЧŗл ₣₧ЁŁũЮ˝ЧĕЮΌЧ₣ĕРŷΒŪ″ŁũŪģ˝сŌĕЯĳĜņŠį₤сď₣ ơ% ЮĉďŁũЮŪ₤ş¤ЮĝЮĮŲΒŪ″ŁũŪģ˝сŌĕЯĳĜņЮ˝ЧĕЮΌЧ₣ĜеЁΒŪ″ŁũŪģ˝сĮЊĳņЊĕЯŪĠŪĠФŲ ЮŪĵйΒŪ″ŁũŪģ˝сĮЊĳЮ₤ŊЧĕЕ₣ ΒŪ″ŁũŪģ˝сŌĕЯĳĜņ ř˝ ΒŪ″ΒĳЊĩũ₧¤

″ņũкĕЮŗģŎЮĕй ЮĝЮĮŲЯřŲŌĕΒĳЊĩũ₧ ЮŎЧ₣◦◦УŲģĕ¤

� ₤˝ņŊļĮ Ю₤řť Њş ĆřеЮ‗ЧũŁũřЯřŲ (Ĉе₣Яĩ Ė ŷЋĕЊЮŗÐ ĕЊ₣ ЮŪĠЧŪģ₤сЮŢŎ⅜ũΒŪ″ŁũŪģ˝сĮЊĳЮĝřЯřŲ) → ĩŲЊĳĩŲ₤ũНĠŌĕЯĳĜņ (Nominal GDP) Ю˝ЧĕЮΌЧ₣

� Ζşũ˝⅝ΒŪ″ΒĳЊĩũ₧ЁЮĝ˝еũЋĳņУŎЯřŲş₣сģĕ

� ΒŪ″ĕЊ˝ņŊļĮŌĕ˝еũЋĳĊņŊ″řРşЮřЧņ (″ņ◦еĜ˝с◦еĕ₣ Phillips curve)

2. Price Level Targeting

şеЮĵйĕЮŗģŎ Price level targeting ÐЙǻřРşĕЕ₣ĕЮŗģŎ Inflation targeting � ЯĳĕЮŗģŎ

Inflation targeting ЮŪĠЧ₤ŪŌĠсŁũЯ˝ĳŪņСŷşеЮĵй⅜□ ĕļĮЮĮŲΒĜÐĳЯřŲģĕŪĠЮņЧŲЮņЧŲũУş υĕЮŗģŎ

Price level targeting ЮŪĠЧ₤ŪŌĠсЯ˝ЯŪĠ⅜□ ĕŁũΒĳБĳŁŲЯřŲЮ◦ЧĠЮ˝ЧĳЮΌЧ₣Ζş ơ ĂĖ е ι ЮŲЧ₤ĮБЮĕй¤

3. Monetary Aggregates

şеЮĵйĕЮŗģŎĈе₣ĮБũž₣ЮŲЧ ÐЙЮÐŪĳСŷЮĊſЧŁũЯ˝ЯŪĠΒŪ″ŁũŪģ˝с₤Њĕ Ю◦ЧĠЮÐΖş₤еЮũşΒŃňĳŉЊЮ₤řť Њş ĆЯřŲЮÐş₣сЯ˝ЯŪĠřРşď ΒĳЊĩũ₧ďЮřЧņ¤ ЮřЧņġБЯ˝ĳŪņСŷΒŪ″ŁũŪģ˝сŁũĩ ðĳсĩ ð₣сũРĠЊŎŷĳŉОЮĉ˝ĖО₣◦Бĩ⅝ũ ÐЙď ŷЋĊБ⅜ū₤ŉşеĠ₣¤

ЯĳşеЮĵйĕЮŗģŎ◦БĠБЮĕйÐЙǻŌĕ◦еĜ˝с◦еĕ₣ ЮŢŎĬĀ ŲсЮĉĕЕ₣ΒŃňĳŉЊЮ₤řť Њş Ć¤ ĕЮŗģŎЮĕйŪÐĠсŪÐ₣ЮĉЮŲЧΒŪ″ΒĳЊĩũ₧ ″ņũŎйŁũŪÐĠсŪÐ₣ĕРŷĠũЋŌ‗ũРĠЊŎŷĳŉОЯřŲşŬşũЮĝ˝ĖО₣◦Бĩ⅝ũ¤

ЮĝŪĳ₣сşе‗ НşЮĕй ǻŌĕŲ˝š‗йΒũРĠЊŎĠĕŉЊş ĮЊЮ₤₤ÐЙĈ˝с◦₣ĕЕ₣◦еĜ˝с◦еĕ₣ũǻ₣ŁũĠЮ₣ ˛ЧĕĠũЋŌ‗ũРĠЊŎŷĳŉО ĕЊ₣ΒĳЊĩũ₧¤

Friedman’s K-percent rule:

Łũĩðĳсĩ ð₣сũРĠЊŎŷĳŉОÐУũЯĳŪĳСŷģĕĠЮ₣ ˛Чĕ ″ņũŎйĊĜýũ˝₧ŉ Ų˝ĖО₣˝еũЋĳЮℓũņУŎďļÐũŎĕЕ₣˝еЮĕЧĕĩŲЊĳĩŲ₤ũНĠĮЊĳ (Real GDP) ďЮũЬ₣ŬŲсĂĖ еЮŢŎņЊĕΖŪ₤њŎЮĉĕЕ₣₤˝ņŊļĮЮ₤řť Њş Ć ĕЊ₣ĵ‗ЊĄ ą ņŊЮĈйŌĕ₤ļĮŲ ∆ ιņЊĕŲ ∆ єЮŢŎ¤ ŁŲЯřŲΒĕНŔň ĳЁũřť Ōĕ₤Њ◦ċЊΒе₧şşРŲŲР˝аř˝ĖО₣Łũ˝еĕĳсĕРŷĠũЋŌ‗ũРĠЊŎŷĳŉОЯřŲŪĳСŷşŬşũ˝ĖО₣◦Бĩ⅝ũ ЮŢŎЮ₤ũВďĠНĮſЮ΅ĳНЯřŲĜеЁЮ˝ЧĳŌĕΒĳЊĩũ₧ЮĉŷЋŀ¤

″ņũŎкĕЮŗģŎЮĕй ЮŎЧ₣◦◦РŲģĕ¤



ΒĳЊĩũ₧Ю˝ЧĕЮΌЧ₣ЯĳΒŪ″ĕЊ˝ņŊļĮℓŎşНй ĕЊ₣₤˝ņŊļĮЮ₤řť Њş ĆŲ ∆ЮĝЮĮŲЮÐĠЮ₣ ˛ЧĕŁũĩðĳсĩ ð₣сũРĠЊŎŷĳŉО˝ĖО₣˝еũЋĳЮℓũďŪĠČе¤ ЮĠЧŁũЮ˝ЧĕЮΌЧ₣Łũĩðĳсĩ ð₣сũРĠЊŎŷĳŉОŎЙĳЮĮ˝ ÐЙЮĊſЧЁΒĳЊĩũ₧ℓŎşНй ЯĳΒŪ″ĕЊ ņŊļĮЮ˝ЧĕЮΌЧ₣¤

4. Fixed Exchange Rate

ďĕЮŗģŎũРĠЊŎŷĳŉО ЯřŲũ˝⅝ĕРŷΒŪ″ĠŉСũŪģ˝сЁЮℓũŪĠĘņĕЕ₣ũРĠЊŎŷĳŉОĠũЮ◦₤¤

ЮřЧņġБũ˝⅝ΒŪ″ĠŉСũŪģ˝сЁЮĝЮℓũ ЮÐŌĕĕЮŗģŎ řРşž₣ЮŪŁņ¤

� ŪĠĮњĕ ċŪĠŁ₤ĠŔą (a system of fiat fixed rates)

ďĕЮŗģŎЯřŲũŢť ķЊģŲ ĕЊ₣ ņūĕ ŉБũРĠЊŎŷĳŉОŪĠŁ₤ď⅜ēũ‗к▫ΒŪ″ĠŉСũŪģ˝сÐЙЮℓũ ЮŢŎĮНеČеģşсЮĊſЧΒĕ ŉŬÐņĕчřРşď Łũ◦Њŀ ιŁũŲ˝сĕРŷũРĠЊŎŷĳŉОЮĜйЮ◦¤ ЯĳǻŪĳСŷģĕĄеũНŀЮŢŎЮŪĠЧŷЋĊБ⅜ū₤ŉ Non-convertibility řРşď ŁũŪÐĠсŪÐ₣ЮĉЮŲЧņРŲĊĕ ¤ ŁũŪÐĠсŪÐ₣ЮĕйÐЙЮĊſЧЮΌЧ₣″ņũŎй ŁũŎ˝ĮĕċЮĉЮŲЧŪĠĳЊĠĳŉЊŁũЮŢйřРũ ĕЊ₣ ŌĕŲ˝šŠ‗Ź˝е΅ЊĳņУŎşеĕУĕ ЯřŲǻΒĕНŔň ĳЁũřťΖşŪÐĠсŪÐ₣ЮĉЮŲЧŲе РũЮşŀ ĕЊ₣ Ųе΅РũşРŲĕРŷņРŲĊĕ¤ņŜл ₣Ю◦ЬĳǻŬĠсĠŃĆСŲĕРŷŁũŪÐĠсŪÐ₣ЮĉЮŲЧŁũĠŉСũũРĠЊŎŷĳŉО ЮŢŎŢ˝с˝е ЊĳЮĉЮŲЧŁũ◦Њŀ ĕЊ₣ŁũŲ˝сũРĠЊŎŷĳŉОďĳЊ Юĉ″ņĳеаŲЮŲЧ◦Бĩ⅝ũ Ю΅ЧŎ˝єЮĊſЧŁũ˝е΅Њĳĩ₣ЯřũЮĉЮŲЧ◦е΅еаĕŁũ◦Њŀ ĕЊ₣ ŁũŲ˝сĕРŷ Ū◦Įŏ΅ЊũŃ ňŷĳŉО (Financial asset) ďŲ˝š‗кΒĕŉũďĳЊĕЊ₣ ˝е΅ЊĳЮĉЮŲЧĠũЋŌ‗ũРĠЊŎŷĳŉОЯřŲΒĕНŔň ĳЁŪĠďĮŲũřťŎ˝ЮşŀЮĉЮŪłŪĠЮ◦₤¤

� ŪĠĮњĕ ċ◦Њŀ řРũ ũРĠЊŎŷĳ□О (a system of fixed-convertibility)

ĕЮŗģŎЮĕйĳŪņСŷЁĊĜýũ˝₧ŉ Ų ι ņūĕ ŉБũРĠЊŎŷĳŉО◦Њŀ ĕЊ₣ Ų˝сũРĠЊŎŷĳŉОЮřЧņġБ◦◦УŲģĕĕРŷΒŪ″ĠŉСũŪģ˝сЯřŲş₣сģĕ ĮЊЮ₤₤ũ˝⅝ĕРŷΒŪ″ĠŉСũŪģ˝с ĖО₣˝еũЋĳ₧ņУŎ¤

� ŪĠĮњĕ ċΒŪ″ĠŉСũŪģ˝сЮℓũ (system of fixed exchange rates)

ĕЮŗģŎЮĕйÐЙĳеũРŷЁ ơ υ˝″аĕũРĠЊŎŷĳŉОďĳЊ ŪĳСŷýеĵũЮŢŎ ơ υ˝″аĕũРĠЊŎŷĳŉОĠũЮ◦₤¤ ŁũЯřŲЮĊſЧũЮĠЬĠЮĕй ǻΖşēĜřŲсΒĖ ЯřŲŌĕĠеĕ₣ş₣сĠŉСũЮĉďũРĠЊŎŷĳŉОņУŎЮ◦Ьĳ¤

� ΖŪ₤њŎĕЮŗģŎũРĠЊŎŷĳŉОĠũЮ◦₤ (depend on other nation’s policy)

ЮřЧņġБũ˝⅝ΒŪ″ĠŉСũŪģ˝сЁЮĝЮℓũ şеЮĵйŪĠЮ◦₤ЯřŲЮŪĠЧŪģ₤сũРĠЊŎŷĳŉОĠũЮ◦₤ ΒņďņУŎũРĠЊŎŷĳŉОďĳЊŠųФĕÐЙŪĳСŷ ĠЮ₣ ˛ЧĳĕЮŗģŎũРĠЊŎŷĳŉОũĠ₤сŠųФĕЁŪ₤ĠЮĉĕЕ₣ĕЮŗģŎ ũРĠЊŎŷĳŉОũĠ₤сŪĠЮ◦₤ ЯřŲďŌĆ ₤сũРĠЊŎŷĳŉО¤

″ņũŎкĕЮŗģŎЮĕй ЮŎЧ₣ĕЕ₣◦◦УŲģĕ¤

� ΒŪ″ĠŉСũŪģ˝сņУŎЯřŲņЊĕЯŪĠŪĠФŲЯřŲĄУŎ₤еũУŲřŲсŁũЮŢйřРũĵ‗ЊĄ ą ņŊ ĕЊ₣Łũ ŷЋĕЊЮŗÐ

� ΖşŁĳсĠĕ□ŎĕРŷΒŪ″ΒĳЊĩũ₧ģĕņУŎşеЯĕ˝ ĮЊЮ₤₤şеЮĵй◦еĕЊŀĜеşРŲ



5. Gold Standard

Gold standard ÐЙďŪĠĮњĕ ċņУŎЯřŲĳеаŲũРĠЊŎŷĳŉО ΖŪ₤њŎĳеаŲřНеŌ₤ЯřŲũ˝⅝◦Н˝¤ ĕЮŗģŎЮĕйēĜЮŢŎŁũ₤ĕŜũĠ₤сũŢť ķЊģŲ˝ĖО₣Łũ◦Њŀ ĕЊ₣ Ų˝сŌ₤Юĝ˝ĖО₣ĳеаŲЮℓũ¤

ď◦РЮĉЮÐČĳс◦Н˝ŪĠĮњĕ ċЮĕйÐЙďĕЮŗģŎũРĠЊŎŷĳŉО řєŌĕŪĠ₤Њ◦ċЊļĮ˝ĖО₣Łũũ˝⅝ĕРŷΒŪ″ĠŉСũŪģ˝сЁЮℓũŪĠĘņĕЕ₣ũРĠЊŎŷĳŉОĠũЮ◦₤ ĕЊ₣ĄУĕŁŲũ˝⅝ĕРŷ˝еũЋĳΒĳЊĩũ₧ЁЮĝ₤□ЊĳЮĝ˝еũЋĳņУŎ¤

ĕЮŗģŎŪĠЮķ◦ЮĕйÐЙŪĳСŷģĕЮÐЯŲ₣ЮŪĠЧЮĉЮ΅ЧŎ¤

″ņũŎкŁũΒĕНŷĳŉĕЮŗģŎЮĕй ЮÐĕЕ₣◦◦УŲģĕ¤

� ΒŪ″ĠŉСũŪģ˝сЮℓũŪĠĘņĕЕ₣ũРĠЊŎŷĳŉОĠũЮ◦₤

� ũ˝⅝ĕРŷ˝еũЋĳΒĳЊĩũ₧ЁЮĝ₤□ЊĳЮĝ˝ŪņЊĳņУŎ

� ǻΖşĠ₣ЁŌĕĠũЋĩũ₧ЮĠЧ₤Њĕ Ю₤řť Њş ĆŌĕ₤е◦НйũВ˝şеЮũВĕžų е₣ЯřŲЮ˝ЧĳЮΌЧ₣ЮŢŎ⅜ũĠũЋŌ‗Ō₤ ŌĕņЊĕŪÐĠсŪýĕс₤ŪŌĠсýеĵũřŲсŁũĩðĳсĩ ð₣сũРĠЊŎŷĳŉОĠЯĕ □ņ şеЮĵйŁũЮ˝ЧĕЮΌЧ₣ĕРŷŪĠĳЊĠĳŉЊŁũЮŢйřРũ ¤

6. Mixed Policy

ďĕЮŗģŎşеũНйаĕĕЮŗģŎĈе₣ ž₣ЮŲЧ¤ ЯĳЮĬŉ ĳ₤еžĕсЮĉЮŲЧ ĕЮŗģŎ◦Б ơ ĕЊ₣ ◦Б Ư¤

ΧĈ΅ũ‗чк ŪĠЮķ◦ĕЮŗģŎũРĠЊŎŷĳŉОņУŎşеĕУĕЯřŲŪĳСŷЮŪĠЧЮŢŎĠ₧ŉ ŲŪĠЮ◦₤ņУŎşеĕУĕ¤

� ΒРū⅜ŉ ŲБ - Inflation Targeting � ЮŪĠ₤НБŲ - Inflation Targeting

� Ł₧Ţ - Inflation Targeting

� đБŲБ - Inflation Targeting

� ΅Н₣˝Н₣ - Currency Board (fixed to US dollar)

� Ο₧Ź - Multiple Indicator Approach

� ŀСЮ₤ЮΌĕ - Inflation Targeting

� ĕњũЮŷ - Inflation Targeting

� ₤Њ₣ ΆĠНũВ - Exchange Rate Targeting � ΖŪĮЊşž₣ĳġС₣ - Inflation Targeting

� ₤ſБ₤ - Inflation Targeting

� ĳУÐБ - Inflation Targeting

� şŪ˝ķĮΒ₣сЮÐų₤ - Inflation Targeting

� ₤΅ũřťΖЮņũЋş - Mixed Policy

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ЮýŲĠе‗₣аĕĕЮŗģŎũРĠЊŎŷĳ□О


IX. ЮýŲĠе‗₣ĕЮŗģŎũРĠЊŎŷĳ□ОЮýŲĠе‗₣ĕЮŗģŎũРĠЊŎŷĳ□ОЮýŲĠе‗₣ĕЮŗģŎũРĠЊŎŷĳ□ОЮýŲĠе‗₣ĕЮŗģŎũРĠЊŎŷĳ□О ЮýŲĠе‗₣аĕЮýŲĕЮŗģŎũРĠЊŎŷĳ□ОũУņŌĕк ΒĕЊ ņŊļĮ ˝еЮ‗ЧĕЮ₤řť Њş Ć ₤□ЊũļĮаℓ ų ₤□ЊũļĮΒŪ″

ŁũŪģ˝с ₤□ЊũļĮ◦Бĩ⅝ũ΅ЊũŃ ňŷĳ□О ĕЊ₣₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ĠŚСũŪģ˝с ¤ 1. ĕЊ ņŊļĮĕЊ ņŊļĮĕЊ ņŊļĮĕЊ ņŊļĮℓŎşНйℓŎşНйℓŎşНйℓŎşНй

ĕЊ˝ņŊļĮℓŎşНйÐЙďЮýŲЮţņУŎ₤ņĕЕ₣Ŏ˝₤ŪŌĠсЮ΅ĳНĩŲĮБũŗл ₣ ÐЙ˝ĖО₣⅜□ ĕļĮЮĩ℮₣Ю◦ЬĳřРşďĕЊ˝ņŊļĮЮ˝ЧĕЮΌЧ₣ ĜеЁŌĕ◦Н˝ЊļĮ(10)ũĠ₤сņĕН₤℮ ЮŢŎŪÐФ⅜ũņУŎşеĕУĕ ◦◦УŲũ₣ĕРŷŁũĘЙČĠсĮБЯĩ Ė ΅ЊũŃ ňŷĳ□ОЮĕйģĳсĠ₣сĕРŷŁũЮýũĮŠųФĕυ₣ĬĀ Ųс ĕЊ₣Ю˝ЧĕЮΌЧ₣ĕРŷΧŪ˝Њř ť ņŊ ĕЊ₣Ю΅ĳНĩŲņУŎЮ◦ЬĳЮĝЮĮŲЯřŲĕЊ˝ņŊļĮЮ˝ЧĳЮΌЧ₣ ЮĜйЮ₤řť Њş ĆņЊĕŪýĕсЯĳýŊ ĕΒĖ ЮĊſЧŁũĠлНЮ₧‼ йЮ◦ ĠлНЯĕ ŚĊĕēĕŠųйЯřŲΟĳģĕŁũ (ΖşěĕЮĉĠЊ◦ЮŬ₣şŪ˝ ĕЊ₣ΧĠ˝ũ‗чņУŎşеĕУĕņЊĕŪĳСŷģĕЮÐŎ˝ņ˝ЮŪĠЧŪģ₤с) Ų◦ċĩŲЯĠĠЮĕйĜеЮĉřŲсŁũžĳĠ₣сĕРŷ◦Њĕ ĖĩŲďĳЊ řРşď GDP ĕЊ₣ GNP ēų ˝сşНйďЮřЧņ ¤

2. ˝еЮ‗ЧĕЮ₤řť Њş Ć˝еЮ‗ЧĕЮ₤řť Њş Ć˝еЮ‗ЧĕЮ₤řť Њş Ć˝еЮ‗ЧĕЮ₤řť Њş Ć

ЮýŲЮţаĕ˝еЮ‗ЧĕЮ₤řť Њş ĆŌĕ◦еĜ˝с◦еĕ₣ŗл ₣ĄЊĳ₤ĖЊ◦ċЮĉĕЕ₣ŁũЮ˝ЧĕЮΌЧ₣аĕŁũŷЋĕЊЮŗÐЮŪĵйΖĄБŷ˝ņŊĈе₣ΐŎ◦еĕ₣ЮĊſЧŁũŷЋĕЊЮŗÐЮŢŎΧĠ˝ũ‗чņРŲĊĕ ЮřЧņġБĠЮ₣ ˛ЧĕĩŲЊĳļĮ ĕЊ₣˝еЮ‗ЧĕЮ₤řť Њş ĆЮĝЮĮŲЯřŲĕЊ˝ņŊļĮℓŎşНй ¤ ЮŲЧ₤ĮБЮĕйЮĉЮ◦ЬĳŁũŷЋĕЊЮŗÐЮ˝ЧĕЮΌЧ₣˝єŪĳСŷЁŌĕΒŪ″ŁũŪģ˝сĈĠņУŎЯřŲď˝сŵ˝с ЯřŲЮĕйďĠŔΆ ũĠ₤сĊĜýũ˝₧Ś Ų˝ĖО₣Łũ₤ЮŪņşĕРŷЮýŲЮţЮĕй ¤

3. Ю₤□ũļĮаℓ ųЮ₤□ũļĮаℓ ųЮ₤□ũļĮаℓ ųЮ₤□ũļĮаℓ ų

ЮĕйďЮýŲĠе‗₣ņУŎЯřŲЮÐĮЊĳďŌĕŁũĈņĈũǻ₧₤с ĮБЮŪĵй˝ŪņЊĳаĕŁũ˝е‗ĳсаℓ ųЮ˝ЧĕЮΌЧ₣ (ΒĳЊĩũ₧) ÐЙģĕĠЮ₣ ˛ЧĳĕРŷļĮņЊĕşĤ₤сЮĝ˝ĖО₣Ю₤řť Њş Ć ¤ ĠЯĕ □ņĕРŷЮŲЧşе‗ НşЮĕй Юŗ₣″ņŁũģл ĕсŪĠŌ‗ ĕЊ₣ǻŎĳаņųаℓ ųũĠ₤сЮ₤řťŷЋ◦РşеЮĵйĠŔΆ ΒĳЊĩũ₧ÐЙĠ₣ЁŌĕŁũžĳĠ₣сĠБŪĠЮķ◦ ¤ ◦БņУŎ ũ₣ĕРŷĩŲĠлйĵŲс ιŌĕĕРŷŁũũжžĕ ĕЊ₣ņЊĕ₤ņŪ₤ĠşеЮĵйŁũЯŪĠŪĠФŲаℓ ų ¤ ◦БĮБũ ЮĝЮĮŲЯřŲаℓ ųņЊĕΖşĬų ₤сĠŚСũņŚ₣Ю΅ЧŎņŚ₣Ю◦ЬĳǻĕЕ₣Ю˝ЧĳŌĕΒ₤□ЊũļĮЯřŲŪĠŪĮЕĳŉЊЮĉ˝ĖО₣ũŎкЮĮŲŠųБаĕŁũЯŪĠŪĠФŲаℓ ų ¤ ◦БĠБ ΒĳЊĩũ₧ΖşЮĊſЧЁŌĕŁũĄŪņОŀ ˝ĖО₣Łũũ˝⅝◦Н˝ŲНŎЁŌĕŁũēų ˝сşНй ĮБЮŪĵйЯĳŲНŎŪĳСŷģĕģĳсĠ₣сĕРŷĳаņųĮЊĳŪģ˝řũĠ₤сǻЮŢŎǻņЊĕŌĕĕРŷΒŪ″ŁũŪģ˝сŌĕЯĳĜņŠį₤с ĠлНЯĕ ŚŪ◦Įŏ₤˝ņŊřєа◦Ю◦ЬĳŌĕ ¤ ǻΖşЮĊſЧЁĠлйĵŲсřŲсĵ‗ЊĄ ą ņŊΒĕ ŚũďĳЊŗл ₣ĊĞĕсĊĞũ ЯřŲĊĜýũ˝₧Ś ŲŪĳСŷЯĳŎ˝şЊĳŉ◦Н˝Ţ˝сЮŲЧĠŔΆ Юĕй¤

(10) ļĮ˝е₤ĳсЮŷ◦Ĝ ļĮΒĳс¹ų ĕ

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ЮýŲĠе‗₣аĕĕЮŗģŎũРĠЊŎŷĳ□О


4. ₤□ЊũļĮΒŪ″ŁũŪģ˝с₤□ЊũļĮΒŪ″ŁũŪģ˝с₤□ЊũļĮΒŪ″ŁũŪģ˝с₤□ЊũļĮΒŪ″ŁũŪģ˝с

₤□ЊũļĮаĕΒŪ″ŁũŪģ˝сÐЙņЊĕΖşΒĳсģĕ ЮŪĵйŁũЮΌЧ₣şНйаĕΒŪ″ŁũŪģ˝сΖşĠЮ₣ ˛ЧĳĕРŷļĮņЊĕşĤ₤сŵ₤сЮĝ˝ĖО₣Ю₤řť Њş ĆĕЊ₣ЮĊſЧЁŁĕсЯĳĮЊģ˝ЮřЧņġБЮĊſЧЯĩĕŁũ₤ŪŌĠсΒĜÐĳ ¤ ΧĈ΅ũ‗чŁũЯŪĠŪĠФŲĕРŷΒŪ″ŁũŪģ˝сŌĕΟ◦ċЊĮŲЮĉЮŲЧđĕĀкũĠ₤сΒĖ ЮŪĠЧŪģ₤с˝ĖО₣Łũ◦ЊŀЮÐ΅Ţť ĕ ιŁũŁũŷЋĕЊЮŗÐ⅜₣₤₣сŲеЮĝ⅜□ ĕďЮřЧņ¤ řРЮş ĖйĊĜý˝₧Ś ŲÐУũЯĳũ˝⅝ЁģĕĕРŷ₤□ЊũļĮΒŪ″ŁũŪģ˝с ιЮĊſЧЁΒŪ″ŁũŪģ˝с₤□ЊĳЮĝ˝ĖО₣˝ŪņЊĳĈĠЮřЧņġБĠЮ₣ ˛ЧĕŁũŷЋĕЊЮŗÐ ĕЊ₣ŁũЮŪĠЧŪģ₤сũĠ₤сŪĠďĮŲũřť¤

5. ₤□ЊũļĮ◦Бĩ⅝ũ΅ЊũŃ ňŷĳ□О₤□ЊũļĮ◦Бĩ⅝ũ΅ЊũŃ ňŷĳ□О₤□ЊũļĮ◦Бĩ⅝ũ΅ЊũŃ ňŷĳ□О₤□ЊũļĮ◦Бĩ⅝ũ΅ЊũŃ ňŷĳ□О

ŷЋĊБņУŎЯřŲ˝ĖО₣ŷЋĊБЮĜйĊĜýũ˝₧ŲĄŪņОŀЁŌĕ₤□ЊũļĮ ÐЙ˝еĮН₣ĄУŎŁũýеĵũĕРŷļĮŷЖ ŷũž₣΅ЊũŃ ňŷĳ□О (ďĮЊЮ₤₤ļĮŷЖ ŷũž₣ĊĜýũ″ņũŎкĳУĜ◦БũĠ₤сŠųФĕ ÐЙЮřЧũĳУĜ◦БďΒĖ ЁŠĆБЮĝЮĮŲĈŲсŪş˝şН₣ЮŪŁŎ) ¤ ₤□ЊũļĮаĕΒŪ″ŁũŪģ˝с ˝єŌĕΟ◦ċЊĮŲĩ₣ЯřũЮĉЮŲЧ₤□ЊũļĮаĕ◦Бĩ⅝ũ΅ЊũŃ ňŷĳ□О ЮŢŎ⅜ũЯĳŁũЯŪĠŪĠФŲаĕΒŪ″ŁũŪģ˝с ĠЮ₣ ˛ЧĳЁŌĕļĮņЊĕĮЊĳŪģ˝řаĕ◦Бĩ⅝ũ΅ЊũŃ ňŷĳ□О¤ ďΧĈ΅ũ‗чЮĝЮĮŲЯřŲΒŪ″ŁũŪģ˝сЮ˝ЧĕЮΌЧ₣žų е₣ ЮĊſЧЁŌĕŁũž₣Ġ₣сŗл ₣žų е₣ (Capital losses) ЮĉЮŲЧ₤Ŕň Ġњ‗‼ ι mortgages ũŎкЮĮŲЯŷ₣ ЯřŲŁũž₣Ġ₣саĕΖşĕЕ₣Ġ₧Ś ŲЁŌĕļĮĠŬĄњŎаĕ⅜□ Ġњĕ΅ЊũŃ ňŷĳ□ОЯřŲũ˝⅝◦Н˝ ιŁĕсĕРŷņРŲĠњŪĳĈе₣Юĕй¤

6. ₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ĠŚСũŪģ˝с₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ĠŚСũŪģ˝с₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ĠŚСũŪģ˝с₤□ЊũļĮ◦Бĩ⅝ũΒŪ″ĠŚСũŪģ˝с

₤□ЊũļĮаĕΒŪ″ĠŚСũŪģ˝сÐЙďĠŔΆ ņУŎŗл ₣₤еžĕс ЯřŲŌĕΟ◦ċЊĮŲЮĉЮŲЧŁũЮĊſЧĵ‗ЊĄ ą ņŊΒĕ ŚũďĳЊũĠ₤сŪĠЮ◦₤ĕБņУŎYЮĝЮŲЧĮЊķĮЮŵ˝¤ ďΧĈ΅ũ‗чЮĝЮĮŲЯřŲŲНŎ ЮũЬŲ (ЯŠŊũ) Ю˝ЧĕĳаņųЮĜй ЮĊſЧЁĩŲЊĳ˝ũ˝ĖО₣Ū₤О₣ŌĕŲ◦ċļĮŪĠ˝УĳŪĠЯĄ₣ĳЊşĳУş ďņУŎĕЕ₣ĵ‗ЊĄ ą ũĠũЮ◦₤¤ řРЮş ĖйĊĜýũ˝₧Ś ŲŪĳСŷЯĳŪÐĠсŪÐ₣ЁģĕĕРŷ◦Бĩ⅝ũΒŪ″ĠŚСũŪģ˝с ЮŢŎũ˝⅝ЁģĕĕРŷ₤□ЊũļĮũǻ₣ũРĠЊŎŷĳ□ОďĳЊ ĕЊ₣ũРĠЊŎŷĳ□ОΒĕ ŚũďĳЊ ЮŪĵй▫ŪĠ₤ЊĕЮĠЧŪĠЮ◦₤ņУŎЮĊſЧĵ‗ЊĄ Ć ņŊďņУŎŪĠЮ◦₤ņУŎЮ◦ЬĳЮĜй ₤□ЊũļĮЮĕйĮЊĳďŌĕ⅜ũкĠеĩНĳ₤ŪŌĠсĵ‗ЊĄ ą ņŊ ďĮЊЮ₤₤ÐЙĠЮ₣ ˛ЧĕŲ◦ċļĮŪĠ˝УĳŪĠЯĄ₣ďņУŎĕЕ₣ŪĠЮ◦₤ďаřÐР¤ ₤ũНĠņ˝ŪĠ₤ЊĕŁũΒĕНŷĳŉĕРŷĕЮŗģŎũРĠЊŎŷĳ□О ŪĠ˝ĠЮŢŎŁũĮЊČũ₧Ų ∆ЊĳŲ ∆ĕс ЮĜйЮÐĮЊĳďΖş₤ЮŪņşģĕĕРŷЮýŲĠе‗₣Ĉе₣Юĕйď˝сďņЊĕžĕЮΌЧŎ¤

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ÐН‗₤ņġĳŉЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□О


X. ÐН‗₤ņġĳŚЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□ОÐН‗₤ņġĳŚЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□ОÐН‗₤ņġĳŚЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□ОÐН‗₤ņġĳŚЊ ĕЊ₣ÐН‗ŷЋĠĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□О 1. ÐН‗₤ņġĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□ОÐН‗₤ņġĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□ОÐН‗₤ņġĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□ОÐН‗₤ņġĳŉЊаĕĕЮŗģŎũРĠЊŎŷĳ□О

1.1. ◦Ġс⅜ĳсΒĳЊĩũ₧◦Ġс⅜ĳсΒĳЊĩũ₧◦Ġс⅜ĳсΒĳЊĩũ₧◦Ġс⅜ĳсΒĳЊĩũ₧

ĕЮŗģŎũРĠЊŎŷĳ□ОŌĕ◦еĜ˝с◦еĕ₣ŗл ₣ĄЊĳ₤ĖЊĳЮĉĕЕ₣ĕЮŗģŎ⅜ũЮĮЧĮĕ ċ ¤ ĕЮŗģŎ⅜ũЮĮЧĮĕ ċŌĕĕЊĜĖ ŁũЮĊſЧ ЁŌĕΒĳЊĩũ₧ŗл ₣ĊĞĕсĊĞũ ЮŢŎ⅜ũЯĳũŢť ķЊģŲģĕĠЮŃĆŀĕРŷŲНŎŗл ₣ЮŪşЧĕЮĉ˝ĖО₣Ю₤řť Њş Ć″ņũŎкŁũşе₧ŎũĠ₤сŠųФĕ ¤ ЮřЧņġБŁĳсĠĕ □ŎĕРŷΒĳЊĩũ₧ ǻĮЊĳďŌĕŁũŲеģ˝žų е₣₧₤с˝ĖО₣ŁũŁĳсĠĕ□ŎĕРŷşе₧ŎũĠ₤сũŢť ķЊģŲ ¤ ĩ ĀОŎЮĉŷЋŀĕЮŗģŎũРĠЊŎŷĳ□О″ņũŎкŁũĳЮņųЧ₣ ιŁũĠĜĀ ĠĕРŷΒŪ″ŁũŪģ˝с ŁũĠЮ₣ ˛Чĕ ιŁũĠĕ□ŎĕРŷŁũĩðĳсĩ ð₣сũРĠЊŎŷĳ□ОÐЙďŷЋĊБņУŎřєŌĕŪĠ₤Њ◦ċЊļĮĠеĩНĳЮĝ ˝ĖО₣Ю₤řť Њş ĆЮřЧņġБŪÐĠсŪÐ₣ĕРŷ ΒŪ″ΒĳЊĩũ₧ЁŌĕ₤□ЊũļĮ ι₤□Њĳ˝ĖО₣˝ŪņЊĳņУŎЯřŲΖşЁЮ₤řť Њş ĆũВ˝şЮŪņЧĕŲРĳŵ₤сģĕŲ ∆ŪĠЮ₤Чũ ¤

1.2. İŎŪ₤ФŲ˝ĖО₣ŁũЮĊſЧЮ₤ş˝БŚ₤ЮŪņşşЊĳŚİŎŪ₤ФŲ˝ĖО₣ŁũЮĊſЧЮ₤ş˝БŚ₤ЮŪņşşЊĳŚİŎŪ₤ФŲ˝ĖО₣ŁũЮĊſЧЮ₤ş˝БŚ₤ЮŪņşşЊĳŚİŎŪ₤ФŲ˝ĖО₣ŁũЮĊſЧЮ₤ş˝БŚ₤ЮŪņşşЊĳŚ

ĕЮŗģŎũРĠЊŎŷĳ□ОŪĳСŷģĕŪĳФĳĮЊĕЊĳŏЮŢŎĊĜýũ˝₧Ś ŲЯřŲď⅜□ Ġњĕυ˝ŬĄŏņУŎ¤ řРЮş ĖйĮУ˝ЮÐΖş ЮĊſЧŁũ₤ЮŪņşşЊĳŉģĕŗл ₣ĂĠсũ΅њ₤ ЮŢŎņЊĕČеģşсşе₧ŎЮĮŲЮŷŵ˝ĖО₣ŁũŪĳФĳĮЊĕЊĳŏ ĕРŷŁũĵ˝сĮњĕ ċďņУŎřеЮ‗ЧũŁũĕЮŗģŎЮĩ℮₣YЮ◦Ьĳ

1.3. ΒĕНŷĳŚģĕĈе₣Юĝ˝ĖО₣Ю₤řť Њş ĆũВ şЮŪņЧĕ ĕЊ₣◦ĕсЮŠ⅝ŎΒĕНŷĳŚģĕĈе₣Юĝ˝ĖО₣Ю₤řť Њş ĆũВ şЮŪņЧĕ ĕЊ₣◦ĕсЮŠ⅝ŎΒĕНŷĳŚģĕĈе₣Юĝ˝ĖО₣Ю₤řť Њş ĆũВ şЮŪņЧĕ ĕЊ₣◦ĕсЮŠ⅝ŎΒĕНŷĳŚģĕĈе₣Юĝ˝ĖО₣Ю₤řť Њş ĆũВ şЮŪņЧĕ ĕЊ₣◦ĕсЮŠ⅝Ŏ

ĕЮŗģŎũРĠЊŎŷĳ□ОЮřЧũĳУŗл ₣₤еžĕсЮĝ˝ĖО₣Ю₤řť Њş Ć ЮŪĵй▫ĕЮŗģŎũРĠЊŎŷĳ□ОŪĳСŷģĕЮÐΒĕНŷĳŚŗл ₣◦РŲе◦РŵŎĈе₣Юĝ˝ĖО₣ŪĠЮ◦₤ЯřŲŌĕЮ₤řť Њş ĆũВ˝şЮŪņЧĕ ĕЊ₣ŪĠЮ◦₤ЯřŲŌĕЮ₤řť Њş Ć◦ĕсЮŠ⅝Ŏ ¤ şеЮĵйŪĠЮ◦₤ЯřŲŌĕЮ₤řť Њş ĆũВ˝şЮŪņЧĕЮĝЮĮŲЯřŲЮÐ₤Ю₣ĳЮþЧŀ▫ΒĳЊĩũ₧ģĕŁų ŎďЮņЮŬÐņУŎŗл ₣ žų е₣Юĝ˝ĖО₣Ю₤řť Њş ĆЮĜйĊĜýũ˝₧Ś ŲĕЕ₣ΒĕНņњĳĕРŷЮýŲĕЮŗģŎũРĠЊŎŷĳ□ОņУŎЮřЧņġБ ŁĳсĠĕ□ŎĕРŷŁũĩðĳсĩ ð₣сũРĠЊŎŷĳ□О ЮřЧņġБ◦Ġс⅜Ś ĳсĕРŷŁũЮ˝ЧĕЮΌЧ₣аĕΒĳЊĩũ₧ ¤ şеЮĵйŪĠЮ◦₤ЯřŲŌĕЮ₤řť Њş Ć◦ĕсЮŠ⅝Ŏ (ŪĠЮ◦₤ ĳĳЊŎЮŵ˝ ĕЊ₣ŪĠЮ◦₤˝еĮН₣ΒķЊŷűΘ) ŷЋŀ″ņũŎкĕЮŗģŎũРĠЊŎŷĳ□ОЮÐĕЕ₣ŁĳсĠĕ□ŎĕРŷΒŪ″ŁũŪģ˝с ιĠŃĆСŲĕРŷĠũЋŌ‗ũРĠЊŎŷĳ□О ĖО₣˝ŪņЊĳņУŎЮřЧņġБĠĜĀ ĠĕРŷΒŪ″ŁũŪģ˝сЯřŲďЮŪÐЪ₣ЮŲЧ˝◦Е şЊĳŉşеЮĵйŷЋĕЊЮŗÐЊĕďĳЊ ĕЊ₣ΒĕŚũďĳЊşРŲņ˝ЮĊſЧŁũŷЋĕЊЮŗÐ ЮřЧņġБЁЮ₤řť Њş ĆŪĠЮ◦₤ďĳЊŌĕŁũΒķЊŷűΘ ¤

1.4. ЮŢйŪ⅜ŎŷЋĠĳŚЊЮ₤řť Њş Ćģĕļų ņYЮŢйŪ⅜ŎŷЋĠĳŚЊЮ₤řť Њş Ćģĕļų ņYЮŢйŪ⅜ŎŷЋĠĳŚЊЮ₤řť Њş Ćģĕļų ņYЮŢйŪ⅜ŎŷЋĠĳŚЊЮ₤řť Њş Ćģĕļų ņY

ĕЮŗģŎũРĠЊŎŷĳ□ОŌĕŪĠĳЊ˝ņŊŗл ₣ĂĠсũ΅њ₤ЮĉĕЕ₣ŁũЯŪĠŪĠФŲаĕ⅜□ ĕļĮЮ₤řť Њş Ć ¤ ЮŢŎ⅜ũЯĳ₤ŌĄЊ˝аĕĊĜýũ˝₧Ś ŲģĕĄУĠŪĠĄНеýĖ ŗл ₣Ю◦Ь₣Ĉĳс ЮũЬ₣ŬŲсņУŎĂĖ еņŚ₣ЮĜй ĮУ˝ЮÐΖş₤ЮŪņşşЊĳŉ ŲНĠ



ЮČŲĕРŷЮýŲĕЮŗģŎũРĠЊŎŷĳ□ОČ₤сЮŢŎĠЮ₣ ˛ЧĳĕРŷЮýŲĕЮŗģŎℓŊБ ιĠĕŚĕРŷЮýŲĕЮŗģŎČ₤сЮĉ″ņ⅜□ ĕļĮЮ₤řť Њş ĆĳŪņСŷЁ ¤ ЮŢŎ⅜ũЯĳřРЮş ĖйЮ΅ЧŎЮ◦ЧĠЮÐĕЊŗŎ▫ĕЮŗģŎũРĠЊŎŷĳ□О ΖşЮŢйŪ⅜ŎĕРŷ ŷЋĠĳŚЊЮ₤řť Њş ĆņУŎşеĕУĕģĕ ŗл ₣ĂĠсũ΅њ₤ ¤

řРЮş ĖйŁũΒĕНŷĳŚĕЮŗģŎũРĠЊŎŷĳ□ОģĕĩŚŲсĕРŷ⅜ũкŪĠЮŗĄĕчŗл ₣žų е₣Юĉ˝ĖО₣Ю₤řť Њş ĆũĠ₤сŪĠЮ◦₤ņУŎ ŪĠ₤ЊĕЮĠЧŌĕŁũΒĕНŷĳŚ ĕЊ₣ŁũŪÐĠсŪÐ₣ŪĳЕņŪĳСŷ¤

2. ÐН‗ŷЋĠĳŚЊÐН‗ŷЋĠĳŚЊÐН‗ŷЋĠĳŚЊÐН‗ŷЋĠĳŚЊ 2.1. ΖşĠ₣˛ΖşĠ₣˛ΖşĠ₣˛ΖşĠ₣ЁЁЁЁŌĕΒĳЊĩũ₧ŌĕΒĳЊĩũ₧ŌĕΒĳЊĩũ₧ŌĕΒĳЊĩũ₧ ĕЊ₣ĠũЋĩũ₧ĕЊ₣ĠũЋĩũ₧ĕЊ₣ĠũЋĩũ₧ĕЊ₣ĠũЋĩũ₧

ЮýŲĠе‗₣аĕĕЮŗģŎũРĠЊŎŷĳ□ОÐЙ ũ˝⅝ĕРŷ₤□ЊũļĮΒŪ″ΒĳЊĩũ₧ ″ņũŎк₤˝ņŊļĮ ĕЮŗģŎũĠ₤сŠųФĕřРşďŁũĩðĳсĩ ð₣сũРĠЊŎŷĳ□ОďЮřЧņ ¤ ĊĜýũ˝₧Ś ŲģĕĮЊČũ₧ŗл ₣Ų ∆ЊĳŲ ∆ĕсЮĉЮŲЧŁũĩ ðĳсĩ ð₣с ιĠĕ□ŎĕРŷĠũЋŌ‗ũРĠЊŎŷĳ□ОЮĉ˝ĖО₣◦Бĩ⅝ũ ¤ ŪĠ₤ЊĕЮĠЧĊĜýũ˝₧Ś Ųĩðĳсĩ ð₣сũРĠЊŎŷĳ□ОЮŪşЧĕ΅У₤şРŲЮĉ˝ĖО₣◦Бĩ⅝ũ ÐЙǻΖşĠ₧Ś ŲЁŌĕΒĳЊĩũ₧ŗл ₣ĊĞĕсĊĞũ ¤ ĩ ĀОŎЮĉŷЋŀŪĠ₤Њĕ ЮĠЧĊĜýũ˝₧Ś ŲŁĳсĠĕ□ŎĕРŷĠũЋŌ‗ĩðĳсĩ ð₣сũРĠЊŎŷĳ□ОşРŲЮĉ˝ĖО₣◦Бĩ⅝ũЮĜйǻĕЕ₣Ġ₧Ś ŲЁŠſйĕРŷĠũЋŌ‗ũРĠЊŎŷĳ□О ďĄеΉп ĕĠĜĀ ĠсΒŪ″ŁũŪģ˝сĕЕ₣Ю˝ЧĕЮΌЧ₣ Ю΅ЧŎ₤΅Ūý₤ΖĄБŷ˝ņŊЯřŲģĕŠĆБŪģ˝с˝ĖО₣ ˝ŪņЊĳΒŪ″ŁũŪģ˝сŠį₤сЮĜйЮÐĕЕ₣ĠЮ₣ ˛Чĳĳаņų ◦еĕЊŀ ЯřŲĕЕ₣ΖşĠ₧Ś ŲЁŌĕΒĳЊĩũ₧ ¤ ЮÐΖşĕЊŗŎņŜл ₣Ю◦Ьĳ▫ ЮĝЮĮŲЯřŲŁũĩðĳсĩ ð₣сũРĠЊŎŷĳ□Оēų ˝сşНй ЮĊſЧЁĳŪņСŷŁũ Šį₤сď₣Łũĩðĳсĩ ð₣с ЯřŲĜеЁĳаņųũРĠЊŎŷĳ□ОЮΌЧ₣аℓ ų ЯřŲĜеЁŌĕĠũЋĩũ₧ŗл ₣ĊĞĕсĊĞЮĝ˝ĖО₣Ю₤řť Њş Ć ŪĠЮ₤ЧĕЮĠЧýŊ ĕŁũ◦Ġс⅜ĳсĈĕсЮĮŲЮŷŵ¤

2.2. şе₧ŎЮĮŲЮŷŵŎРũ˝ĖО₣ŁũΒĕНŷĳŚşе₧ŎЮĮŲЮŷŵŎРũ˝ĖО₣ŁũΒĕНŷĳŚşе₧ŎЮĮŲЮŷŵŎРũ˝ĖО₣ŁũΒĕНŷĳŚşе₧ŎЮĮŲЮŷŵŎРũ˝ĖО₣ŁũΒĕНŷĳŚ

ĕЮŗģŎũРĠЊŎŷĳ□О ŠН₤ĮБĕЮŗģŎ⅜ũЮĮЧĮĕ ċЮŪĵй▫ǻŪĳСŷŁũşе₧ŎЮĮŲŎРũ˝ĖО₣ŁũΒĕНŷĳŚ¤ şеЮĵйĕЮŗģŎ⅜ũЮĮЧĮĕ ċŷЋŀЮĝЮĮŲЯřŲũŢť ķЊģŲş₣сĠЮŃĆŀŲНŎЮĉ˝ĖО₣Ю₤řť Њş Ć ЮĜйũŢť ķЊģŲŪýĕсЯĳĠЮ₣ ˛Чĕşе₧ŎũĠ₤сŠųФĕЮĉЮŲЧ˝ņŊŷЋĊБЮĩ℮₣Y ιÐеЮŬ₣⅜ēũ‗кŁũЮŪ₤ş¤ ĩ ĀОŎЮĉŷЋŀĕЮŗģŎũРĠЊŎŷĳ□ОŪĳСŷŁũũŎкЮĮŲŎРũЮřЧņġБřеЮ‗ЧũŁũĕРŷĕЮŗģŎũĠ₤сŠųФĕЮřЧņġБĠЮŃĆŀ⅜şсŪģ˝сЮĉ˝ĖО₣Ю₤řť Њş Ć¤ ĊĜýũ˝₧Ś ŲЮĝ₤΅ũřťΖЮņũЋşŎŲсЮþЧŀ▫₤˝ņŊļĮĕЮŗģŎũРĠЊŎŷĳ□ОЯřŲŌĕΟ◦ċЊĮŲЮĉЮŲЧ Output ĕЊ₣ĕЊ˝ņŊļĮŪĳСŷŁũũŎкЮĮŲĮБ ưЯŠ Юĉ ƯĂĖ еЮ◦ЧĠ◦◦УŲģĕŲ◦ċĩŲ¤ ďĮЊЮ₤₤ЮřЧņġБŁĳсĠĕ □ŎΒĳЊĩũ₧ŪĳСŷŁũũŎкЮĮŲЮŪşЧĕď₣ ĮБũĂĖ е¤

2.3. ΖşĠ₣ЁŌĕĕЊ ņŊļĮΖşĠ₣ЁŌĕĕЊ ņŊļĮΖşĠ₣ЁŌĕĕЊ ņŊļĮΖşĠ₣ЁŌĕĕЊ ņŊļĮ

ĊĜýũ˝₧Ś ŲΖşЮŪĠЧŪģ₤сĕРŷĕЮŗģŎũРĠЊŎŷĳ□ОЮřЧņġБЮĊſЧЁΒŪ″ΒĳЊĩũ₧Ōĕ˝ŪņЊĳĈĠ˝ĖО₣ũŎкЮĮŲЯŷ₣ ЯřŲŌĕΟ◦ċЊЮĮŲЮĉ Output ĕЊ₣ĕЊ˝ņŊļĮ˝ĖО₣ũŎкЮĮŲŠųБ¤ ŁũŁĳсĠĕ□ŎĕРŷΒŪ″ΒĳЊĩũ₧ (Łĳс



Ġĕ□ŎŁũĩðĳсĩ ð₣сũРĠЊŎŷĳ□О) ЮĊſЧЁĕЊ˝ņŊļĮЮ˝ЧĕЮΌЧ₣ ЮŢŎ⅜ũЯĳΒŪ″ŁũŪģ˝сЮ˝ЧĕŠį₤с (ĳŪņСŷŁũũРĠЊŎŷĳ□О ЮŪşЧĕď₣Łũĩðĳсĩ ð₣с) ЮĜйŷЋĕЊЮŗÐЊĕ ĕЊ₣ŁĳсĠĕ□ŎŁũŷЋĕЊЮŗÐ¤ ĩ ĀОŎņ˝ŷЋŀŪĠ₤ЊĕЮĠЧĩ ðĳсĩ ð₣сũРĠЊŎŷĳ□ОЮ˝ЧĕŠį₤с (ĠЮ₣ ˛ЧĕŁũĩðĳсĩ ð₣сũРĠЊŎŷĳ□О) ЮĊſЧЁ◦еĕЊŀЮΌЧ₣аℓ ų ΒĖ ЮŪĠЧŪģ₤сĕЕ₣ŁĳсĠĕ □ŎŁũЮŪĠЧŪģ₤с ĜеЁŌĕĠŔΆ ŗл ₣ĊĞĕсĊĞũЮĉЮŲЧЮ₤řť Њş Ć¤

₤ũНĠЮ₤ş˝ŚБņ˝ŁũЮŪĠЧŪģ₤сĕЮŗģŎũРĠЊŎŷĳ□ОģĕĠ₣ ЁŌĕĠŔΆ ďЮŪşЧĕЮĝ˝ĖО₣₤₣ðņЮŪĵйǻΖş Ġ₣ΒĳЊĩũ₧ ĕЊ˝ņŊļĮ ιĠũЋĳŉĩũ₧ďЮřЧņ¤

ďũУņņ˝ℓſБĳġЊĳЯĳ ĕЮŗģŎũРĠЊŎŷĳ□ОǻģĕĩŚŲсĩŲΒŷЋĄ ąŌĕŠųйЮĉЮŲЧЮ₤řť Њş Ć єЮŢŎ ˝єǻЮĝЯĳŌĕ⅜ũк₤еžĕс₤ŪŌĠсŪĠЮ◦₤ĕБņУŎY ŪĠ₤ЊĕЮĠЧЮÐŎ˝ǻņ˝ΒĕНŷĳŚģĕŪĳЕņŪĳСŷ ĕЊ₣₤НŪ˝ЊĳЮĜйǻĮЊĳďģĕĩŚŲсĩŲŪĠЮŗĄĕчŗл ₣ЮŪşЧĕřŲсЮ₤řť Њş ĆďĳЊď˝сďņЊĕžĕ¤ ďΧĈũ΅‗чŁũŪÐĠсŪÐ₣ģĕŗл ₣ŪĳЕņŪĳСŷĕРŷŁũĩ ðĳсĩ ð₣с⅜şсŪģ˝сЮĉ˝ĖО₣Ю₤řť Њş Ć ЮĜйǻΖşŁũĵũĕРŷΒĳЊĩũ₧ ũ˝⅝ĕРŷ₤□ЊũļĮаℓ ų ₤□ЊũļĮΒŪ″ĠŚСũŪģ˝с ₤□ЊũļĮ◦Бĩ⅝ũ΅ЊũŃ ňŷĳ□О ĕЊ₣ĠЮ₣ ˛Чĕ◦еĕН˝şЊĳŉřŲсŷЋĕЊЮŗÐЊĕЮ◦Ьĳĩ₣ ďũУņЮÐĕЕ₣◦◦УŲģĕĕРŷ˝еЮ‗ЧĕЮ₤řť Њş Ć ĖО₣˝ŪņЊĳņУŎŲ ∆ŪĠЮ₤Чũ¤

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ Ю₤ş˝ŚБ₤ĕ ĖЊŢť ĕ


XI. Ю₤ş˝ŚБ₤ĕĖЊŢť ĕЮ₤ş˝ŚБ₤ĕĖЊŢť ĕЮ₤ş˝ŚБ₤ĕĖЊŢť ĕЮ₤ş˝ŚБ₤ĕĖЊŢť ĕ ĕЮŗģŎũРĠЊŎŷĳ□О ŪĳСŷģĕЮÐČĳс◦Н˝▫ď˝Ōų е₣şŲ˝ũņУŎŗл ₣₤еžĕс˝ĖО₣ŁũũНŀŪČĕЮ₤řť Њş ĆďĳЊЁ

ŌĕŁũũВ˝şЮŪņЧĕŲРĳŵ₤с¤ ũРĠЊŎŷĳ□ОŪĳСŷģĕЮÐČĳс◦Н˝▫ď◦еĕЊŀď◦РЮĉņУŎ ЯřŲŪĳСŷģĕЮÐЮŪĠЧŪģ₤с˝ĖО₣ŁũЮŢйřРũЮřЧņġБЁ⅜□ ĕļĮЮ₤řť Њş ĆŁĕсЯĳŌĕļĮŪĠЮ₤ЧũЮΌЧ₣¤ ЮŢŎЮþЧŀĮБļĮČеģşсаĕĕЮŗģŎũРĠЊŎŷĳ□ОЮ◦ЧĠŪĠЮ◦₤ĕБņУŎYЮĝЮŲЧ₤˝ŲЮŵ˝ģĕŎ˝ǻņ˝ΒĕНŷĳŚЮĝ˝ĖО₣Ю₤řť Њş ĆũĠ₤сŠųФĕЮřЧņġБ◦◦УŲģĕĕРŷ₤ŁŚ ĕНĮŲЯĩ Ė Ю₤řť Њş ĆЮĕйυ₣¤ ЮýŲĕЮŗģŎũРĠЊŎŷĳ□Оď◦РЮĉŪĳСŷģĕЮÐĩŚŲс₤Њ◦ċЊΒе₧şυ˝ŬĄŏЮĉЁĊĜý˝₧Ś ŲďΒĖ ΒĕНŷĳŚĕРŷŁũİũ ĕЊ₣ļũ˝Њş Ć₤еžĕсYřа◦Ю◦ЬĳЯřŲĈ˝с◦₣ЮĉĕЕ₣ũРĠЊŎŷĳ□ОЮřЧņġБĠЮŪņЧŪĠЮŗĄĕчřŲсņĕН₤℮ ĕЊ₣₤₣ðņďĳЊĈе₣ņРŲ¤

řРşЯřŲŪ˝ОņũĠ₤сŠńОеģĕģĕЮũЬĠŬĠсž₣ЮŲЧũУşņ˝Ю΅ЧŎ▫ ĕЮŗģŎũРĠЊŎŷĳ□ОģĕЮřЧũĳУĜ◦Б₤еžĕс₧₤сЮĝ˝ĖО₣Ю₤řť Њş ĆЮŪĵй″ņũŎкŁũΒĕНŷĳŚĕЮŗģŎũРĠЊŎŷĳ□ОũĠ₤сĊĜýũ˝₧Ś Ų ΖşЁŠųФĕēĜģĕĕРŷ˝ŪņЊĳΒĳЊĩũ₧ЁЮĝ˝ĖО₣˝ŪņЊĳņУŎ₤ņŪ₤ĠЮĉ″ņ₤ŁŚ ĕНĮŲЮ₤řť Њş Ć ņЊĕЯĳĠлНЮ₧‼ йǻΖşũ˝⅝ĕРŷ₤□ЊũļĮΒŪ″ĠŚСũŪģ˝с ЁЮĝЮℓũЯřŲŪĠĘņĕЕ₣ũРĠЊŎŷĳ□ОĠũЮ◦₤¤

ŪĠЮ◦₤ĕБņУŎYģĕΒĕНŷĳŚĕРŷЮýŲĕЮŗģŎũРĠЊŎŷĳ□ОЮŪĵй▫ǻģĕĩŚŲсĕРŷΒĳ□ŪĠЮŗĄĕчŗл ₣ЮŪşЧĕřРşďǻΖşũ˝⅝ĕРŷ₤□ЊũļĮΒĳЊĩũ₧ ŁũЮŢйŪ⅜ŎŷЋĠĳŚЊЮ₤řť Њş Ćģĕŗл ₣ĂĠсũ΅њ₤ ĕЊ₣ŌĕŪĠ₤Њ◦ċЊļĮ ¤ ЮŲЧ₤ĮБЮĕйЮĉЮ◦ЬĳǻģĕЮĊſЧЁŌĕĕРŷ₤□ЊũļĮаℓ ų ĕЊ₣₤□ЊũļĮ ΒŪ″ŁũŪģ˝с ŪĮņĈе₣ΖşŁĳсĠĕ□ŎĕРŷΒŪ″ĕЊ˝ņŊļĮģĕЮ◦Ьĳĩ₣ ¤ ĠлНЯĕ ŚЮĈйĠБďŗл ₣₧˝ŚБ˝єĕЮŗģŎũРĠЊŎŷĳ□ОņУŎşеĕУĕЯřŲņЊĕŌĕŁũŪĳФĳĮЊĕЊĳŏşĤ₤сŵ₤сÐЙņЊĕΖş⅜Ś ũ ĕРŷ⅜□ ĕļĮЮ₤řť Њş ĆЁģĕŁĕсЯĳŪĠЮ₤ЧũЮĜйЮ◦ЯĠũďЮĊſЧЁŁĕсЯĳřНĕŢĠЮĉŷЋŀ ¤

řРşЮĕйŁũΒĕНŷĳŚĕРŷĕЮŗģŎũРĠЊŎŷĳ□ОÐЙĈņĈũЁŌĕĕРŷĠŪņО₣ŪĠŎњĳĖ ĕЊ₣⅜Ŋ ũĳБ◦◦УŲŠН₤ŪĳСŷŠį₤сĠеĩНĳ ďĮЊЮ₤₤⅜□ ĠњĕЯřŲďΒĖ ΒĕНŷĳŚĕРŷĕЮŗģŎņУŎЮĕйŪĳСŷЯĳŌĕşеЮ‗йřЕ₣ ĕЊ₣ĄеĜŀĮЊĳŪģ˝řЮ◦ЧĠΖş₤ЮŪņşĕРŷЮýŲЮţŪĠ˝ĠЮŢŎŪĠ₤Њ◦ċЊļĮģĕ ¤

⅜. ķРņЊĕ ĀĕБĳЊ⅜ū₤Ś ĕЊ₣ŷЋ◦Ŝ⅜ū₤ŚЮ₤řť Њş Ć ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ υ˝⅜ũЮŗ₣

ЮũЬĠşеЮŢŎĕЊ₤℮ЊĳŪ Оņ◦Б ơ,

υ˝⅜ũЮŗ₣υ˝⅜ũЮŗ₣υ˝⅜ũЮŗ₣υ˝⅜ũЮŗ₣

� http://economics.about.com/od/termsbeginningwithm/g/money.htm

� http://en.wikipedia.org/wiki/Base_money

� http://en.wikipedia.org/wiki/Monetary_policy#Types_of_monetary_policy

� http://en.wikipedia.org/wiki/Money

� http://library.thinkquest.org/19110/english/advantag/index.html

� http://www.freeonlineresearchpapers.com/power-monitary-policy-your-life

� http://www.investorwords.com/3097/monetary_policy.html

� “Money, Banking, and Economics”, by Thomas Mayer, James S. Duesenberry,

� “The Economics”, by Slavin-McGRAW.HILL. INTERNATIONAL EDITION

� Financial Markets & Institutions, Fifth Edition, by Frederic S. Mishkin and Stanley G. Eakins,

Page 149-212

� Economics, eight edition, Slavin

� MACROECONOMICS, Seventh Edition, by RICHARD T. FROYEN, pages111-134.

Robert Z.Aliber, Page 371-389

� ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ũĠ₤сЮŵ˝ŪÐС⅜ū⅜Ś Čũŏ ₣Уĕ Ю΅₣

� ũРĠЊŎŷĳ□О ĕЊ₣ĊĜýũ ũĠ₤сņĄęņ‗ŹŲ₤Њ˝⅝ĠЮş Ć Ю◦₤ĊĜýũ � ⅜□ Ġњĕ ĕЊ₣ŪÐЕй⅜□ ĕņБŪ˝С΅ЊũŃ ňŷĳ□ОũĠ₤сņĄęņ‗ŹŲ₤Њ˝⅝ĠЮş Ć Ю◦₤ĊĜýũ

Business

Monetary Policy