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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. i FF. i D. D. NBR. - PowerPoint PPT Presentation
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ทฤษฎี�และนโยบายการเงิ�น
Monetary Theory and
PolicyMoney 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
E
iD
iFF
R*NBR
S
D
Effect of Policy Tools
•Open Market Operation–Purchase / Sale
•Discount Loan– Increase rate / Decrease Rate
•Required Reserve– Increase require reserve ratio / Decrease RR
Fed Fund Rate
Reserve
E0
iD
iFF0
R0NBR
Open Market Operation : Purchase
S1S0
D
R1
iFF1 E1
Fed Fund Rate
Reserve
E0
iD
iFF0
R0NBR
Open Market Operation : Sale
S1 S0
D
R1
iFF1
E1
Fed Fund Rate
Reserve
E0
iD
iFF0
R0NBR
Discount Rate : Increase
S1
S0
D
R1
iFF1
E1
Fed Fund Rate
Reserve
E1
iD
iFF0
R0NBR
Discount Rate : Decrease
S1
S0
D
R1
iFF1
E0
Fed Fund Rate
Reserve
E0
iD
iFF0
R0NBR
S
D0
E1
R1
iFF1
Required Reserve : Increase
D1
Fed Fund Rate
Reserve
E0
iD
iFF0
R0NBR
S
D0
E1
R1
iFF1
Required Reserve : Decrease
D1
