uang harga inflasi

EKONOMI MAKROLECTURE: AL MUIZZUDDIN F., SE., ME.

UANG, HARGA, DAN INFLASI

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Money, which is defined as any commodity or token that is generally acceptable as a means of payment.

generally acceptable as a means of payment. Money serves three other functions:◦Medium of exchange◦ Unit of account◦ Store of value

What Is Money?

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Currency◦ The notes and coins held by individuals and businesses are

known as currency Deposits at banks and other depository institutions◦ Deposits of individuals and businesses at banks and other

depository institutions, such as savings and loan associations, are also counted as money.

Two official measures of money in the United States today are known as M1 and M2.

Money in the United States Today

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Types of Depository Institutions:◦ Commercial banks◦ Thrift institutions◦ Money market mutual funds

What Depository Institutions Do:◦ A bank’s reserves are notes and coins in the bank’s vault or in a deposit

account at the Federal Reserve.◦ Liquid assets are overnight loans to other banks, U.S. government Treasury

bills, and commercial bills.◦ Securities are U.S. government bonds and other bonds such as mortgage-

backed securities.◦ Loans are funds committed for an agreed-upon period of time to

corporations to finance investment and to households to finance the purchase of homes, cars, and other durable goods

Depository Institutions

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Create liquidity Pool risk Lower the cost of borrowing Lower the cost of monitoring borrowers

Economic Benefits Provided byDepository Institutions

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The Federal Reserve System (usually called the Fed) is the central bank of the United States. A central bank is a bank’s bank and a public authority that regulates a nation’s depository institutions and conducts monetary policy, which means that it adjusts the quantity of money in circulation and influences interest rates.

The Federal Reserve System

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The Fed’s Balance Sheet

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The Fed influences the quantity of money and interest rates by adjusting the quantity of reserves available to the banks and the reserves the banks must hold◦Open market operations◦ Last resort loans◦ Required reserve ratio

The Fed’s Policy Tools

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The quantity theory of money is the proposition that in the long run, an increase in the quantity of money brings an equal percentage increase in the price level.

The Quantity Theory of Money

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