### 经济代写|宏观经济学作业代写Macroeconomics代考|The Money Market and the Inflation Rate

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## 经济代写|宏观经济学作业代写Macroeconomics代考|The Money Market and the Inflation Rate

Money, like most goods and services, is traded in a market where supply and demand determine the amount of money that people and companies use. In this case, the money market does not necessarily need a physical place.
How is the demand for money determined? Economic agents need a certain amount of money to carry out their transactions; at the same time, keeping cash means losing the interest that money would earn if, for example, it were deposited in a savings account. These two factors determine how much money people and companies want to hold. Consequently, it is expected that there will be a relationship between the growth of money (i.e., the expansion of the amount of money in circulation, or monetary base) and the expansion of economic activity.

The money supply is determined by the emission of coins and banknotes for circulation. In general, countries have a central bank, a single official institution with legal authority to issue money. This institution receives different names in different countries: the Federal Reserve in

the United States (the Fed), the European Central Bank, the Bank of Japan, the Central Bank of the Argentine Republic, the Central Bank of Chile, or the Bank of Mexico, to name a few.

Until a few decades ago, in most countries the issuance of money was determined mainly by the supply of goods such as gold or silver. When paper money was used, it was usually backed by precious metals at a fixed rate.
Today, however, the money of a country is backed fundamentally by the confidence of economic agents in the “quality” of the issuer (the central bank). This confidence is only partially based on the reserves held by the central bank in gold and is mainly backed by other financial products, such as treasury bonds.

Money market equilibrium occurs when the supply of and the demand for money are matched. If such a balance is disturbed, for example if the central bank issues more money than economic agents wish to keep, the result is an excess supply of money. In a closed economy (one that does not carry out commercial or financial transactions with the rest of the world) or in an open economy with a free exchange rate, the money market equilibrium is restored by an increase in prices-in other words, inflation. Thus, changes in the money supply that are not demanded translate into higher prices. In most cases, high inflation occurs because the government finances its excess spending by printing more money.

## 经济代写|宏观经济学作业代写Macroeconomics代考|Today the money

This sort of situation highlights the importance of an autonomous central bank, so that the government is not permitted to manipulate the money supply to fit its financial needs. When a central bank is not autonomous, persistent fiscal deficits may lead to a constant growth of the money supply and high inflation rates, as will be discussed with further details in the next chapters. Managing the money supply is an important part of monetary policy.

## 经济代写|宏观经济学作业代写Macroeconomics代考|Monetary Policy

Monetary policy is the specific macroeconomic policy that the central bank (the monetary authority) uses to manage the money supply to maintain economic stability. An autonomous central bank is one that operates monetary policy without the intervention of the local government-or any other economic agent.

The central bank’s objective is to ensure the stability of the currency, which requires keeping inflation low and stable over time. The central bank must also promote the stability and efficiency of the financial system, ensuring the normal functioning of national and international payments. In achieving these objectives, the central bank contributes to laying the foundations for sustained economic growth by creating a predictable environment for decision-making.

To do this, most central banks mainly manage the interest rate by moving it upward or downward. When the objective is to increase the amount of money in circulation (or monetary base), it is called an expansionary monetary policy, and implies lowering the interest rate so that it becomes cheaper to borrow money and keeping money in a savings account is less attractive. A restrictive monetary policy aims to reduce the amount of money in circulation and implies raising the interest rate, making it more expensive to borrow money and increasing the incentives for saving.

Another means by which the central bank affects the amount of money in circulation (the monetary base) is through imposing liquidity requirements on private banks. These liquidity requirements are implemented mainly through the imposition of a reserve requirement, a minimum amount of reserves in cash that private banks must keep in their vaults. This restrains the amount of money private banks can lend to the public. A higher reserve requirement implies that banks can lend less money to the public because for every certain amount of money that is deposited in the bank, a higher fraction of it must be kept as a reserve and not lent to customers.

However, the monetary base is different from the money supply. Moreover, the monetary base, once determined by the central bank, is later “multiplied” by the actions of commercial banks and the public, which we call the money multiplier or multiplier effect. The money multiplier is greater when the same amount of money circulates more times in the economy and the smaller the reserve requirement. For example, let’s say the reserve requirement is 20 percent, and a bank receives a deposit for $\$ 100$. Then$\$20$ must be kept in reserve and the remaining $\$ 80$may be lent to other bank customers. The$\$80$ may be then deposited by this third party. The bank into which the $\$ 80$has been deposited must keep$\$16$ as a reserve and may lend out the remaining $\$ 64$. The cycle repeats: the$\$64$ may be deposited by another person into this (or another bank), out of which the bank must reserve $\$ 12.80$and may lend$\$51.20$. To this point in the example we have accumulated a total of $\$ 244$in deposits, created from an initial deposit of$\$100$. This is the multiplier effect: banks successively receive deposits, reserve what is required, and lend out to other customers.

## 广义线性模型代考

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