Neste curso, você conhecerá os princípios fundamentais da macroeconomia geralmente ensinados em cursos trimestrais ou semestrais para alunos de graduação ou MBA. E, talvez mais importante ainda, você também aprenderá a aplicar esses princípios a uma grande variedade de situações, tanto de sua vida particular quanto profissional. Assim, o Poder da Macroeconomia vai ajudá-lo a ser bem-sucedido em um ambiente globalizado e cada vez mais competitivo. This is a translated version. To join the original English version, please visit this page https://www.coursera.org/learn/principles-of-macroeconomics
Exemplo de um Banco Central - A Reserva Federal dos EUA
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En provenance du cours de University of California, Irvine
O Poder da Macroeconomia: princípios da economia no mundo real (em Português)
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University of California, Irvine
191 notes
À partir de la leçon
Reserva Federal dos EUA e Política Monetária
Rencontrer les enseignants
Dr. Peter NavarroProfessor
Paul Merage School of Business
[MUSIC]
Now, from a global perspective, the Fed is a
somewhat peculiar central bank in at least one sense.
Rather than being one big bank directly controlled by the federal government, Like
in Germany or Japan, the Fed is both very decentralized and privately owned.
It consists of 12 regional banks spread throughout the
country, and they are owned by the commercial banks.
While legally these 12 regional banks are private, in reality,
the Fed as a whole behaves as an independent government agency.
This regional structure of the Fed, was originally designed in an age of populism.
The populist goal was to avoid too great a concentration of central backing powers
in the hands of Eastern establishment bankers or Washington bureaucrats.
This figure, shows the structure of the Fed.
The board of governors consists of seven members, nominated by the President,
and confirmed by the Senate, to serve overlapping terms of 14 years.
Members of the board are generally bankers, or economists.
The key policy making body at the fed is the federal open market committee.
This committee consists of 12 people.
The 7 members of the feds board of
governors, plus the president of the New York
federal reserve district bank, plus four rotating members
of the other 11 federal reserve district banks.
At the pinnacle of the system is the chairman of the
board of governors, often called the
second most powerful individual in America.
He acts as public spokesperson for the Fed and exercises enormous power
over monetary policy.
Besides issuing currency, and being the lender of
last resort, the Fed has four other functions.
Including regulating our financial institutions, providing
banking services to the federal government,
providing financial services to the nation's
banks, and most importantly, conducting monetary policy.
The Feds stated
objectives for the use of monetary policy include: economic
growth in line with the economy's potential to expand.
And a high level of employment, stable
prices and moderate long term interest rates.
Federal Reserve conducts monetary policy through its open market committee.
This open market committee meets periodically to discuss monetary policy.
And a conducts such monetary policy through
the use of three major policy instruments.
The first, and least used of these instruments,
is setting the reserve ratio or the reserve requirement.
As we've learned from our discussion of the money multiplier above,
the Fed can increase the money supply by lowering the reserve requirement.
Or decrease the money supply by raising the reserve requirement.
As a practical matter, the Fed rarely uses
changes in the reserve requirement to conduct monetary policy.
The primary function of the requirement is to ensure that banks don't fall
below a safe level of reserves and thereby undermine the stability of the system.
The second instrument of monetary policy is the discount rate.
The discount rate is the interest rate that the fed charges
banks when the borrow money from the fed.
Lowering the rate makes it cheaper for banks
to borrow money and expand the money supply.
In contrast, raising the discount rate, makes it more expensive
for banks to borrow from the Fed and is contractionary.
The third, and by far the most important
instrument of monetary policy, is open market operations.
Open market operations involve
the buying and selling of government securities,
to expand or contract the money supply.
In a nutshell, the Fed buys government securities
when it wants to expand the money supply.
And it sells government securities when it wants to contract the money supply.
As illustrated in this figure, in step one, the Fed's Open
Market Committee purchases government bonds and pays for the bonds with a
Federal Reserve check.
Step two, the seller of the bond, deposits the fed's check in a private bank.
Then in step 3, the bank deposits the check, at a federal reserve
bank, as a reserve credit, and this allows it to expand its reserves.
Now the point is this.
By altering its holdings of government
securities, the Fed can change bank reserves.
And, through the money supply multiplier, thereby trigger the sequence
of events that ultimately determine the total supply of money.
In this regard, open market operations represent the Fed's most potent tool.
So let's see how such operations work.
Suppose then, that the Fed thinks the
economic winds are blowing up a little inflation.
At it's next open market committee meeting, the committee votes to sell
1 billion dollars of treasury bills from the Fed's portfolio to tight money.
And this action, is unanimously approved, by a vote of the Board of Governors.
Now, to whom are the Bonds sold? The open market, which includes dealers
in government bonds, who then resell them to
commercial banks, big corporations, other financial institutions, and individuals.
The purchasers usually buy bonds by writing checks to
the Fed, drawn from an account in a commercial bank.
For example, if the Fed sells $10,000 worth of bonds to Linda
Smith, she writes a check on the Coyote Bank of Santa Fe.
The Fed then presents this check at the Coyote Bank.
And here's the important point, when the Coyote
Bank pays the check, it will reduce its
balance of reserves with the Fed and the
reserves in the entire commercial banking system by $10,000.
From this example, you can see how open market operations
can be used to close either recessionary or an inflationary gap.
This is illustrated with the help of a
five step monetary policy sequence, called the monetary transmission
mechanism, shown here for closing and inflationary gap
The Fed reduces reserves R, through open market operations.
Money supply M contracts, and causes interest rates I, to rise.
This rise, not only reduces investment I, it
also reduces consumption expenditure C, and net exports X.
For example, consumers may respond to higher mortgage interest rates by buying a
smaller home, or renovating their old home, rather than purchasing a new one.
Similarly, as we'll learn in a later lesson, in an economy open to
international trade, higher interest rates may raise
the foreign exchange rate of the dollar.
And this will in turn depress net exports.
The total effect of a fall in I, C and X is to push aggregate
expenditures or aggregate demand down in doing so real GDP and
inflation likewise go down. Thereby achieving the desired policy goal.
A similar sequence for closing a recessionary gap can
be illustrated in an aggregate supply - aggregate demand framework.
This figure shows how an expansion of the supply of money causes
a rightward shift of the aggregate demand curve from AD to AD prime.
Note that in the range of this shift, the aggregate supply curve is relatively flat.
This Keynesian range reflects the presence
of unemployed resources and ressionary forces.
In this region, we get a very small increase in the price level from the Feds
expansionary monetary policy and a large increase in real GDP as equilibrium
moves from P to P.
Suppose, however, that the Fed decides to expand the economy even further
and tries to push the aggregate demand out even more to say e double prime.
This is well past the economies level of potential output or potential GDP,
and in this case we are in the so-called classical range of the economy.
Here, the slope of the aggregate supply curve turns steeply upward.
In this fully employed economy, the higher money
stock would be chasing the same amount of output
so that the major impact of the Fed's expansionary
policy would be to significantly raise the price level.
With little increase in real GDP.
This table summarizes how monetary policies may
be used to combat recession and inflation.
Take a few minutes to study it.
Note that easy money policies are used to expand the economy and fight recession,
while tight money policies are used for contraction, to fight inflation.
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