新編金融英語教程Chapter3MonetaryPolicy課件

1、Monetary PolicyChapter 3Lead-inLanguage NotesKey PointsFollow-up Tasks3.13.33.23.4CONTENTSExtended Tasks3.53.1Lead-inThis chapter will first of all introduce the goal of the monetary policy. Then it will explain the process of the monetary policy formulation. Finally, it will list the various tools

2、of the monetary policy. ￥$The goals of monetary policy are sustainable economic growth, full employment, stable prices, and a satisfactory external balance. Sustainable economic growth is determined by the growth and productivity of the labor force and capital stock. Policies that achieve full emplo

3、yment and a noninflationary environment help to achieve maximum sustainable growth.Money Policy3.2 Key Points3.2.1 Goal of the Monetary Policy3.2 Key Points3.2.2 Process of the Monetary Policy FormulationThe basic approach is to use various statistical methods and models, judgment based on historica

4、l experience, and incoming data on the full range of factors comprising and determining aggregate demand and aggregate supply to develop a forecast for the variables of major concern such as real gross domestic product (GDP), ination, the unemployment rate, and exchange rates.The data that are used

5、include information about retail sales, industrial production, consumer confidence, business capital spending plans, wages, personal income, profits, and the external balance of payments. 3.2 Key Points3.2.3 Tools of the Monetary PolicyOpen Market Operations1Discount Policy2Reserve Requirements3 Thi

6、s entails managing the quantity of money in circulation through the buying and selling of various financial instruments, such as treasury bills, company bonds, or foreign currencies, in exchange for money on deposit at the central bank. The discount window is an instrument of monetary policy (usuall

7、y controlled by central banks) that allows eligible institutions to borrow money from the central bank, usually on a short-term basis, to meet temporary shortages of liquidity caused by internal or external disruptions. The required reserve ratio is sometimes used as a tool in monetary policy, influ

8、encing the countrys borrowing and interest rates by changing the amount of funds available for banks to make loans with. contractionary kntrknr 收縮的，收緊的discount dskant貼現(xiàn)equivalent kwvlnt 相等的東西，等量expansionary kspnnri 擴(kuò)張的float flt 浮動fluctuation flkten 波動liability lablti 責(zé)任，債務(wù)liquidity lkwdti 流動性3.3 Lan

9、guage NotesI. Wordsmonetarism mntrzm 貨幣主義offset fset 抵消statistical sttstkl 統(tǒng)計的shrink rk 使縮水sustainable sstenbl 可持續(xù)的a basket of foreign currencies aggregate demandaggregate supplycapital stock credit facility defensiveopenmarketoperation discount window dynamicopenmarketoperation federal funds Federa

10、l Open Market Committee (FOMC) fiscal policy gross domestic product (GDP) monetary authority 3.3 Language NotesII. Phrases monetary basemonetary policy money supply multiplier open market operations policy instruments primary credit prime rate secondary credit standing lending facilitystranded asset

11、 Treasury deposits vault cash the U.S. Treasury unit of account1. Monetary policy is the process during which the monetary authority of a country, like the central bank or currency board, controls the supply of money. 2. The changes in fiscal and monetary policies that lead to changes in aggregate d

12、emand interact, in turn, with aggregate supply to produce changes in prices, real output, and employment. 3. The basic approach is to use various statistical methods and models, judgment based on historical experience, and incoming data on the full range of factors comprising and determining aggrega

13、te demand and aggregate supply to develop a forecast for the variables of major concern such as real gross domestic product (GDP), ination, the unemployment rate, and exchange rates.4. The data that are used include information about retail sales, industrial production, consumer confidence, business

14、 capital spending plans, wages, personal income, profits, and the external balance of payments.5. The Fed conducts most of its open market operations in Treasury securities because the market for these securities is the most liquid and has the largest trading volume.3.3 Language NotesIII. Sentences

15、3.4 Follow-up TasksI. MatchingDirections: Match the English words and phrases in the left column with the proper Chinese equivalents in the right column. ( )1. availability of fundsA. 定期存單( )2. a certificate of deposit B. 充分就業(yè)( )3. discount policyC. 貨幣委員會( )4. federal funds rateD. 勞動力( )5. fiscal an

16、d monetary policies E. 利率( )6. full employmentF. 價格穩(wěn)定( )7. interest rateG. 資金可用性( )8. labor force H. 聯(lián)邦基金利率( )9. currency board I. 貼現(xiàn)政策( )10. price stability J. 財政和貨幣政策3.4 Follow-up TasksII. Multiple ChoicesDirections: Choose the best answer for each of the following statements for questions.1. Macr

17、oeconomic policy includes the following EXCEPT _. ( )A. monetary policyB. government spending policyC. government tax policyD. educational policy2. Which of the following does NOT contribute to the sustainable development of the economy? ( )A. a productive workforce B. a decreasing capitalC. a low u

18、nemployment D. a low inflation3.4 Follow-up TasksII. Multiple ChoicesDirections: Choose the best answer for each of the following statements for questions.3. Which of the following facts makes open market operations the most important monetary tool EXCEPT _? ( )A. open market operations play a major

19、 role in changing interest ratesB. open market operations play a major role in changing the monetary baseC. open market operations play a major role in changing the money supplyD. open market operations play a major role in changing the national history4. The Feds discount loans to banks include the

20、 following EXCEPT _. ( )A. primary credit B. secondary creditC. tertiary credit D. seasonal credit3.4 Follow-up TasksII. Multiple ChoicesDirections: Choose the best answer for each of the following statements for questions.5. An increase in reserve requirements will lead to the following consequence

21、s EXCEPT _. ( )A. less depositsB. more supply of moneyC. more demands for reservesD. a higher rate of the federal funds3.4 Follow-up TasksIII. Short Answer Questions Directions: Answer each of the following questions briefly.1. What are the specific goals of monetary policy?2. What is the basic appr

22、oach to the formulation of monetary policy?3. How can open market operations be further classified?4. Why did the Federal Reserve question the need for the seasonal credit facility?5. What are the possible consequences of a decrease in reserve requirements?3.4 Follow-up TasksIV. Translation Directions: Translate the following Chinese paragraph into English.可以從狹義和廣義兩個層面來理解貨幣政策。狹義的貨幣政策是指中央銀行為實現(xiàn)其特定的經(jīng)濟(jì)目標(biāo)而采用的各種控制和調(diào)節(jié)貨幣供應(yīng)量或信用量的方針和措施的總稱，包括信貸政策、利率政策和外匯政策。廣義的貨幣政策是指政府、中央銀行和其他部門制定的一切關(guān)于貨幣的規(guī)定和采取的一切影響金融業(yè)的措施。When money speaks, the truth