文档介绍：LOGO MONEYTARY POLICY Presented by 郑向溢邓雅仪蒲佳樱周滢娜陈何亮朱宝 O Outline Back ground knowledge 1 O Background knowledge What is ary policy? ary policy is the process by which the government , central bank , or ary authority of a country controls (i) the supply of money , (ii) availability of money, and (iii)cost of money or rate of interest , in order to attain a set of objectives oriented towards the growth and stability of the economy . O Diagram Tools The required reserve ratio Open market operations Discount rate O Open market operations Banks decrease loans And destroy money public MONEY MONEY The central bank buys government securities and banks gain reserves Banks increase loans And create money public MONEY MONEY The central bank sells government securities and banks lose reserves O Discount rate O The required reserve ratio If the central bank wishes to increase the money supply, it decreases the required reserve ratio. Vice versa. O How ary policy affects the interest rate Increase in the money supply Money surplus and people buy bonds Decrease in the interest rate Decrease in the money supply O The keynesian 凯恩斯 ary policy transmission mechanism Change in the ary policy Change in the money supply Change in interest rates Change in prices, real GDP, and employment Change in the aggregate demand curve Change in investment O Chinese ary policy of recent years 1,The deepening of the fallout from the US sub-prime mortgage crisis 2,the slowing down of the global economic growth 3,higher international crude oil prices making the inflationary pressures increased significantly 4 the over heating of domestic economy