Monetary Policy and the Debate about Macro Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 2 Introduction © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 3 Introduction © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 4 Effect of Monetary Policy on the AS/AD Model © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 5 Effect of Monetary Policy on the AS/AD Model © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 6 Effect of Monetary Policy on the AS/AD Model © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 7 Effect of Monetary Policy on the AS/AD Model © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 8 Effect of Monetary Policy on the AS/AD Model © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 9 Effect of Monetary Policy on the AS/AD Model © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 10 Monetary Policy When Prices are Fixed, Fig. 14 -1 a, p 339 Price level Expansionary monetary policy Contractionary monetary policy Real output © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 11 Expansionary Monetary Policy in the Classical Range, Fig. 14 -1 b, p 339 Price level LRAS B A Real output © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 12 Duties and Structure of the Bank of Canada © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 13 Duties and Structure of the Bank of Canada © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 14 Structure of the Bank © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 15 Structure of the Bank © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 16 Structure of the Bank © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 17 International Considerations © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 18 International Considerations © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 19 International Considerations © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 20 International Considerations © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 21 Duties of the Bank © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 22 The Importance of Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 23 The Importance of Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 24 The Conduct of Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 25 The Conduct of Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 26 The Conduct of Monetary Policy l Other things being equal, as reserves decline, interest rates will rise. l As reserves increase, interest rates will fall. © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 27 Tools of Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 28 The Overnight Financing Rate © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 29 The Overnight Financing Rate © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 30 The Overnight Financing Rate © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 31 The Overnight Financing Rate © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 32 The Overnight Financing Rate © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 33 The Overnight Financing Rate © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 34 The Overnight Financing Rate © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 35 The Overnight Financing Rate l The AD will decline if the target range for the overnight financing rate is increased. l By decreasing the target range, the AD will increase. © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 36 Relationship Among Interest Rates, Fig. 14 -2 a, p 348 © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 37 Relationship Among Interest Rates, Fig. 14 -2 b, p 348 © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 38 Cash Management Operations © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 39 Cash Management Operations © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 40 Open Market Operations © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 41 Open Market Operations © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 42 Open Market Operations © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 43 Government Deposits © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 44 Government Deposits © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 45 Open Market Operations, Fig. 143 a, p 350 Price of a bond Supply B A D 1 D 0 Quantity of bonds a) An open market purchase © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 46 Open Market Operations, Fig. 143 b, p 350 Price of a bond S 0 S 1 A C Demand Quantity of bonds b) An open market sale © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 47 Monetary Policy in the AS/AD Model © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 48 Contractionary Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 49 Contractionary Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 50 Expansionary Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 51 Contractionary Monetary Policy When Prices are Fixed, Fig. 14 -4 a, p 351 Price level SAS Multiplier effect 0 Real income © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 52 Expansionary Monetary Policy When Prices are Fixed, Fig. 14 -4 b, p 351 Price level Multiplier effect Aggregate supply 0 Real income © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 53 Monetary Policy in the Circular Flow © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 54 Keynesian Monetary Policy in the Circular Flow, Fig. 14 -5, p 352 © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 55 Emphasis on the Interest Rate © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 56 Emphasis on the Interest Rate © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 57 Real and Nominal Interest Rates © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 58 Real and Nominal Interest Rates © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 59 Real and Nominal Interest Rates © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 60 Real and Nominal Interest Rates and Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 61 Real and Nominal Interest Rates and Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 62 Real and Nominal Interest Rates and Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 63 Real and Nominal Interest Rates and Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 64 Real and Nominal Interest Rates and Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 65 Real and Nominal Interest Rates and Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 66 Real and Nominal Interest Rates and Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 67 Problems in the Conduct of Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 68 Knowing What Policy to Use © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 69 Understanding the Policy You’re Using © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 70 Understanding the Policy You’re Using © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 71 Understanding the Policy You’re Using © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 72 Lags in Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 73 Lags in Monetary Policy © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 74 Political Pressure © 2003 Mc. Graw-Hill Ryerson Limited.
14 - 75 Conflicting International Goals © 2003 Mc. Graw-Hill Ryerson Limited.
Monetary Policy and the Debate about Macro Policy © 2003 Mc. Graw-Hill Ryerson Limited.
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