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Printable Handouts
Navigable Slide Index
- Introduction
- Goals
- Central banks
- History
- Central bank functions
- Money creation
- Open market operations
- A simplified central bank balance sheet
- An open market purchase of government bonds by the central bank
- A loan by bank “A” becomes a deposit in bank “B”
- Two key interest rates
- Interest rates and the money supply
- Central banks influence on rates
- The market for bank reserves
- An open market purchase lowers the rate
- The market for bank reserves
- Reserve requirements
- The investment function
- Monetary policy, investment and output
- The importance of Animal Spirits (1)
- An increase in investor confidence
- The importance of Animal Spirits (2)
- Monetary policy controversies
- Stagnation and quantitative easing
- What is to be done?
This material is restricted to subscribers.
Topics Covered
- Reserve requirements
- Interest rates
- Open market operations
- Central bank
- Money creation
Talk Citation
Torras, M. (2024, August 29). Monetary policy [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved December 7, 2024, from https://doi.org/10.69645/PEYQ1812.Export Citation (RIS)
Publication History
Other Talks in the Series: Introduction to Macroeconomics
Transcript
Please wait while the transcript is being prepared...
0:00
Hi. My name is Mariano Torras.
I'm professor of Economics at
Adelphi University in New York.
We're going to be
doing a lecture series
on macroeconomics. A
nation's monetary policy
0:14
concerns the supply of money in
the economy and interest rates
for myriad types of borrowing.
As with fiscal policy,
the fundamental goals of
monetary policy are
price stability,
high employment and
economic growth.
Critics however often state
that price stability has
become too high a priority
in relation to the other goals.
Monetary policy is conducted
by a nation's Central Bank.
0:46
Every country has its
own Central Bank,
but the European Union in
addition has its own known as
the European Central Bank.
The United State's
Central Bank is known as
a Federal Reserve and Japan's
as the Bank of Japan.
1:01
It was in the 19th
century that most of
the world's leading countries
established Central Banks,
even if predecessors to
Central Banks had
been established
centuries earlier in countries
like Holland,
Sweden, and England.
Central Banks were given
a monopoly over the
creation of money,
and in those days the
bank notes or currency of
most countries was backed by
their equivalent value
in gold and/or silver.
This helped lend stability to
the monetary system as faith
in the value of paper
and coin currency
became more widespread.
Central Banks each have
their own subsidiaries
in different regions of
the country that
help decentralize,
hence expedite many of
its main functions.
The board of governors of
a Central Bank oversee