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(BQ) Part 2 book "Principles of macroeconomics" has contents: Money demand and the equilibrium interest rate; aggregate demand in the goods and money markets; aggregate supply and the equilibrium price level; the labor market in the macroeconomy; financial crises, stabilization, and deficits, financial crises, stabilization, and deficits,.and other contents. | Find more at www.downloadslide.com The Money Supply and the Federal Reserve System In the last two chapters, we explored how consumers, firms, and the government interact in the goods market. In this chapter and the next, we show how money markets work in the macroeconomy. We begin with what money is and what role it plays in the U.S. economy. We then discuss the forces that determine the supply of money and show how banks create money. Finally, we discuss the workings of the nation’s central bank, the Federal Reserve (the Fed), and the tools at its disposal to control the money supply. Microeconomics has little to say about money. Microeconomic theories and models are concerned primarily with real quantities (apples, oranges, hours of labor) and relative prices (the price of apples relative to the price of oranges or the price of labor relative to the prices of other goods). Most of the key ideas in microeconomics do not require that we know anything about money. As we shall see, this is not the case in macroeconomics. An Overview of Money You often hear people say things like, “He makes a lot of money” (in other words, “He has a high income”) or “She’s worth a lot of money” (meaning “She is very wealthy”). It is true that your employer uses money to pay you your income, and your wealth may be accumulated in the form of money. However, money is not income, and money is not wealth. To see that money and income are not the same, think of a $20 bill. That bill may pass through a thousand hands in a year, yet never be used to pay anyone a salary. Suppose you get a $20 bill from an automatic teller machine, and you spend it on dinner. The restaurant puts that $20 bill in a bank in the next day’s deposit. The bank gives it to a woman cashing a check the following day; she spends it at a baseball game that night. The bill has been through many hands but not as part of anyone’s income. What Is Money? Most people take the ability to obtain and use money for granted. .
