1. Chapter 11 Monetary policy and the financial system
Copyright  2007 McGraw-Hill Australia Pty Ltd PPTs t/a Economic Principles 2e, by Jackson, McIver & Bajada
By Muni Perumal

2. Learning Objectives
Review the functions of money and the money supply in Australia.
Explain the transactions demand and asset demand for money.
Examine the institutional structure of the Australian financial system and the role of the Reserve Bank of Australia.
Explain the money-creating abilities of the banking system and the monetary (or credit) multiplier.
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By Muni Perumal

3. Learning Objectives (cont.)
Discuss the objectives of monetary policy and the route by which monetary policy affects the operation of the economy.
Examine the balance sheet of the Reserve Bank of Australia, through which monetary policy is largely implemented.
Analyse the techniques of monetary policy—the major instruments and how they function.
Discuss the cause–effect chain through which monetary policy functions, and evaluate its effectiveness.
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By Muni Perumal

4. The Functions of Money What is money?
Anything that performs the function of money is money.
Money is what money does.
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5. The Functions of Money (cont.)
Money is a medium of exchange.
Buying and selling goods and services.
Money is a unit of account.
Assisting measurement of relative worth of various goods, services and resources.
Money serves as a store of value.
A form in which to store wealth, due to its liquidity and convenience.
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6. The Supply of Money—Money Defined: M3
Three components:
currency (coins and notes)
current deposits in banks upon which cheques can be drawn
non-current accounts such as savings.
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7. Currency In Australia, token money
has intrinsic value which is less than face value of the money
is the coin and note component of the money supply.
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8. Current Deposits
Cheques enable the ownership of current deposits to be transferred.
Cheques are generally acceptable as a medium of exchange.
Cheques can be readily converted into currency.
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9. Non-Current Deposits highly liquid financial assets
can be readily converted into currency or current deposits
new technologies (such as EFTPOS) important.
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10. Broad Money
M3 plus borrowings from the private sector of non-bank financial intermediaries (NBFIs) less holdings of currency and bank deposits by the NBFIs.
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11. Credit Cards
not money
simply a convenient method of obtaining a short-term loan from the card-issuer
facilitate the synchronisation of receipts and expenditures, reducing the demand for cash.
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12. The Monetary Base Composed of: currency held by the public
currency held by the banks
banks’ demand deposits with the RBA.
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13. What ‘Backs’ the Money Supply?
money as debt
value of money
acceptability of money
legal tender
fiat money
relative scarcity.
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14. Demand for Money
The demand for money is the demand for real money balance.
Two reasons why people demand money:
transactions demand (Dt)
asset demand (Da).
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15. Transactions Demand (Dt )
The demand for money as a medium of exchange.
Level depends on money GDP (not interest rates!).
Money demand curve is vertical.
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16. Assets Demand (Da )
The demand for money as financial assets and store of wealth.
Level depends on interest rates.
Down-sloping money demand curve.
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17. Total Demand for Money (Dm )
Transactions demand and assets demand are added horizontally.
Changes in interest rates lead to movement along the curve.
Anything that changes money GDP leads to a shift in the money demand curve.
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18. + = Demand for Money Transactions Demand, Dt Dt Asset Demand, Da Da
Total Demand
for Money, Dm Dm 10
7.5 5
2.5 10
7.5 5
2.5 10
7.5 5
2.5
Rate of interest, i (per cent)
Rate of interest, i (per cent)
Rate of interest, i (per cent)
Amount of money
demanded (billions
of dollars)
Amount of money
demanded (billions
of dollars)
Amount of money
demanded (billions
of dollars)
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19. The Money Market
The combination of the money demand and money supply determines the equilibrium interest rate.
The interest rate represents the opportunity cost of holding money balances.
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20. Equilibrium Interest RateSm 10
7.5 5
2.5 Dm
Equilibrium
Interest Rate ie
Rate of interest, i (per cent)
Amount of money demanded
(billions of dollars)
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21. Interest Rate Differentials between Bond and Deposit Accounts
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22. The Australian Financial System
Consists of:
the Reserve Bank of Australia (RBA)
the banks
financial intermediaries.
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23. The Reserve Bank of Australia (RBA)
Responsibilities set out in the Reserve Bank Act 1959
Main functions:
control of note issue
banker to the banks
exchange settlement accounts
non-callable deposits
banker to the government
vital role in financing government deficits
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24. The Reserve Bank of Australia (RBA) (cont.)
Main functions (cont.):
management of the international means of payment
implementation of monetary policy.
Other functions:
regulation of the payment system
membership of the board of the Australian Prudential Regulation Authority (APRA)
membership of the Council of Financial Regulators.
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25. How Banks Create Money
The focus of this section will be on explaining how banks create deposit money.
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26. A single bank in a banking system
Transaction (1): The birth of a bank
new owners sell $ worth of shares in the bank
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27. A single bank in a banking system (cont.)
Transaction (2): Becoming a going concern
acquisition of property and equipment
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28. A single bank in a banking system (cont.)
Transaction (3): Accepting deposits
citizens and businesses deposit $
change in composition not total supply of money
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29. A single bank in a banking system (cont.)
Transaction (4): Setting aside required reserves
assume reserve ratio is 20%
bank must keep $ (required reserves)
bank’s required reserve
bank’s deposit liabilities
Reserve ratio =
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30. A single bank in a banking system (cont.)
Bank decides to keep $ (actual reserves), which is $ more than required (excess reserves).
Bank’s required reserves are 20% of $
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31. A single bank in a banking system (cont.)
Transaction (5): Drawing a cheque
A citizen who has substantial deposits in the bank draws a cheque for $ to buy goods.
The seller of the goods deposits the cheque in another bank.
The banking system as a whole has not lost or gained.
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32. A single bank in a banking system (cont.)
Transaction (5): Drawing a cheque (cont.)
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33. Creating Money Transaction (6): Granting a loan
A company borrows $ from the bank.
Money is created.
Balance sheet after loan is negotiated:
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34. Creating Money (cont.) Now, bank has no excess reserves.
Balance sheet after cheque drawn on loan has been cancelled:
Now, bank has no excess reserves.
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35. Creating Money (cont.) Transaction (7): Buying government bonds
Bank buys $ of government bonds instead of lending $
Money is created.
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36. The Banking System Multiple banks: multiple-deposit expansion.
Money is created by a multiple of the banking system’s excess reserves.
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37. Multiple-Deposit Expansion
Assume initially: 20% reserve requirement
Bank A
Accepts a deposit for $100
does not alter money supply
excess reserves of $80
a loan of $80 is negotiated.
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38. Multiple-Deposit Expansion (cont.)
Balance Sheet: Bank A
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39. Multiple-Deposit Expansion (cont.)
Loan cheque of $80 is drawn on Bank A and deposited in Bank B
Bank B
Gains $80 in reserves and deposits
Excess reserves of $64
Loans $64.
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40. Multiple-Deposit Expansion (cont.)
Bank B
Loan cheque of $64 is drawn on Bank B and deposited in Bank C, and so on …
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41. Multiple Deposit Expansion Process
Acquired reserves
and deposits
Required
reserves
Excess
reserves
New money
created
Bank A B C D E F G H I J K L M N
Other banks
$100.00
80.00
64.00
51.20
40.96
32.77
26.22
20.98
16.78
13.42
10.74
8.59
6.87
5.50
21.97
$20.00
16.00
12.80
10.24
8.19
6.55
5.24
4.20
3.36
2.68
2.15
1.72
1.37
1.10
4.40
$80.00
64.00
51.20
40.96
32.77
26.22
20.98
16.78
13.42
10.74
8.59
6.87
5.50
4.40
17.57
$80.00
64.00
51.20
40.96
32.77
26.22
20.98
16.78
13.42
10.74
8.59
6.87
5.50
4.40
17.57
Total amount of money created by the banking system
$400.00
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42. Multiple-Deposit Expansion (cont.)
Total banking system has created $400
How?
Via the monetary multiplier
where m is the monetary multiplier 1
reserve ratio
monetary multiplier = 1 R
m =
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43. Some Modifications Determining the required reserve ratio
The Australian Prudential Regulation Authority (APRA) as a supervisory body.
The prime assets ratio (PAR)—the proportion of the banks’ total liabilities that must be held in a highly liquid form.
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44. Other Leakages Currency drains
Loan may be paid in cash and remain in circulation
Transfer of deposits to non-bank financial institutions
Excess reserves
Individual banks may choose to have larger reserves than required (say 25% instead of 20%)
For the full multiplier effect to take place:
Borrowers must be willing and able to utilise the loans
Borrowing is likely to be low during a recession.
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45. Objectives of Monetary Policy
influencing interest rates and credit availability to stabilise real GDP, employment and the price level
Fundamental objectives
full employment
non-inflationary level of total output
The Reserve Bank of Australia has responsibility for managing monetary policy.
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46. Cause-Effect Chain of Monetary Policy
Cash rate
interest rate charged by the RBA for exchange settlement account funds
Other short-term interest rates
the cash rate sets the cost of short-term funds for banks
influences the rate at which banks are willing to lend
Aggregate demand
Availability of bank credit, which impacts on interest-sensitive spending (and therefore output, employment and prices), is impacted through monetary policy.
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47. Monetary Policy and Aggregate Demand
Easy money policy
RBA reduces the cash rate, lowering the cost and increasing the availability of bank credit, to expand spending and real GDP.
Tight money policy
RBA increases the cash rate, increasing the cost of credit, reducing the availability of credit, to reduce spending in the economy and reduce inflationary pressures.
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48. Monetary Policy and Investment
Increases in interest rate reduce the viability of many investments and the quantity of investment spending falls.
Increases in interest rate make the purchase of financial assets more attractive, in preference to making investment expenditures.
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49. Balance Sheet of the RBA
Assets:
gold and foreign exchange
government securities
Liabilities:
notes on issue
non-callable deposits
exchange settlement account (ESA) funds.
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50. Changes in ESA Funds and Monetary Policy
Funds flow to and from government accounts.
Banks must maintain a positive balance in their ESAs with the RBA.
If a bank’s ESA goes into deficit:
it may borrow funds from other banks, or
trade in either government securities or repurchase agreement (repo)
Repos are agreements detailing the price, timing and conditions under which the banks and the RBA may exchange government securities.
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51. Yield Curve
The yield curve is a summary of the interest rates that apply at any given point in time to interest-bearing securities.
Shows the link between the cash rate and other short-term interest rates.
Changes in the cash rate change the cost of funds for banks, and change the cost of credit (loans) provided by the banks.
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52. The Yield curve June 2006
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53. Tools of Monetary Policy
Two major tools used by the RBA to determine the cash rate:
open market operations
foreign exchange swaps and intervention in the foreign exchange market.
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54. Open-Market Operations
Buying and selling of Commonwealth government securities by the RBA in the cash or short-term money market.
The objective of open-market operations (OMOs) is to ensure that the demand and supply of ESA funds are such that they are in balance at the target cash rate.
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55. Open-Market Operations (cont.)
Buying and selling of Commonwealth government securities by the RBA affects the cash rate.
Cash rate provides an indication of the RBA’s monetary policy stance
sustained increases in cash rate target level: tightening of monetary policy
sustained decreases in cash rate target level: easing of monetary policy.
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56. Open-Market Operations: Buying Securities
Banks sell some of their securities.
RBA pays for securities by increasing banks’ exchange settlement accounts (ESAs).
ESAs form part of the banks’ prime assets ratio (PAR) requirement.
Bank reserves increase
causing the monetary base and the banks’ lending ability to increase.
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57. Open-Market Operations: Selling Securities
The RBA sells securities to the banks.
Banks pay for securities by decreasing their exchange settlement accounts (ESAs).
Bank reserves decrease
causing the monetary base and the banks’ lending ability to decrease.
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58. Foreign Exchange Swaps
RBA may use foreign exchange swaps to supplement or substitute for OMOs.
Foreign exchange market intervention—either selling or buying Australian dollars
Purchase/sale of dollars is equivalent to purchase/sale of government securities, and has similar impact on banks’ ESA funds.
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59. Rediscount Rate and Monetary Policy
The rate at which the RBA buys or sells short-term securities under repurchase agreements.
These can be used as a central tool of monetary policy.
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60. Easy Monetary Policy
Implemented when the economy is faced with the prospects of substantial unemployment or deflationary pressure.
RBA announces its intention to reduce the cash rate.
RBA acts to bring the ESA funds market into balance.
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61. Tight Monetary Policy
Enacted when the economy is facing significant inflationary pressures.
RBA announces its intention to increase the target cash rate.
ESA funds are brought into balance at this new target cash rate.
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62. Monetary Policy and Equilibrium GDP
Cause–Effect Chain of Monetary Policy:
Money supply impacts on interest rates.
Interest rates affect investment.
Investment is a component of AD.
Equilibrium GDP is changed.
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63. Quantity of money demanded and supplied
Monetary Policy and Equilibrium GDP (cont.)
SF2
SF1 10 8 6 10 8 6
Investment
demand
Real rate of interest, i D1
Quantity of money demanded and supplied
Amount of investment, i
ASLR AS
Tight Monetary Policy
Price level P1
AD1
Real domestic output, GDP
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64. Quantity of money demanded and supplied
Monetary Policy and Equilibrium GDP (cont.)
SF2
SF1 10 8 6 10 8 6
Investment
demand
Real rate of interest, i D1
Quantity of money demanded and supplied
Amount of investment, i
ASLR AS
Tight Monetary Policy
Price level P1
AD1
AD2
Real domestic output, GDP
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65. Monetary Policy and Equilibrium GDP (cont.)
Refinements and Feedback Effects
Policy effectiveness depends on
shape of the demand for money curve
shape of the investment demand curve
Feedback effects
Reductions in GDP tend to reduce business profits, causing business to reduce investment.
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66. Monetary Policy and the Open Economy
Net Export Effect
Changes in interest rate affect the value of the exchange rate under floating exchange rate. An increase in interest rate appreciates the currency, resulting in lower net exports.
A decrease in interest rate leads to currency depreciation and a rise in net exports.
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67. Shortcomings of Monetary Policy
cyclical asymmetry
conflict with Treasury goals
cost-push inflation
investment insensitivity
Some question how sensitive investment actually is.
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68. Strengths of Monetary Policy
Flexible and speedy to implement, relative to fiscal policy.
Politically acceptable, due to its broad impact.
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69. Next Chapter: Economic resources and the labour market
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