Основы экономики. Земскова Л.П. - 15 стр.

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15
9. Money (M1) is defined as those generally acceptable means of payment
which can be used for unrestricted payments, including currency, checkable
deposits, and traveler’s checks. But a host of other assets are near-monies.
They are highly liquid in that they can be converted into currency at short
notice. They are not included in the money stock because they are not usable
as a means of payment immediately and in an unrestricted way. They are part
of the broader monetary aggregates, M2 and M3.
KEY TERMS
Money
Double coincidence of wants
Unit of account
Store of value
Commodity money
Token money
Legal tender
IOU money
Fractional reserve banking
Financial intermediary
Near-monies
Liquidity
Currency
PROBLEMS
1. Which do you think is a better store of value, gold or U.S. dollars? Explain
your answer.
2. Suppose gold coins are used as money. Initially gold is a commodity money,
with the monetary value and the commodity value of gold the same. Explain
under what conditions gold would disappear from monetary circulation.
3. Suppose that umbrellas were too inconvenient to store in the house and that a
storage house opened up for them, with people picking up their umbrellas
only when needed. (a) Could the owner of the storage facility safely lend out
a large part of this stock of umbrellas? (b) What is the difference between
this case and that of the goldsmith?
LECTURE 7. CENTRAL BANKING AND
THE MONETARY SYSTEM
1. Central banks have the two tasks of ensuring that the financial system
operates smoothly and conducting monetary policy. The central bank of the
United States is the Federal Reserve System (Fed). The Fed’s Board of

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