金融學（第四版）課件：Policy Implementation

PolicyImplementation

2AMorningattheNewYorkFedThemanageroftheFed’sSystemOpenMarketAccount(SOMA)interpretsandexecutesthepolicydirectivesoftheFederalOpenMarketCommittee(FOMC)governmentsecuritiesareboughtandsoldfromtheSOMAtoaffectintermediatemonetarytargetsthebuyorsellordersareissuedtosecuritiestraderswhoworkfortheNewYorkFed3AMorningattheNewYorkFedTheFedtraderscallprimarydealers23largebanksandsecuritiesdealerswithwhomtheFeddealsdirectlyThetradersthenmeettoannouncetheirbuyorsellofferpricesThemanagertellsthetraderstodischargethemostprofitabletransactionsuptotheamountsthattheFedwishestobuyorsell4WhoArethePrimaryDealers?PrimaryDealersasofJuly1,20045AMorningattheNewYorkFedAsthedealsareconsummated,reservesareeithersuppliedorwithdrawnfromthebankingsystemThemanagerofSOMAthenexaminestheeffectsofthesechangesonintermediatetargetsanddecidesifadditionalpurchasesorsalesareneeded6TheFOMCPolicyDirectiveOncethelong-termpolicystanceisset,thefocusoftheFOMCshiftstotheimmediateperiodindicatorsofunderlyingeconomicandfinancialconditionsareexaminedtheFOMCthendevisesshort-termstrategiesthatareconsistentwithitslonger-rangeprojections7TheFOMCPolicyDirectiveTheFOMCissuesapolicydirectivethatguidestheconductofopenmarketoperationsuntilthenextFOMCmeetingthelinkbetweenthedecisionsformulatingpolicyandtheactionsimplementingpolicy8TheFOMCPolicyDirectiveThepolicydirectiveisreleasedalongwithastatementthatcommunicatestheFed’sevaluationoftherisksassociatedwithregardstosustainableeconomicgrowthandpricestabilityBeginningin1994,thesepolicydirectivesareannouncedimmediatelyfollowingtheFOMCmeetingseliminatesquestionsanddoubts9TheReservesMarketandOpenMarketOperationsToimplementthepolicydirective,theTradingDeskoftheNewYorkFedtriestomanagereservelevelsinthebankingsystemsothatthefederalfundsrateisequaltothetargetedratetodothistheTradingDeskdevelopsestimatesofthesupplyanddemandfortotalreserves10TheReservesMarketandOpenMarketOperationsThedemandforreservesconsistsofthedemandforrequiredreservesthedemandforexcessreservesThesupplyofreservesconsistsofborrowedreservesborrowedfromtheFed’sdiscountfacilitynon-borrowedreservesavailableintheopenmarket11TotalReservesTotalReservesDemandedTotalReserveComponents=TotalReservesSupplied=Bufferagainstcheck-clearingneedsandotheruncertaintiesExcessReservesRequiredReservesBorrowedReserves(discountwindow)NonborrowedReserves=DepositsattheFedVaultCash=12TheReservesMarketandOpenMarketOperationsInrecentyears,theFedhasimplementedpolicybyfocusingitsopenmarketoperationswithaneyetowardachievingthetargetedfederalfundsrateTofollowthedirective,theTradingDeskdeterminesthereserveneedthedifferencebetweenactualreservesandthoseprojectedtobeneededtokeepthefederalfundsrateatthedesiredlevel13TheReservesMarketandOpenMarketOperationsEachday,theFedupdatesitsestimatesofthesupplyofreservesandnewinformationontheotherfactorsaffectingreservesusingthisinformation,themanagerreviseshisestimatesofthereserveneed14TheReservesMarketandOpenMarketOperationsInrecentyears,requiredreserveshavedeclinedsubstantiallyandarecontinuingtodeclinethisisduetothewidespreadgrowthofretailsweepaccounts“sweep”balancesoutoftransactionsaccountsthataresubjecttoreserverequirementsandintootherdepositaccountsthatarenotfirstappearedin199415TheReservesMarketandOpenMarketOperationsThesignificantdeclineinrequiredreservesinrecentyearsduetosweepaccountshasraisedconcernthatthefedfundsratemaybecomemorevolatilemayaffecttheimplementationofmonetarypolicy16TheReservesMarketandOpenMarketOperationsInrecentyears,CongresshasconsideredauthorizingtheFedtopayinterestonreservestheFedhasadvocatedthatthiswouldmakethebankingsystemmoreefficienttheincentivetousesweepaccountswouldbeminimized17HowtheDemandandSupplyofReservesAreCalculatedBanksarerequiredtoholdreserveassetsforatwo-weekmaintenanceperiodtheactualamountofrequiredreserveassetsthatmustbeheldisdeterminedduringthecomputationperiodtheaveragedailyamountofrequiredreserveassetsthatmustbeheldisequaltotherequiredreserveratiotimestheaveragedailyamountofdepositssubjecttoreserverequirements18HowtheDemandandSupplyofReservesAreCalculatedCurrently,onlycheckabledepositsaresubjecttoreserverequirements0%ontransactiondepositsupto$6.6million3%ontransactiondepositsbetween$6.6millionand$45.4million10%ontransactiondepositsover$45.4million19HowtheDemandandSupplyofReservesAreCalculatedBetween1984andtheendofJuly1998,contemporaneousreserveaccountingwasusedthecomputationperiodbeginstwodaysbeforethemaintenanceperiodbeginswhenonecomputationperiodends,anotherimmediatelybegins20HowtheDemandandSupplyofReservesAreCalculatedBeginninginJuly1998,thesystemwaschangedtolaggedreserveaccountingthemaintenanceperiodbegins30daysafterthebeginningofthecomputationperiodwhenonecomputationperiodends,anotherimmediatelybeginsthechangemakesiteasierfordepositoryinstitutionstocalculatetheirrequiredreservebalancesforthecurrentmaintenanceperiod21HowtheDemandandSupplyofReservesAreCalculatedInaddition,withlaggedreserveaccounting,theTradingDeskattheNewYorkFedcanobtainmoreaccurateinformationaboutrequiredreserveshelpfulindeterminingtheoveralldemandforreservesbythebankingsystem22ReserveComputationsunderContemporaneousandLaggedReserveAccounting23HowtheDemandandSupplyofReservesAreCalculatedThesupplyofreservescanbedeterminedbyrearrangingtheFed’sbalancesheet24HowtheDemandandSupplyofReservesAreCalculatedThemajorassetsoftheFedincludeGovernmentsecuritiesheld(GS)Goldandspecialdrawingrights(SDRs)accounts,whichreflectinternationalreserveholdings(IR)Discountloans(L)Float(F)Otherassets(OA)25HowtheDemandandSupplyofReservesAreCalculatedThemajorliabilitiesoftheFedincludeReservebalancesofdepositoryinstitutionswiththeFed(DF)CurrencyoutsidetheFed(C*)Treasurydeposits(TD)Otherliabilities(OL)26TheFed’sBalanceSheetasofJuly21,200427TheFed’sBalanceSheetasofJuly21,200428TradingDeskMarketTechniquesEachday,theFedmustdecidewhethertobuyorsellsecuritiesoutrightoronatemporarybasisifboughtorsoldonatemporarybasis,thetransactionisgenerallyreversedwithin2weeks29OutrightTransactions

intheMarketIngeneral,theFedusesoutrighttransactionswhenitwantstoprovideorabsorbreservesoverrelativelylongtimespanstypicallyusedwhenprojectionsshowthatareserveneedorreserveexcessislikelytopersistmostareconductedtomeetseasonalandlong-termneedsoftheeconomy30OutrightTransactions

intheMarketTheTradingDeskmakesmoreoutrightpurchasesthanoutrightsalesduetothegrowingdemandformoneyoutrightpurchasesstillaccountfornomorethan10%oftotalFedtransactionshowever,theFed’sportfolioofsecuritiesconsistsmainlyofthoseboughtoutright31SystemOpenMarketAccount(SOMA)SecuritiesHoldingsasofJuly21,200432TemporaryTransactionsTheTradingdeskusestemporarytransactionswhenitwantstosupplyorabsorbreservesforrelativelyshortperiodstheneedtoconductthesetransactionsarisesfromswingsinthevariousfactorsthataffectthesupplyofreservesthesetransactionsarecheaperthanoutrighttransactions33TemporaryTransactionsTwotypesoftransactionsareusedrepurchaseagreementsreverserepurchaseagreements34TemporaryTransactionsWhenarrangingrepurchaseagreements,theTradingDeskbuyssecuritiesonaself-reversing,temporarybasistheselleragreestobuythesecuritiesbackfromtheTradingDeskonorbeforeaspecifieddate35TemporaryTransactionsSincerepurchaseagreementsprovidereserves,theycanbeusedtooffsetatemporaryreservedrainarepurchaseagreementusedtosupplyreservesonatemporarybasisiscalledasystemrepurchaseagreementthepurchasedsecuritiesgointotheFed’ssystemaccount36TemporaryTransactionsReverserepurchasingagreementsarearrangedbytheTradingDeskwhenthemanagerwantstodrainreservestemporarilyfromthebankingsystemthemanagersellssecuritiesandsimultaneouslypurchasesthesamesecuritiesfordeliveryinthenearfuture37SummaryofMajorPointsTheFOMCissuesanoperatingdirectivetotheTradingDeskoftheNewYorkFed,whichdealswithhowopenmarketpolicyistobeimplementedinrecentyears,thepolicydirectivehastargetedaspecificfedfundsratesince1994,theFedhasannouncedpolicychangesimmediatelyfollowingFOMCmeetings38SummaryofMajorPointsThestaffoftheNewYorkFedestimatestheamountofthereserveneedtofulfillthepolicydirectivegiventhedirective,themanageroftheTradingDeskthedecideswhetherreservesshouldbeaddedorremovedfromthesystemtheTradingDeskalsomakeotherpurchasesorsalestooffsetchangesinotherfactorsaffectingreserves39SummaryofMajorPointsBanksholdreserveassetsduringamaintenanceperiodwhichcorrespondstotheamountofrequiredreservesbasedontheamountofcheckabledepositsinacomputationperiodpriorto1