Fed open market operations발음듣기
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Fed open market operations
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Let's say we have two banks, bank A and bank B, and you might already know that banks, all banks, lend out the great majority of the money that they get in as deposits, but they keep some of the money as reserves.발음듣기
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One, just in case their depositor comes and hey, can I have some of my money back and two because the central bank, the Federal Reserve, says you have to keep a certain amount of your deposits in reserve.발음듣기
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There is a reserve requirement, but you can imagine over the course of doing transactions, thousands of transactions a day, millions maybe, maybe bank B more of its depositors come by and say hey, give me some of my deposits back.발음듣기
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Maybe bank A, the depositors haven't asked for the money or for whatever reason Bank A is sitting on a lot of cash.발음듣기
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In this situation, what you're going to have happen is bank A is going to lend some reserves, is going to lend some cash to bank B.발음듣기
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Maybe it will be 5% interest and that won't be 5% per day and usually these loans are on a per day basis and then the next day it'll be renegotiated on a per day basis, but it's not 5% per day.발음듣기
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It'll be 5% per year, so it will be a much smaller fraction, but usually as I mentioned this lending takes place on a per day basis.발음듣기
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If you need it for the next night, we'll talk again and maybe it will be another 5% or maybe the interest rate can change again.발음듣기
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Let's say the Federal Reserve is sitting over here and for whatever reason wants to stimulate the economy.발음듣기
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The Federal Reserve here, they're starting to print some money and they want to do two things.발음듣기
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They want to inject this money into the banking system which essentially, hopefully, will find its way into the economy and they also want to lower the interest rate, especially the short term interest rate.발음듣기
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When I talk about the short term interest rate, I'm talking about the interest rate on loans that are made over very short periods of time.발음듣기
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They will go to the market and maybe directly to these banks or some other banks and they will buy treasuries.발음듣기
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They will give this money to the market and in exchange, they will usually buy treasury securities.발음듣기
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Sometimes something slightly different, but usually very safe securities and maybe it's temporarily buy.발음듣기
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What happens is that this cash goes in the hands of the people who just sold the treasury securities and they have to deposit it in banks.발음듣기
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They might deposit it in this bank over here or other banks, but the net-net effect is that there's more cash now in the banking system.발음듣기
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Raises the supply because some people maybe just took some of this cash and deposited with them.발음듣기
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If it raises the supply of cash and this guy needs it less, then the rate to borrow this cash is going to go down.발음듣기
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What that would do is it would lower the short term of the yield curve, the short end of the yield curve.발음듣기
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Let's say it looked like this where this right over here is 5% and this overnight. Overnight.발음듣기
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Whatever, I could keep going, but by doing this open market operation, the Fed was able to do both of its goals.발음듣기
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It was able to inject cash, printed cash, into the economy and it's also able to lower the interest rate.발음듣기
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