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EKONOMI MONETER

Prepared by Shochrul Rohmatul Ajija

Source:

Frederic S. Mishkin The Economics of Money,Banking, and Financial Markets, Eight Edition

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Why Study Money, Banking, &

Financial Markets?

Any item that people are generally willing to

accept in exchange for goods, services, and

financial assets such as stocks or bonds iscalled Money

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Moneys Function

Medium of exchange

People who trade goods, services, or financial assets arewilling to accept money in exchange for these items

Store of value

An individual can set money aside today with an intent topurchase items at a later time

Unit of account

People maintain their financial accounts by using money to

value goods, services, and financial assets Standard of deferred payment

People agree to loan contracts that call for futurerepayments in terms of money

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Methods of Exchange and the

Evolution of Money

Barter

A person who wished to exchange a good or service had to find a secondindividual willing to purchase that good or service, vice versa Itrequires a double coincidence of wants

Commodity Moneys

A good with a nonmonetary value that is also used as money, e.g. gold.Purchasing power of money: the value of money in terms of the amountof real goods and services it buys

Commodity Standard

A money unit whose value is fully or partially backed by the value of someother physical good such as gold or silver

Gold standard: a monetary system in which the value of money is linked tothe value of gold

Bimetallic standard: a monetary system in which the value of moneydepends on the values of two precious metals, such as gold and silver

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Methods of Exchange and the

Evolution of Money

Fiat Money

A token that has value only because it is

accepted as money Electronic Money (e-money)

Money that people can transfer directly via

electronic impulses

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Discussion

Can barter make a

comeback ininternet?

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Glossaries

Liquidity is the relative ease and speed with

which an asset can be converted into cash

Hyperinflation is an extreme inflation in whichthe inflation rate exceeds 50% per month

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Measuring Money

M3is a measure of money that adds to M2: large-

denomination time deposits, long-term repurchase

agreements, and institutional money market fund

shares

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Measuring Money

Monetary aggregates are the various measures of

the money supply used by the Federal Reserve

System (M1,M2,& M3)

M1 is a measure of money that includes currency,

travelers checks, and checkable deposits

M2 is a measure of money that adds to M1: money

market deposit accounts, money market mutual fundshares, small-denomination time deposits, savings

deposits, overnight repurchase agreements, and

overnight Eurodollars

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Measuring Money

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Measuring Money

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