aktualna polityka FED

darkbloom Re: aktualna polityka FED 02.04.08, 21:08

No i mamy odpowiedź na artykuł Northa. Do agregatu M1 należy podchodzić z dużym dystansem. Po zmianach w przepisach dot. rezerw obowiązkowych banków w FED jest to w dużym stopniu "wydmuszka". Swoją drogą ciekawie to obmyślane. Jak rozumiem bank może stworzyć subkonto wobec którego rezerwy w FED nie są wymagane i przerzucać tam pieniądze klienta z konta, które takim wymogiem jest objęte:

"...some well-respected analysts have expressed concern that the lack of growth in the narrowest measures of US money supply over the past couple of years means that Fed policy has been excessively restrictive. But these analysts are failing to appreciate that regulatory changes made by the Fed in the early 1990s caused M1 to become a shadow of its former self with respect to its usefulness as a general monetary indicator.

In rough terms, the rules were changed in the early 1990s to allow banks to dramatically reduce the amount of money held in the form of reserves at the Fed by "sweeping" money from checking accounts (components of M1 that are subject to reserve requirements) into savings accounts (non-M1 components of M2 for which there are no reserve requirements). For example, you might think you have a checkable deposit at your local bank, but in the bank's books you probably have a zero-interest CD (the type of deposit that has no reserve requirement). Whenever one of your checks is presented the bank's software "sweeps" the relevant amount of money from the zero-interest CD you never knew you had into the checking account you thought you had.

These rule changes have made commercial banks more profitable because money held in reserve at the Fed is money that doesn't generate income for the banks; and this, of course, is why the changes were made in the first place."
www.kitco.com/ind/saville/apr012008.html

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przycinek.usa Re: aktualna polityka FED 22.03.08, 04:06

To trzeba wyjasnic. FED obniza stopy, nie?
Czyli chodzi mu niby o to, zeby na rynku stopy spadaly, prawda?
Ale jak popatrzymy na operacje otwartego rynku, to aktywnosc repo
spada, czyli FED nie kupuje tyle papierow co dawniej, czyli doklada
mniej pieniedzy do systemu rezerw czastkowych i plynnosc rynku spada.

Autor twierdzi ze wplywa to na baze monetarna i ze FED chce za
wszelka cene zatrzymac spadek USD.

Ja natomiast mam zle przeczucia. Jak zwykle.
- darkbloom Re: aktualna polityka FED 02.04.08, 21:08
  
  No i mamy odpowiedź na artykuł Northa. Do agregatu M1 należy podchodzić z dużym dystansem. Po zmianach w przepisach dot. rezerw obowiązkowych banków w FED jest to w dużym stopniu "wydmuszka". Swoją drogą ciekawie to obmyślane. Jak rozumiem bank może stworzyć subkonto wobec którego rezerwy w FED nie są wymagane i przerzucać tam pieniądze klienta z konta, które takim wymogiem jest objęte:
  
  "...some well-respected analysts have expressed concern that the lack of growth in the narrowest measures of US money supply over the past couple of years means that Fed policy has been excessively restrictive. But these analysts are failing to appreciate that regulatory changes made by the Fed in the early 1990s caused M1 to become a shadow of its former self with respect to its usefulness as a general monetary indicator.
  
  In rough terms, the rules were changed in the early 1990s to allow banks to dramatically reduce the amount of money held in the form of reserves at the Fed by "sweeping" money from checking accounts (components of M1 that are subject to reserve requirements) into savings accounts (non-M1 components of M2 for which there are no reserve requirements). For example, you might think you have a checkable deposit at your local bank, but in the bank's books you probably have a zero-interest CD (the type of deposit that has no reserve requirement). Whenever one of your checks is presented the bank's software "sweeps" the relevant amount of money from the zero-interest CD you never knew you had into the checking account you thought you had.
  
  These rule changes have made commercial banks more profitable because money held in reserve at the Fed is money that doesn't generate income for the banks; and this, of course, is why the changes were made in the first place."
  www.kitco.com/ind/saville/apr012008.html
polarbeer Re: aktualna polityka FED 24.03.08, 16:24

To jest stary artykul

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