★ 3 M i c h a e l M c L e a y , A m a r R a d i a a n d R y l a n d T h o m a s , ' M o n e y i n t h e M o d e r n E c o n o m y : A n I n t r o d u c t i o n ' , Q u a r t e r l y B u l l e t i n , 2 0 1 4 a , Q 1 , B a n k o f E n g l a n d , p p . 4 1 3 , h t t p : / / w w w . b a n k o f e n g l a n d . c o . u k / p u b l i c a t i o n s / D o c u m e n t s / q u a r t e r l y b u l l e t i n / 2 0 1 4 / q b 1 4 q 1 0 1 . p d f ★ 4たとえば 、 R . G . H a w t r e y , C u r r e n c y a n d C r e d i t , L o n g m a n s a n d G r e e n c o , 1 9 1 9 , C h . I 、ホ ートリ ーの議論を要約したものとして 、内藤敦之 『内生的貨幣供給理論の再構築 :ポスト ・ケインズ派の貨幣 ・信用アプロ ーチ 』日本経済評論社 、 2 0 1 1年 、第 3章 。 ★ 5このクル ーソ ーとフライデ ーの例も M c L e a y , R a d i a a n d T h o m a s ( 2 0 1 4 )から借りている 。
★ 6 A . M i t c h e l l I n n e s , ' W h a t i s M o n e y , ' i n L . R . W r a y ( e d . ) , C r e d i t a n d S t a t e T h e o r i e s o f M o n e y , E d w a r d E l g a r , 2 0 0 4 , p . 4 2 . ★ 7 G e o f f r e y I n g h a m , T h e N a t u r e o f M o n e y , P o l i t y P r e s s , 2 0 0 4 , p . 1 2 . ★ 8 H y m a n M i n s k y , S t a b i l i z i n g a n U n s t a b l e E c o n o m y , M c G r a w h i l l , 2 0 0 8 , p . 2 5 5 . ★ 9 M c L e a y , R a d i a a n d T h o m a s ( 2 0 1 4 : p p . 6 7 ) .
/> (accessed 25 March 2018). See also, Central Bank of Kenya, “Currency History”<https://www.centralbank.go.ke/currency-history/> (accessed 25 March 2018).4 European Central Bank, “Virtual Currency Schemes” (October 2012) <https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf> (accessed 26 March 2018), at p.9.5 Serge Lanskoy, “The Legal Nature of Economic Money” Banque de France Bulletin Digest No. 73 (January 2000) <http://www.cemla.org/legales/docs/al-v-Grenouiolloux.pdf> (accessed 20 March 2018).6 Michael McLeay, Amar Radia and Ryland Thomas, “Money in the Modern Economy: an introduction”, Bank of England, Quarterly Bulletin (Q1, 2014) <https://www.bankofengland.co.uk/-/media/boe/files/quart
While Robinson Crusoe and Man Friday could simply swap berries for fish — without using money — the exchanges that people in the modern economy wish to carry out are far more complicated. Large numbers of people are involved.(4) And — crucially — the timing of these exchanges is not typically coincident. Just as people do not always want to consume the same type of goods they have produced themselves, they do not always want to consume them at the same time that they produce them. Robinson Crusoe may gather a large amount of berries during summer, when they are in season, while ManFriday may not catch many fish until autumn. In the modern economy, young people want to borrow to buy houses; older people to save for retirement; and workers prefer to spend their monthly wage gradually over the month, rather than all on payday. These patterns of demand mean some people wish to borrow and others wish to hold claims — or IOUs — to be repaid by someone else at a later point in time. Money in the modern economy is just a special form of IOU, or in the language of economic accounts, a financial asset.
Commercial banks need to hold some currency to meet frequent deposit withdrawals and other outflows. But to use physical banknotes to carry out the large volume of transactions they do with each other would be extremely cumbersome. So banks are allowed to hold a different type of IOU from the Bank of England, known as central bank reserves and shown in green in Figure 2. Bank of England reserves are just an electronic record of the amount owed by the central bank to each individual bank. Reserves are a useful medium of exchange for banks, just as deposits are for households and companies. Indeed, reserves accounts at the central bank can be thought of as playing a similar role for commercial banks as current accounts serve for households or firms. If one bank wants to make a payment to another — as they do every day, on a large scale, when customers make transactions — they will tell the Bank of England who will then adjust their reserves balances accordingly. The Bank of England also guarantees that any amount of reserves can be swapped for currency should the commercial banks need it. For example, if lots of households wanted to convert their deposits into banknotes, commercial banks could swap their reserves for currency to repay those households. As discussed earlier, as the issuer of currency, the Bank of England can make sure there is always enough of it to meet such demand.
Bank of Japan (2016) Introduction of Quantitative and Qualitative Monetary Easing with a Negative Interest Rate. Available
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tatutory mandate″(FOMC,2016).in addltion to contro‖ing inttation,central banksarealsosubieCttOotherpo‖cy goals.For example′in the∪SA,the FOMC is“nrmly committed to fu1llling its statutory mandate from the Congress of promOting maximumemployment,stable prices,and moderatelong term interest rates″and also states that“the median ofFOA/1C par‐dcipants'estimatesofthelongerrun normalrateofunemploymentwas4.9 percent″(FOMC′2016) The Bank of England must also“ support the Government economic objectives including those for growth and employment″(Bank of England 2016)ln Australia′the RBA must assistin the“the maintenance offull emp10ymentin Australiatand more generally″theecOnomicprospentyandwelfareofthepeopleofAustralia″(Reserve Bank Act′可959).A third policy obleCJVe Ofmoderadng asset pttce growth is sometimes mentioned,but not formally acknow´ledged.lndeed,the∪S Fed′like some Other central banks,prefers tO avoid speaking in pub‖c about asset prices on
Monetary policy affects how much prices are rising – called the rate of inflation. We set monetary policy to achieve the Government’s target of keeping inflation at 2%.
Low and stable inflation is good for the UK’s economy and it is our main monetary policy aim.
We also support the Government’s other economic aims for growth and employment. Sometimes, in the short term, we need to balance our target of low inflation with supporting economic growth and jobs.
Every year, the sets out a framework under which we have to set monetary policy. They send this to our Governor in a remit letter.
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