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Money, Credit and Banking Week 1

by: Jocelyn Peck

Money, Credit and Banking Week 1 Econ 32025-600

Marketplace > Kent State University > Economics > Econ 32025-600 > Money Credit and Banking Week 1
Jocelyn Peck
GPA 3.7

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Chapter 1, Origin of Money
Money, Credit and Banking
Engelhardt, Lucas M.
Class Notes
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This 2 page Class Notes was uploaded by Jocelyn Peck on Tuesday August 30, 2016. The Class Notes belongs to Econ 32025-600 at Kent State University taught by Engelhardt, Lucas M. in Fall 2016. Since its upload, it has received 16 views. For similar materials see Money, Credit and Banking in Economics at Kent State University.


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Date Created: 08/30/16
Money, Credit and Banking I. Origin of Money  Money:  Medium “commonly” used to exchange goods and services NOT: INCOME or WEALTH  Credit:  Money borrowed/lent and repaid (promised to)  Time  Interest Rates  Banking:  A way to manage money  A way to keep money safe  Banks relend this money and pay interest o Bank:  Involved with the places (institutions) that provide these things  Some “Big Ideas”  Inflation  Business Cycles  Monetary Policy o Financial Regulation  Counting Money:  Not clear what should count  M1: Currency held by the public plus Checking Accounts  M2: Everything in M1 plus Savings Accounts plus small time deposits (Certificates of Deposit)  4 Functions of Money: 1. Medium (of exchange) 2. Measure (unit of account) 3. Standard (deferred payment) 4. Store (of value)  Theories of Money’s Origin:  Merger  Barter is terrible  Someone decides to undertake indirect exchange o Medium of exchange  Some medium emerges as generally acceptable o Network effects  State Theory of Money’s Origin:  Government creates money  Government also levies taxes in that money


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