Exercise II. Find in the Text the English for:

функция спроса; произвольные критерии; цели; транзакционные депозиты; сберегательный счет; фонд денежного рынка; сообщать информацию о; наличные деньги; процент по займу; кредитный лимит; на усмотрение; краткосрочный вклад; текущий чековый счёт; повышать

совокупный спрос; погашать ссуду; в действительности.

Exercise III. Answer the following questions:

1. What does money supply imply?

2. Does it have a constant measure?

3. What did the Fed use money supply for?

4. How does it define money?

5. Why does now the Fed ignore its own measures?

6. What monetary aggregates does the Fed define?

7. What does the first monetary aggregate include?

8. What does the second monetary aggregate include?

9. What does the third monetary aggregate include?

10. Why did the Fed discontinue tracking M3?

11. What part of the monetary base is not included in the monetary aggregates?

12. What conditions does the bank increase its the money supply under?

13. What is a shortcoming of the Fed's definition of monetary aggregates?

14. Why is the money supply substantially larger and less measurable?

Exercise IV. Fill in the proper words:

Money supply

The U.S. money supply comprises currency—dollar bills and coins issued by 1)___________and the U.S. Treasury – and various kinds of deposits held by the public at commercial banks and other depository institutions such as 2)_______. On June 30, 2004, the money supply, measured as the sum of currency and 3)__________, totaled $1,333 billion. Including some types of 4)___________, the money supply totaled $6,275 billion.

These measures correspond to three definitions of money that the Federal Reserve uses: M1, a narrow measure of money’s function as a 5)__________; M2, a broader measure that also reflects money’s function as 6) ___________; and M3, a still broader measure that covers items that many regard as close substitutes for money.

The abandonment of convertibility of money into 6)__________since August 15, 1971, when President Richard M. Nixon discontinued converting U.S. dollars into gold at $35 per ounce, has made the monies of the United States and other countries into 7)_________ - money that national monetary authorities have the power to issue without legal constraints.

(checking account deposits, fiat money, the Federal Reserve System, medium of exchange, thrifts and credit unions, a commodity, savings deposits, a store of value)

Exercise V. Render in English:

Денежные агрегаты «м»

Они являются показателями денежной массы. М1 учитывает наиболее ликвидные ресурсы: наличную валюту, средства на счетах «до востребования», дорожные чеки. М2 включает М1, срочные вклады (до $ 100 000) и другие высоко ликвидные сбережения.

М3 включает М2 и срочные вклады крупных размеров. Показатели М1, М2, М3 публикуются каждую неделю по четвергам в 16:30 EST (Нью-Йорк) и носят информационный характер. Они показывают недельное изменение денежной массы. Наиболее значимым из них является М2. На рынок практически не влияют. Однако по странам Европы ежемесячные денежные агрегаты могут оказать влияние на рынок. GBP-M0, EURO-M3.

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