ECO 200 Lecture Notes - Lecture 8: Federal Open Market Committee, Federal Funds Rate, Open Market Operation

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Money: anything generally accepted as a medium of exchange. Barter: the direct exchange of 1 good for another, without the use of money. Medium of exchange: facilitates transactions of goods and services. Price of 1 pizza is not 3 calculators. Store of value: can be held for future purchases /won"t lose value over time. M1 : currency in circulation outside banks (coins , paper money) & checkable deposits. M2: m1 + time deposits (savings , certificate of deposit, money market mutual fund). Fiat money : the money supply in the united states is backed or guaranteed by the governments ability to keep the value of money relatively stable. Anything that serves as money while having market value based on the material from which it is made. 12 federal reserve regional banks (cleveland) and 25 brank banks (cincinnati). The chair of the fed reports to congress twice a year.

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