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Essay / Research Paper Abstract
This 4-page paper discusses the role of money in an economy, as well as the Federal Reserve's role in monetary policy. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTmoneexpl.doc
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Unformatted sample text from the term paper:
with money and recent monetary policy in the United States. Money - Purpose and Function We might think of money as dollars and
cents, but it actually holds a greater role in our economy then paper and coinage. Money is a medium of exchange, a good that is a unit of account and
a store of value (Moffatt). Basically, money is the recognized unit of account by many nations, that can be exchanged for a particular good or service.
In the overall history of mankind, however, money is a fairly recent development. History has seen a variety of exchanges, such as agriculture, beads (wampum) and
even gold bars. However, currency in most countries is considered the viable, "official" unit of exchange of a nation when it comes to buying goods and services. Its easier to
control, for one thing. Furthermore, its easier to set values on paper and currency then it is, say, on a bushel of wheat. The Central Bank and Money
Now that we understand the definition of money, we can move onto how a nations central bank handles the supply of money, often known as
M1. The central bank is defined as the entity that oversees the monetary system for either a nation or a group of nations (Central Bank, 2010). Central banks are responsible
for stabilizing the currency, ensuring low inflation and overseeing monetary policy (Central Bank, 2010). Central banks also can issue currency, regulate the credit system, oversee commercial banks and act as
a lender of last resort (Central Bank, 2010). The U.S. Federal Reserve, for example, has had roles in all of these activities. In
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