A) Fed-Bilanz: Forderungen (Assets) B) Fed-Bilanz: Verbindlichkeiten (Liabilities)

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1 Veränderung der Fed-Bilanz in den letzten beiden Jahren Quelle: Econbrowser (James Hamilton and Menzie Chinn; A) Fed-Bilanz: Forderungen (Assets) B) Fed-Bilanz: Verbindlichkeiten (Liabilities)

2 C) Fed-Bilanz: Forderungen (Assets) weniger detailliert, aber besser kategorisiert; Quelle: Cleveland-Fed

3 EZB-Bilanz: Aktivseite 2,500,000 2,000,000 1,500,000 1,000, , Forderungen in Fremdwährung an Ansässige im Euro-Währungsgebiets Längerfristige Refinanzierungsgeschäfte Hauptrefinanzierungsgeschäfte Sonstige Forderungen in Euro an Kreditinstitute im Euro-Währungsgebiet Sonstige Aktiva Forderungen in Euro an öffentliche Haushalte Wertpapiere in Euro von Ansässigen im Euro-Währungsgebiet Forderungen aus Margenausgleich Spitzenrefinanzierungsfazilität Strukturelle Operationen in Form von befristeten Transaktionen Feinsteuerungsoperationen in Form von befristeten Transaktionen Forderungen in Eurp an Ansässige außerhalb des Euro-Währungsgebiets Forderungen in Fremdwährung an Ansässige außerhalb des Euro- Währungsgebiets Gold- und Goldforderungen

4 EZB-Bilanz: Passivseite 2,500,000 2,000,000 1,500,000 1,000, , Termineinlagen Einlagefazilität Verbindlichkeiten in Euro gegenüber Ansässigen außerhalb des Euro- Währungsgebiets Einlagen auf Girokonten Sonstige Passiva Ausgleichsposten aus Neubewertung Kapital und Rücklagen Ausgleichsposten für vom IWF zugeteilte SZR Verbindlichkeiten in Fremdwährung gegenüber sonstigen Ansässigen im Euro- Währungsgebiet Verbindlichkeiten in Euro gegenüber sonstigen Ansässigen im Euro-Währungsgebiet Verbindlichkeiten in Fremdwährung gegenüber Ansässigen innerhalb Euro- Währungsgebiets Verbindlichkeiten aus der Begebung von Schuldverschreibungen Sonstige Verbindlichkeiten gegenüber Kreditinstituten im Euro-Währungsgebiet Verbindlichkeiten aus Margenausgleich Feinsteuerungsoperationen in Form von befristeten Transaktionen Banknotenumlauf

5 Source: ECB M0 or base money (monetary base): Currency (banknotes and coins) in circulation plus the minimum reserves credit institutions are required to hold with the Eurosystem and any excess reserves they may voluntarily hold in the Eurosystem's deposit facility, all of which are liabilities on the Eurosystem's balance sheet. Base money is sometimes also referred to as the "monetary base". M1, M2 and M3

6 ECB Monetary Aggregates March 2009: 9,400.2 Billion March 2009: 8,088.0 Billion Debt securities up to 2 years Money market fund (MMF) shares/units Repurchase agreements March 2009: 4,123.1 Billions of Euro Overnight Deposits Currency in circulation Deposits redeemable at a period of notice up to 3 months Deposits with an agreed maturity up to 2 years M1 M2 M1 M2 M3 1 Quelle:

7 Euro area Currency in circulation; source: ECB Euro area (changing composition), Outstanding amounts at the end of the period (stocks), Currency in circulation, Euro area (changing composition), in billions of Euro, data neither seasonally nor working day adjusted Jan 99 Jan 00 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09

8 Bank reserve holdings at the ECB and use of deposit facility; Source: ECB , Feb 99 Feb 00 Feb 01 Feb 02 Feb 03 Feb 04 Feb 05 Feb 06 Feb 07 Feb 08 Feb 09 in Milliarden Euro 2 1,5 1 0,5 0 Required reserves (in Milliarden Euro) Current accounts (in Milliarden Euro) Deposit facility (in Milliarden Euro) Excess reserves (in Milliarden Euro; right axis)

9 Monetary Aggregates in the US: historical data A) Monetary base and components (currency and reserves) B) M1 and components (currency and demand deposits)

10 Monetary Aggregates in the US: only recent data C) Monetary base and components (currency and reserves) D) M1 and components (currency and demand deposits)

11 Illing, S. 123

12 The Economist: Money s muddled message,

13 Wachstumsraten M1, M3 und HICP von Januar 1991 bis März 2009, Euroraum Mar 1991Jul 1991Nov 1992Mar 1992Jul 1992Nov 1993Mar 1993Jul 1993Nov 1994Mar 1994Jul 1994Nov 1995Mar 1995Jul 1995Nov 1996Mar 1996Jul 1996Nov 1997Mar 1997Jul 1997Nov 1998Mar 1998Jul 1998Nov 1999Mar 1999Jul 1999Nov 2000Mar 2000Jul 2000Nov 2001Mar 2001Jul 2001Nov 2002Mar 2002Jul 2002Nov 2003Mar 2003Jul 2003Nov 2004Mar 2004Jul 2004Nov 2005Mar 2005Jul 2005Nov 2006Mar 2006Jul 2006Nov 2007Mar 2007Jul 2007Nov 2008Mar 2008Jul 2008Nov 2009Mar 0 Jährliches Wachstum M1 in % Jährliches Wachstum M3 in % Jährliches Wachstum HICP in %

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17 TAF und TALF neue Maßnahmen der Fed, um Banken und Kapitalmärkte zu beruhigen Quelle: Board of Governors, Term Auction Facility Under the Term Auction Facility (TAF), the Federal Reserve will auction term funds to depository institutions. All depository institutions that are eligible to borrow under the primary credit program will be eligible to participate in TAF auctions. All advances must be fully collateralized. Each TAF auction will be for a fixed amount, with the rate determined by the auction process (subject to a minimum bid rate). Bids will be submitted by phone through local Reserve Banks. Term Asset-Backed Securities Loan Facility The Term Asset-Backed Securities Loan Facility (TALF) is a funding facility that will help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by loans of various types to consumers and businesses of all sizes. Under the TALF, the Federal Reserve Bank of New York (FRBNY) will lend up to $200 billion on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. The FRBNY will lend an amount equal to the market value of the ABS less a haircut and will be secured at all times by the ABS. The U.S. Treasury Department--under the Troubled Assets Relief Program (TARP) of the Emergency Economic Stabilization Act of will provide $20 billion of credit protection to the FRBNY in connection with the TALF.

18 8. Fed-Zinsen seit Anfang 2007: Federal Funds Target Rate, Target bounds, Primary Credit rate (or discount rate) and Federal Funds Effective Rate; Source: St.Louis-Fed

19 8. EZB-Leitzinsen seit Anfang 2007: marginal lending facility, deposit facility, main refinancing rate and EONIA (Euro-Overnight Index Average); Quelle: Datastream 6% 5% 4% 3% 2% 1% 0%

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21 9. Liquiditätsfalle: Fed-Leitzinsen und Federal Funds effective rate und Zinsen auf 3- monatige US Staatsanleihen (3-Month Treasury Bill)

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