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AGGREGATE SUPPLY SHIFTS: Changes in the aggregate supply determinants can shift either the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. We have two options -- an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource prices shift the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource prices shift the aggregate supply curves to left.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 12 of 24

Topic: Legal, Required, and Excess Reserves <=PAGE BACK | PAGE NEXT=>

1. Legal reserves:

  • Vault cash and deposits with the Federal Reserve that can be used to satisfy the legal reserve requirements and are needed for daily operations.

2. Required reserves:

  • The vault cash and deposits with the Federal Reserve that they have to keep to back deposits.

3. Excess reserves:

  • Any reserves over and above required reserves.
  • Excess reserves don't add to revenue and profit.

Two uses of excess reserves:

  • First: banks use them for loans.
  • Second: banks use them for investment securities.

Important point:

  • Controlling excess reserves is key to controlling the nation's money supply.

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VALUE ADDED

The increase in the value of a good at each stage of the production process. The "value" part of this phrase means the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. The "added" part means that resources have transformed the good in the course of production, to make it more valuable. A good that provides greater satisfaction has greater value.

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