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LEGAL RESERVES: The total amount of vault cash or Federal Reserve deposits of a bank. These are the only bank assets that can be used legally to satisfy reserve requirements.

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Lesson 20: Federal Reserve System | Unit 1: The Fed Page: 1 of 20

Topic: King Clarence <=PAGE BACK | PAGE NEXT=>

A key player in the medieval money game: Clarence the King. Clarence is the government regulator.

Because Fred practices fractional-reserve banking like modern banks, he has a problem:

  • Several knights redeem their gold receipts at the same time, but Fred does not have sufficient reserves.
  • King Clarence provides Fred with enough gold to satisfy the knights.
  • If Fred's banking operation ceases to exist, economic prosperity is also in jeopardy.
  • King Clarence decides to watch Fred to make sure that he keeps enough gold in reserve to avoid similar problems.
This is how King Clarence sort of 'discovers' the regulatory function of the modern banking system.

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MARGINAL BENEFIT OF SEARCH

The incremental benefit generated by additional search effort is the marginal benefit of search. Marginal benefit of search, also termed marginal search benefit, is comparable to marginal revenue of short-run production analysis and marginal utility of consumer demand theory. Marginal benefit of search decreases with an increase in search effort and is represented by the marginal benefit of search curve. This is one half of the efficient information search decision. The other is marginal cost of search.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Tokyo International Financial Futures Exchange (Japan)
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