Bsnk central menggunakan beberapa alat untuk memanipulasi/mengontrol

supply uang dan suku bunga:

-Operasi pasar
monetary base]

terbuka

mempengaruhi

jumlah

[reserves]

dan

[the

-[changes in borrowed reserves]: mempengaruhi [monetary base]

-[change in reserve requirment] : mempengaruh [the money multiplier]
<>tools that central banks can use to manipulate the money supply and
interest rates: open market operations, which affect the quantity of
reserves and the monetary base; changes in borrowed reserves, which
affect the monetary base; and changes in reserve requirements, which
affect the money multiplier.</>
Bank sentral telah meberi sinyal/petunjuk penadapat kebijakan moneter
dengan mengontrol dan menarget suku bunga overnight interbank[the
overnight interbank interest rate](suku bunga dalam peminjaman
[reserves] dari bank lain
<>central banks have been signalling the stance of their monetary
policy by controlling or targeting the overnight interbank interest
rate (the interest rate on loans of reserves from one bank to
another).</>
perubahan suku bunga interbank memiliki dampak terhadap suku bunga
yang ditetapkan bank-bank dalam peminjaman dan penyimpanan, serta
memiliki peran penting seperti bank sentral yang dapat mempengaruhi
ekonomi dan mencapai tujuan (mereka?)
<>Changes in interbank rates have an impact on the interest rates set
by banks on loans and deposits, and therefore play a fundamental role
in the way central banks can affect the economy and achieve (their?)
goals.<?>
Bank sentral mengumumkan suku bunga jangka pendek dalam setiap
pertemuan, dan pengumuman akan pandang oleh pasar dengan seksama
karena itu berpengaruh suku bunga selueh ekonomi
<>Typically, the central bank announces an official short-term
interest rate at each of its meetings, an announcement that is watched
closely by market participants because it affects interest rates
throughout the economy. </>
<x>This official interest rate is called the Main Refinancing Rate in
the euro area, the Bank Rate in the UK and the Federal Funds Rate
Target in the US.<X>

Kebijakan suku [rates] ini di gunkan oleh bank sntral bank dalam
operasi pasar terbuka[ open market operations],dan berhubungan dengan
suku bunga yang di terapkan fasilitas pihaknya (peminjaman dan
penyimpanan)
<>These policy rates are used by central banks in their open market
operations, and are linked to the interest rates applied in their
standing (lending and deposit) facilities.</>

[The market for

rate]

reserves and

the overnight

interest

Demand and supply in the market for reserves

Untuk memperoleh [reserves], diperlukan kurva
penawaran. Saat keseimbangan pasar dalam jumlah
diminta seimbang dengan jumlah [reseves] yang
menentukan [overnight rate],suku bunga yang di
peminjaman [reserves].
<>We derive a demand
market equilibrium in
equals the quantity of
rate, the interest
reserves</>.

permintaan dan
[reserves] yang
ditawarkan akan
bebankan dalam

and supply curve for reserves. Then the

which the quantity of reserves demanded
reserves supplied determines the overnight
rate charged on the loans of these

<x>The overnight interbank rate has a different name according to

the country we refer to. In the euro area, it is called the
EONIA (euro overnight index average), in the United Kingdom the
SONIA (sterling overnight index average) and in the United States
the federal funds rate<X>

Demand curve
Untuk memperoleh krva penawaran untuk [reserves],yaitu dengan
mengetahui jumalah permintaan [reserves] oleh bank-bank, dengan
menjadikan semua tetap saat [overnight rate] berubah. [reserves]
dapat terbagi menjadi dua komponen :
(1)[reserves] yang diperlukan, dimana diperlukananya keseimbangan
antara rasio [reserves] dengan [reserves]yang di perlukan]

(2) [reserves] yang lebih, seberapa banyak [reserves]bank-bank

pilih untuk dicadangkan, untuk itu jumlah [reserves]yang diminta
sama dengan [reserves] yang diperlukan ditambah jumlah kelebihan
[reserves] yang diminta
<>To derive the demand curve for reserves, we need to ask what
happens to the quantity of reserves demanded by banks, holding
everything else constant, as the overnight rate changes. reserves
can be split up into two components:(1)required reserves, which
equal the required reserve ratio times the amount of deposits on
which reserves are required and (2) excess reserves, the
additional reserves banks choose to hold. Therefore, the quantity
of reserves demanded by banks equals required reserves plus the
quantity of excess reserves demanded.</>
[reserves] berlebih dapat berfungsi sebagai asuransi jika terjadi
sejumlah penarikan[deposit outflow].
<>Excess reserves are insurance against depositoutflows,//// and
the cost of holding these excess reserves is their opportunity
cost,the interest rate that could have been earned on lending
these reserves out, minus the interest rate that is offered by
the central bank in its deposit facility , that is the deposit
rate , i d . </>
Nowadays, most major central banks including the ECB, the Bank of
England and the Fed offer deposit facilities, in which banks are
allowed to deposit excess reserves at the central bank and
receive a fixed interest rate below the respective
official
interest rate (see the Closer look box: Why do central banks
need to pay interest on excess reserves?).
Ketika [overnight rate]> id,
[overnight
opunity cost saat memegang [reseves menurun]

rate]

menurun

dan

<>When the overnight rate is above the deposit rate, i d , as the

overnight rate decreases, the opportunity cost of holding excess
reserves falls. Holding everything else constant, including the
quantity of required reserves, the quantity of total reserves
demanded rises. Consequently, the demand curve for reserves, R
d , slopes downward in Figure 15.1 when the overnight rate i is
above i d .If, however, the overnight rate begins to fall below
the deposit rate i d , banks would not lend in the interbank

market at a lower interest rate. Instead, they would just keep on

adding to their holdings of deposits indefinitely. The result is
that the demand curve for reserves, R d ,becomes flat (infinitely
elastic) at i d in Figure 15.1.

Supply curve
[supply of reserves, Rs, dapat tebagi menjadi dua bagian.
[reserves] yang di [supply] oleh operasi pasar terbuka[open
market operation] bank sentral, yang disebut [non borrowed
reserves(NBR)],dan jumlah [reserves] yang di pinjamkan yang oleh
bank sentral, disebut [borrowed reserves]
<>The supply of reserves, R s , can be broken up into two
components: the amount of reserves that are supplied by the
central banks open market operations, called non-borrowed
reserves (NBR), and the amount of reserves borrowed from the
central bank, called borrowed reserves (BR).</>

<>The primary cost of borrowing from the central bank is the

interest rate the central bank charges on these loans , the
lending rate (il ). This rate is set at a fixed amount above the
official rate and thus changes when the latter changes.
Because borrowing reserves from other banks is a substitute for
borrowing from the central bank, if the overnight rate i is below
the lending rate il , then banks will not borrow from the central
bank and borrowed reserves will be zero because borrowing in the
interbank market is cheaper. Thus, as long as i remains below
il , the supply of reserves will just equal the amount of nonborrowed reserves supplied by the central bank, NBR, and so the
supply curve will be vertical However, as the overnight rate
begins to rise above the lending rate, banks would want to keep
borrowing more and more at il from the central bank and then
lending out the proceeds in the interbank market at the higher
rate, i. The result is that the supply curve becomes flat
(infinitely elastic) at il , as shown in Figure 15.1.

Market equilibrium
Market equilibrium occurs where the quantity of reserves demanded
equals the quantity supplied, Rs = Rd . Equilibrium therefore

occurs at the intersection of the demand curve R d and the supply

curve Rs at point 1, with an equilibrium overnight rate of i *.
When the overnight rate is above the equilibrium rate at i2 ,
there are more reserves supplied than demanded (excess supply)
and so the overnight rate falls to i* as shown by the downward
arrow. When the overnight rate is below the equilibrium rate at
i1 , there are more reserves demanded than supplied (excess
demand) and so the overnight rate rises as shown by theupward
arrow

[How changes in the tools of monetary policy affect the

overnight rate]

Open market operations

Akibat dari operasi pasar terbuka tergantung dari kurva penawaran
bersinggungan dengan kurva permintaan dalam kurva menurun miring
bersinggungan dengan bagian datarnya
Pasar terbuka dalam pembelian [reseves] mengakibatkan [overnight
rate] turun. sebaliknya, pasar terbuka dalam penjualan [resrves]
mengakibatkan [overnight rate] naik.
<>The effect of an open market operation depends on whether the
supply curve initially intersects the demand curve in its
downward-sloped section versus its flat section.
an open market purchase causes the overnight rate to fall,
whereas an open market sale causes the overnight rate to rise.</>
reaksi dari operasi pasar terbuka
pasar terbuka meningkatkan [non borrowed reserves(NBR)]dan karena
itu terjadi penawaran [reserves] serta menggeser kurva penawaran
dari Rs1 to Rs2. Keseimbangan bergerak dari titik 1 ke titik 2
menurunkan [overnigt rates] dari i1 ke i2. Panel B, keseimbanga
bergerak dari titik 1 menuju ttik 2, tetapi tidak ada perubahan
dalam [overnight rate], i1 = i2 = id
<>Response to an open market operation

An open market purchase increases non-borrowed reserves and hence

the reserves supplied, and shifts the supplycurve from R s 1 to R
s 2 . In panel (a), the equilibrium moves from point 1 to point
2, lowering the overnight rate from ? ? to ? ? .
In panel (b), the equilibrium moves from point 1 to point 2, but
the overnight rate remains unchanged, i 1 = i 2 = i d .</>

Standing facilities
Kebanyak
bank
sentral
menawarkan
2
tipe
fasilitas
yang
berdiri[standing facilities]: fasilitas peminjaman[lending] dan
penyimpanan[deposit]. Fasilitas peminjaman beroperasi menyediakan
()[overnight
reserves]
ke
bank-bank
dengan
suku
bunga
peminjaman,yang biasanya suku bunga diatur diatas suku bunga
resmi. Fasilitas peminjaman menawarkan
penyerapan [overnight
reserves] bank-bank yang berkeinginan untuk menyimpan di bank
sentral dalam suku bunga penyimpanan[deposit rate], yang diatur
di bawah suku bunga resmi
<>most major central banks offer two main types of standing
facilities:
lending and deposit facilities. Lending facilities are operated
to provide (against eligiblecollateral) overnight reserves to
banks at a lending rate, which is typically set above the
official rate. Deposit facilities are offered for absorbing
overnight reserves of banks wishing to deposit at the central
bank at a deposit rate, which is set below the official rate.</>

Lending rate
Efek suku peminjaman berubah tergantung pada kurva permintaan
bersinggungan dengan kurva penawaran dalam posisi vertikal
berlawanan sisi datar
<>The effect of a lending rate change depends on whether the
demand curve intersects the supply curve in its vertical section
versus its flat section.</>
Reaksi perubahan suku peminjaman

Saat suku pemijaman di trunkan oleh bank sentral dari i l1 ke il2

,bagian
horisontal
kurva
penawaran
menurun
di
Rs2, titik
keseimbangan [overnight rates] tetep tidak berubah , di i1.
Ketika suku peminjaman di turunkan oleh bank sentral dari i l1 ke
il2, bagian horisontal kurva penawaran Rs2 menurun, dan titik
keseimbangan [overnight rates] turun dari i1 ke i2 saat [borrowed
reserves] meningkat
<>Response to a change in the lending rate
In panel (a) when the lending rate is lowered by the central bank
from ? ? ? to I2 l , the horizontal section of the supply curve
falls, as in R s 2 , and the equilibrium overnight rate remains
unchanged at ? ? . In panel (b) when the lending rate is lowered
by the central bank from ? ? ? to I 2 l , the horizontal section
of the supply curve R s 2 falls, and the equilibrium overnight
rate falls from i 1 to i 2 as borrowed reserves increase.</>
Setiap perubahan suku peminjaman tidak bedampak pada [overnight
rate]
<>Because this is the typical situation since central banks
usually keep the lending rate above its target the conclusion
is that most changes in the lending rate have no effect on the
overnight rate.</>

Deposit rate
Efek perubahan
penwaran yang

suku

peminjaman

berubah

bergantung

pada

kurva

<>The effect of a deposit rate change depends on whether the

supply curve intersects the demand curve in its downward-sloped
section or in its flat section.</>
<>Response to a change in the deposit rate
In panel (a) when the deposit rate is lowered by the central bank
from i 1 d to I 2 d , the horizontal section of the demand curve
falls, as in R d 2 , and the equilibrium overnight rate remains
unchanged at ? ? . In panel (b) when the deposit rate is lowered
by the central bank from ? ?? to i2d , the horizontal section of
the demand curve Rd2 falls, and the equilibrium overnight rate
falls from ? ? to i 2 .</>
<>since central banks usually keep the depositrate below its
target the conclusion is that most changes in the deposit rate
have no effect on the overnight rate.</>

Reserve requirements
Ketika rasio [required reserves] meningkat,[required reserves]
meningkat dan jumlah permintaan[reserves] meningkat dalam suku
bunga pada tingkat berapa pun
<>When the required reserve ratio increases, required reserves
increase and hence the quantity of reserves demanded increases
for any given interest rate.</>
Ketika bank sentral menaikkan [reserv requirment], [reserves]
yang
di
butuhkan
meningkat,menjadikan
peningkatan
1
permntaan[reserves]. Kurva pemintaan bergeser dari Rd ke Rd2,titik
keseimbangan berpindah dari titik 1 ke titik 2, dan [overnight
rate] meningkat dari i1 ke i2.
<>Response to a change in required reserves
When the central bank
reserves increase, which
demand curve shifts from
from point 1 to point 2,
? ? .</>

raises reserve requirements, required

increases the demand for reserves. The
? ? ? to ? ? ? , the equilibrium moves
and the overnight rate rises from ? ? to

Pengurangan dalam rasio [required reserve]menurunkna jumlah

permintaan [reserves], menjadikan kurva permintaan bergeser ke
kiri, dan menyebabkan [overnight rate] menurun. Ketika bank
sentral menurunkan [reserves requiment], [overnight rate ] turun

<>a decline in the required reserve ratio lowers the quantity of

reserves demanded, shifts the demand curve to the left, and
causes the overnight rate to fall. When the central bank
decreases reserve requirements, the overnight rate falls.</>