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Effect of
Monetary Policies on the U.S. Economy The monetary policies adopted by the
Federal Reserve System can have dramatic effects on the national economy and,
in particular, on financial markets. Most directly, of course, when the Federal
Reserve System increases the money supply and expands the availability of
credit, then the interest rate, which determines the amount of money that
borrowers pay for loans, is likely to decrease. Lower interest rates, in turn,
will encourage businesses to borrow more money to invest in capital goods, and
will stimulate households to borrow more money to purchase housing,
automobiles, and other goods. But the Federal Reserve System can go too far in
expanding the money supply. If the supply of money and credit grows much faster
than the production of goods and services in the economy, then prices will
increase, and the rate of inflation will rise. Inflation is a serious problem
for those who live on fixed incomes, since the income of those individuals
remains constant while the amount of goods and services they can purchase with
their income decreases. Inflation may also hurt banks and other financial
institutions that lend money, as well as savers. In a period of unanticipated
inflation, as the value of money decreases in terms of what it will purchase,
loans are repaid with dollars that are worthless. The funds that people have
saved are worthless too. When banks and savers anticipate higher inflation,
they will try to protect themselves by demanding higher interest rates on loans
and savings accounts. This will be especially true on long-term loans and
savings deposits, if the higher inflation is considered likely to continue for
many years. But higher interest rates create problems for borrowers and those
who want to invest in capital goods.