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1、货币供求与货币市场均衡 ThePurposeOfThisLesson Istofirstdescribehowourmoneyandbankingsystemworks Afterthat wewillshowyouhowmonetarypolicymaybeusedtofightrecessionsandinflation TwoQuestions MonetaryorFiscalPolicy MonetarismorKeynesianism We llexplainhowMonetarismemergedinthe1970stochallengeKeynesianism ADefiniti
2、on ChangesintheMoneySupply ExpandtheEconomy ContracttheEconomy WhatisMoney That seasytoanswer youmaysay It sthecashinourpockets Butmoneyactuallyhasamuchbroaderdefinition Itisanythingthatcanbewidelyusedandacceptedinexchangeforothergoodsandservices WhatisMoney TheFourFunctionsOfMoney Moneyisthemost li
3、quid ofassets meaningitisthemostspendable Ithasfourmajorfunctions AMediumofExchange Withoutmoney wewouldhavetousethebartersystem AStandardofValue 1 2 AStoreofValue Peoplecanholdontomoneythisyearandthenspenditnextyear Moneyperformsthisfunctionleastwell Mostmethodsofholdingmoneydonotyieldthesamekindof
4、monetaryreturnsthatyougetbystoringwealthintheformofotherlessliquidassetssuchasstocksandbonds Inthepresenceofinflation moneycanrapidlyloseitsvalue Standardofdeferredpayment延期支付标准 货币制度的演进 商品货币 出了具有交易媒介等货币功能之外 本身还具有商品价值之货币 条件 耐久性 可分割 同质性或一致性 轻便 供给稳定 适度缺乏性 货币数量说与Gresham Law强制货币 政府赋予无限法偿地位之货币 无限法偿 LegalT
5、ender 铸币与存款货币 M1CurrencyincirculationoutsideofbankvaultsDemanddepositsatcommercialbanksNOWandATSaccountsCreditunionsharedraftsDemanddepositsatmutualsavingsbanksTraveler schecks nonbank M2M1plus SavingsaccountsTimedepositsoflessthan 100 000Money marketmutualfundsM3M2plus Timedepositslargerthan 100 00
6、0RepurchaseagreementsOvernightEurodollarsLM3plusotherliquidassets forexample TreasurybillsU S savingsbondsBankers acceptancesTermEurodollarsCommercialpaper HowisMoneyDefined M1 M2 L CheckingAccounts Cash SavingsAccounts TimeDeposits MoneyMarketMutualFunds共同基金 ShortTermFiscalAssets Traveler sChecks M
7、1 M1 M2 WhyTheseDefinitionsMatter Monetarypolicyuseschangesinthesupplyofmoneytocontractorexpandtheeconomy Inordertoconductmonetarypolicyeffectively wemusthaveaverygoodideaofwhatwearechangingwhenwechangethemoneysupply EconomicresearchhasshownthatM2isthedefinitionofmoneythatmostcloselycorrelateswithch
8、angesinthepricelevelandeconomicactivity InterestRates Whenweexaminehowmoneyaffectseconomicactivity wewillfocusontheimpactoftheinterestrate Technically theinterestrateistheamountofinterestpaidperunitoftimeexpressedasapercentageoftheamountborrowed Interestisthepaymentmadefortheuseofmoney anditisoftenc
9、alledthe priceofmoney AnExample deposit 2000 Attheendoftheyear thebankwillhavepaid 80ininterestintoyouraccount Yourdepositwillbeworth 2080 InterestRates Thereisreallyavastarrayofinterestrates Therearethreemajorreasonswhyinterestsratesdiffer TermoftheLoan Thisreferstothelengthoftimeuntilitmustbepaido
10、ff Thiscanrangefromovernightloanstoupto30yearsormoreforahomemortgage DegreeofRisk Someloans suchasthesecuritiesoftheU S government arevirtuallyriskless Infact theinterestrateonU S governmentsecuritiesisoftencalledthe riskless rate RiskierRates Veryriskyinvestmentsbearasignificantchanceofdefaultornon
11、 paymentinclude thesecuritiesofbusinessesclosetobankruptcy citieswithshrinkingtaxbases orcountrieslikeRussiawithlargeoverseasdebtandunstablepoliticalsystems Theseriskierinvestmentsmightpay1 2 oreven5percentormoreperyearabovethe riskless rate Liquidity Anassetissaidtobeliquidifitcanbeconvertedintocas
12、hquicklywithlittlelossofvalue Incontrast becauseofthehigherriskanddifficultyofextracting抽取 取出aborrower sinvestment illiquidassetsorloansusuallycommandhigherinterestrates NominalInterestRate Thenominalinterestratemeasurestheyieldindollarsperyearperdollarinvestment ButaswithnominalGDP inflationcanmake
13、thedollararubberyanddistortedyardstick衡量尺度 RealInterestRate Itcorrectsforinflation Rreal Rnominal Inflation Thus ifthenominalinterestrateis8percentperyearandtheinflationrateis3percentperyear what stherealinterestrate RealInterestRate It s5percent Itcorrectsforinflation Rreal Rnominal Inflation Thus
14、ifthenominalinterestrateis8percentperyearandtheinflationrateis3percentperyear what stherealinterestrate Therust铁锈色lineshowsthenominalinterestrateonsafeshort termsecuritieswhiletheblackcurveshowstherealinterestrate Notethatrealinterestratesdrifteddownwarduntil1980 However after1980 theymovedupsharply
15、 Lookattheyearssuchas1973through1975wheninvestorswereactuallyearninganegativerateofrealinterest eventhoughnominalrateswerehigh SourcesofMoneyDemand Sofarwehavetalkedaboutthefunctionsofmoneyandthepriceofmoney Themajordeterminantsofmoneydemandareknownasthetransactionsdemandandtheassetdemand Transactio
16、nsDemand NominalGDP ThebasicdeterminantoftheamountofmoneydemandedfortransactionsisthelevelofnominalGDP Thelargerthetotalmoneyvalueofallgoodsandservicesthatareexchangedintheeconomy thelargertheamountofmoneyneededtonegotiatethesetransactions IfGDPChanges WhatdoyouthinkwillhappentothetransactionsdemandformoneyifpricesandnominalGDPdouble IfGDPChanges WhatdoyouthinkwillhappentothetransactionsdemandformoneyifpricesandnominalGDPdouble IfpricesandnominalGDPdouble thetransactionsdemandformoneywilldouble
