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1、Speaker,郑昕竹,PPT,贾玉爱,秦学思,温影,Enquiry,Translator,chapter,16,The Central bank use of open market operations, changes in the discount rate ,and changes in the required reserve ratio to change the money supply.,Monetary Policy,Open Market Operations,The Discount Rate,The Required Reserve ratio,Monetary Po
2、licy Tools,The ultimate goal of monetary policy in general there are four : price stability, full employment , promote economic growth and the balance of international payments.,The goal of Monetary Policy,Frictional unemployment:unemployment caused by the normal search time require by workers with
3、markedable skills who are changing jobs , initially entering the labor force,re-entering the labour force,or seasonally unemployed. Structural unemployment: unemployment caused by a mismatch of the skills of workers out of work and the skills required for existing job opportunities. Cyclical Unemplo
4、yment: unemployment caused by the lack of jobs during a recession.,Three types of unemployment,The Demand for Money,Translation demand for money,Precautionary demand for money,Speculative demand for money,The stock of money people hold to pay everyday predictable expenses.,Translation demand for mon
5、ey,The stock of money people hold to unpredictable expenses.,Precautionary demand for money,The stock of money people hold to take advantage of expected future changes in the price of bonds, stocks, or other nonmoney financial assets.,Speculative demand for money,The Equilibrium Interest Rate,Excess
6、 money demand,people sell bonds,Bond prices fall and the interet rate rises,Excess money supply,people bye bonds,Bond prices rise and the interet rate falls,The effect of changes in the money supply,Increase in the money supply,Money surpluse and people buy bonds,Decrease in the interest rate,Decrea
7、se in the money supply,Money shortage and people sell bonds,Increase in the interest rate,(a)Increase in the money supply,(b)Decrease in the money supply,Change in the monetary pollcy,Change in the money supply,change in interest rate,Change in investment,Change in the AD curve,Change in price,real
8、GDP and employment,The Keynesian Monetary Policy Transmission Mechanism,Change in the money supply,Change in the AD curve,Change in price,real GDP and employment,Change in the monetary pollcy,The Monetarist Monetary Policy Transmission Mechanism,MS1,MS2,E1,E2,A,B,AS,E2,E1,MD,AD1,AD2,（b)Investment de
9、mand curve,(a) Money market,(c)Product market,Interest rate,Interest rate,Quantity of money,Investment,Price level,Real GDP,The Effect of Expansionary Money Policy on AD,I,The Equation of Exchange,MV=PQ,M is the money supply in circulation,and V represents the velocity of money PQ is normal GDP.,The
10、 Quantity Theory of Money,MV=PQ,According to the quantity of money theory,any changing in the money supply must lead to a proportional change in the price level.,Following the Asian financial crisis in 1997, in order to repair the impact of the crisis on the economy, recover and stimulate the econom
11、ic development, implement the expansionary monetary policy, that is, to reduce interest rates, increasing the money supply, chinas economy has been good recovery, and began growing fast. After 2000,implement the prudent monetary policy. In this period, chinas economy maintained a fast growth trend.
12、In recent years, due to the overheated investment in fixed assets, and produce more serious inflation, the central bank raised interest rates 6 times in 2007, which states the tight monetary policy begin to enter the stage of history.,The monetary policy when the Asian financial crisis,2010 measures
13、 January 18 Raised the deposit reserve rate of 0.5% . February 25 Raised the deposit reserve rate of 0.5% . May 10 Raised the deposit reserve rate of 0.5%. October 11 Directed upward adjustment of the five banks deposit reserve rate. October 20 Raised the interest rate of 0.25%. November 10 Raised t
14、he deposit reserve rate of 0.5%. November 19 Raised the deposit reserve rate of 0.5% .,Monetary policy measures in this years :,According to Xinhua News agency, 2010 of the Political Bureau of the CPC Central Committee had a meeting on December 3, analysised and studied the economic work next year.
15、The meeting pointed out : To implement the positive fiscal policy and the prudent monetary policy strengthen macro - controls target, flexibility and effectiveness. This indicates that China will change the monetary policy from appropriate to prudent next year,farewell to the maintain growth.,Analys
16、is,The stock market fluctuation power After Chicago University Professor JamesH.Lorie and the other MaryT.Hamilton analysis the past 100 years of American bonds , The conclusion is during the transmission of monetary policy and stock market highs and lows，the quantity of money supply change will be able to influence stock market movements than the interest rate movements. Issuing money may not lead rising stock market, in fa
