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1、Copyright 2008 Pearson Addison-Wesley. All rights reserved.Chapter 15Money, Inflation and BankingChapter 15 TopicsAlternative forms of money.Money and the absence of double coincidence of wants.The causes and effects of long-run inflation.Financial intermediation and banking.2Copyright 2008 Pearson
2、Addison-Wesley. All rights reserved.Alternative Forms of MoneyCommodity moneyCirculating private bank notesCommodity-backed paper currencyFiat moneyTransactions deposits at banks3Copyright 2008 Pearson Addison-Wesley. All rights reserved.The Double-Coincidence Problem and the Role of MoneyBarter exc
3、hange is difficult in highly-developed, specialized economies.Economic exchange requires search costs, and these costs are high when economic agents are specialized in consumption and production, and can only trade a good or service for another good or service.Search costs are reduced dramatically i
4、f everyone accepts money in exchange for goods and services.4Copyright 2008 Pearson Addison-Wesley. All rights reserved.Figure 15.1 An Absence-of-Double-Coincidence Economy5Copyright 2008 Pearson Addison-Wesley. All rights reserved.Figure 15.2 Good 1 as a Commodity Money in the Absence-of-Double-Coi
5、ncidence Economy6Copyright 2008 Pearson Addison-Wesley. All rights reserved.Figure 15.3 Fiat Money in the Absence-of-Double-Coincidence Economy7Copyright 2008 Pearson Addison-Wesley. All rights reserved.The Effects of Long-Run InflationUse the monetary intertemporal model from Chapter 10.Show that m
6、oney is not superneutral higher money growth causes higher inflation, which affects real economic variables.An increase in the money growth rate increases the inflation rate and the nominal interest rate, and reduces employment and output.8Copyright 2008 Pearson Addison-Wesley. All rights reserved.F
7、igure 15.4 Scatterplot of the Inflation Rate vs. the Growth Rate in M0 for the United States, 196020069Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.1Assume that the central bank causes the money supply to grow at a constant rate.10Copyright 2008 Pearson Addison-Wesley. All
8、rights reserved.Equation 15.2In equilibrium, money supply equals money demand.11Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.3Money supply also equals money demand in the future period.12Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.4Combine the pre
9、vious two equations.13Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.5The consumers intertemporal marginal condition.14Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.6Marginal condition reflecting the consumers tradeoff between current leisure and futu
10、re consumption:15Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.7Marginal condition reflecting the consumers tradeoff between current leisure and current consumption:16Copyright 2008 Pearson Addison-Wesley. All rights reserved.Figure 15.5 The Long-Run Effects of an Increase i
11、n the Money Growth Rate17Copyright 2008 Pearson Addison-Wesley. All rights reserved.The Friedman RuleInflation causes an inefficiency, in that it distorts intertemporal decisions.The Friedman rule is a prescription for monetary growth that eliminates the inefficiency caused by inflation.The Friedman
12、 rule specifies that the money stock grow at a rate that makes the nominal interest rate zero.In practice, no central bank appears to have adopted a Friedman rule to guide monetary policy.18Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.9Pareto optimality requires that19Copyr
13、ight 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.10In a competitive equilibrium,20Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.11Also, in a competitive equilibrium,21Copyright 2008 Pearson Addison-Wesley. All rights reserved.Properties of AssetsRate of retu
14、rnRiskMaturityLiquidity22Copyright 2008 Pearson Addison-Wesley. All rights reserved.Defining Characteristics of Financial Intermediaries1.Borrow from one group of economic agents and lend to another.2.Well-diversified with respect to both assets and liabilities.3.Transform assets.4.Process informati
15、on.23Copyright 2008 Pearson Addison-Wesley. All rights reserved.The Diamond-Dybvig Banking ModelThree periods, 0, 1, and 2.Two types of consumers: early (consume in period 1) and late (consume in period 2)Efficient economic arrangement is for consumers to set up a bank in order to share risk.Given t
16、he banks deposit contract, the bank is open to a run, which is a bad equilibrium.24Copyright 2008 Pearson Addison-Wesley. All rights reserved.Figure 15.6 The Utility Function For a Consumer in the DiamondDybvig Model25Copyright 2008 Pearson Addison-Wesley. All rights reserved.Figure 15.7 The Prefere
17、nces of a DiamondDybvig Consumer26Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.12The marginal rate of substitution of early consumption for late consumption is27Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.13First constraint that a deposit contract
18、 must satisfy is28Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.14Second constraint that a deposit contract must satisfy is29Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.15Combine the two constraints to get one:30Copyright 2008 Pearson Addison-Wesley. All rights reserved.Equation 15.16Re-write the constraint:31Copyright 2008 Pearson Addison-Wesley. All rights reserved.Figure 15.8 The Equilibrium Deposit Contract Offered by the DiamondDybvig Bank32Copyright 2008 Pearson Addison-Wesley. All rights reserved.
