货币银行学The-Behavior-of-Interest-Rates课件讲义.ppt

1、rate in an economyrate in an economy.Figure 1 Supply and Demand for Bonds Price of Bonds,P($)Interest Rate,i(%)(P increases)(i increases)1000 0.0 Bs A I 950 5.3 B H 900 11.1 C P*=850 17.6=i*G D 800 25.0 F E 750 33.0 Bd 100 200 300 400 500 Quantity of Bonds,B($billions)Figure 2 A Comparison of Termin

2、ology:Loanable Funds and Supply and Demand for Bonds Interest Rate,i(%)(i increases)Demand for Bonds,Bd (Supply of Loanable Funds,Ls)F E 33.0 G D 25.0 C i*=17.6 B H 11.1 Supply of Bonds,Bs (Demand for Loanable A I Funds,Ld)5.3 0.0 100 200 300 400 500 600 Quantity of Bonds,B (Loanable Funds,L)($billi

3、ons)Figure 3 Shift in the Demand Curve for Bonds Price of Bonds,P Interest Rate,i(%)(P increases)(i increases)1000 0.0 A A 950 5.3 B B 900 11.1 C C 850 17.6 D D 800 25.0 E E 750 33.0 dB1 dB2 100 200 300 400 500 600 700 Quantity of Bonds,B($billions)curve to shift to the left.curve to shift to the le

4、ft.Figure 4 Shift in the Supply Curve for Bonds Price of Bonds,P($)Interest Rate,i(%)(P increases)(i increases)1000 0.0 sB1 sB2 I I 950 5.3 H H 900 11.1 C C 850 17.6 G G 800 25.0 F F 750 33.0 100 200 300 400 500 600 700 Quantity of Bonds,B($billions)Figure 5 Response to a Change in Expected Inflatio

5、n Price of Bonds,P($)Interest Rate,i(%)(P increases)(i increases)sB1 sB2 1 P1 i1 P2 i2 2 dB1 dB2 Quantity of Bonds,B Figure 7 Response to a Business Cycle Expansion Price of Bonds,P($)Interest Rate,i(%)(P increases)sB1 (i increases)sB2 P1 i1 1 2 P2 i2 dB1 dB2 Quantity of Bonds,B Figure 9 Response to

6、 a Lower Savings Rate Price of Bonds,P($)Interest Rate,i(%)(P increases)(i increases)sB1 1 P1 i1 P2 i2 2 dB1 dB2 Quantity of Bonds,B Figure 10 Equilibrium in the Market for Money Interest Rate,i (%)Ms 30 A 25 B 20 C i*=15 D 10 E 5 Md 0 100 200 300 400 500 600 Quantity of Money,M ($billions)Figure 11

7、 Response to a Change in Income Interest Rate,I sM i2 2 i1 1 dM2 dM1 M Quantity of Money,M Figure 12 Response to a Change in the Price Level Interest Rate,I sM i2 2 i1 1 dM2 dM1 M Quantity of Money,M Figure 13 Response to a Change in the Money Supply Interest Rate,I sM1 sM2 i1 1 i2 2 dM Quantity of

8、Money,M interest rates rise.interest rates rise.Figure 14 Response over Time to an Increase in M oney Supply Growth (a)Liquidity effect larger than other effects Interest Rate,i i1 i2 T Time Liquidity Income,Price Level,Effect and Expected-Inflation Effects iquidity effect sm aller than other effect

9、s and slow adjustm ent of expected inflation Interest Rate,i i2 i1 T Time Liquidity Income,Price Level,Effect and Expected-Inflation Effects iquidity effect sm aller than other effects and slow adjustm ent of expected inflation Interest Rate,i i2 i1 T Time Liquidity Income,Price Level,Effect and Expected-Inflation Effects