1、四、货币理论与货币政策四、货币理论与货币政策MONETARY THEORY AND MONETARY POLICY金融资产结构n货币与货币供给 =流通中现金 =+活期存款 =+定期存款 =+其他短期流动资产（如国库券、银行承兑汇票、商业票据）+外汇存款n有价证券：分为政府债券和企业债券两种。n股票。0M1M2M0M1M3M2MThe Meaning of MoneynMoney is the set of assets（资产）in the economy that people regularly use to buy goods and services from other people.
2、Three Functions of MoneynMoney has three functions in the economy.Medium of exchange（交换媒介）Unit of account（计量单位）Store of value（贮藏价值）Medium of ExchangenA medium of exchange is anything that is readily acceptable as payment.Unit of AccountnA unit of account is the yardstick people use to post prices an
3、d record debts.Store of ValuenA store of value is an item that people can use to transfer purchasing power（购买力）from the present to the future.Liquidity（流动性）nLiquidity is the ease with which an asset can be converted into the economys medium of exchange.The Kinds of MoneynCommodity money（商品货币）takes t
4、he form of a commodity with intrinsic value（内在价值）.Examples:Gold,silver,cigarettesnFiat money（法定货币）is used as money because of government decree.It does not have intrinsic value.Examples:Coins,currency,check depositsMoney in the EconomynCurrency（通货）is the paper bills and coins in the hands of the pub
5、lic.nDemand deposits（活期存款）are balances in bank accounts that depositors can access on demand by writing a check.中央银行职能n垄断发行本国的法定货币。n以债务方式接受存款机构缴存的存款准备金，以垫款或票据再贴现方式对存款机构发放贷款，承担金融机构之间的票据交换和结算业务。n代理国库，即经办政府的收支，管理国家的外汇，制定和实施国家的金融政策。The Federal Reserve联邦储备体系nThe Federal Reserve(Fed)serves as the nations
6、central bank It is designed to oversee the banking system.It regulates the quantity of money in the economy.The Federal ReservenThe Fed was created in 1914 after a series of bank failures convinced Congress（国会）that the U.S.needed a central bank to ensure the health of the nations banking system.The
7、Feds OrganizationnThe Fed is run by a Board of Governors（董事局）,which has seven members appointed by the President and confirmed by the Senate（参议院）.The Feds OrganizationnThe chairman of the board presides at board meetings,directs the staff,and testifies about Fed policy.The Feds OrganizationnThe Fede
8、ral Reserve System（联邦储备体系）is made up of the Federal Reserve Board in Washington,D.C.,and twelve regional Federal Reserve Banks（联邦储备银行）.The Feds OrganizationnMonetary policy（货币政策）is conducted by the Federal Open Market Committee（公开市场委员会）.Three Primary Functions of the FednRegulates banks to ensure th
9、ey follow federal laws intended to promote safe and sound banking practices.Three Primary Functions of the FednActs as a bankers bank,making loans to banks and as a lender of last resort.Three Primary Functions of the FednConducts monetary policy by controlling the money supply.商业银行职能n作为融通资金的信用中介，主要
10、业务是吸收存款和发放贷款。n创造信用货币。最初的信用货币是银行券，现代的信用货币主要是支票、信用卡等。n创造存款、扩张信用。n提供广泛的金融服务，如代发工资、代理支付、消费信用、信息服务、咨询服务等。金融市场中的资产负债关系公众商业银行中央银行政府资产负债资产负债资产负债资产负债通货通货存款存款国债国债国债国债准备金准备金贷款贷款外汇储备Banks and The Money SupplynBanks can influence the quantity of demand deposits（活期存款数量）in the economy and the money supply.Banks an
11、d The Money SupplynReserves（准备金）are deposits that banks have received but have not loaned out.nIn a fractional reserve banking system（部分准备金体系）,banks hold a fraction of the money deposited as reserves and lend out the rest.Money Creation（货币创造）nWhen a bank makes a loan from its reserves,the money supp
12、ly increases.Money CreationnThe money supply is affected by the amount deposited in banks and the amount that banks loan.Deposits into a bank are recorded as both assets and liabilities（资产和负债）.Loans become an asset to the bank.Money CreationThis T-Account illustrates a bank that accepts deposits,kee
13、ps a portion as reserves,and lends out the rest.AssetsLiabilitiesFirst National BankReserves$10.00Loans$90.00Deposits$100.00Total Assets$100.00Total Liabilities$100.00The Money Multiplier（货币乘数）nWhen one bank loans money,that money is generally deposited into another bank.This creates more deposits a
14、nd more reserves to be lent out.The Money Multiplier（货币乘数）nThe money multiplier is the amount of money the banking system generates with each dollar of reserves.The Money MultiplierAssetsLiabilitiesFirst National BankReserves$10.00Loans$90.00Deposits$100.00Total Assets$100.00Total Liabilities$100.00
15、The Money MultiplierAssetsLiabilitiesFirst National BankReserves$10.00Loans$90.00Deposits$100.00Total Assets$100.00Total Liabilities$100.00AssetsLiabilitiesSecond National BankReserves$9.00Loans$81.00Deposits$90.00Total Assets$90.00Total Liabilities$90.00The Money MultiplierAssetsLiabilitiesFirst Na
16、tional BankReserves$10.00Loans$90.00Deposits$100.00Total Assets$100.00Total Liabilities$100.00AssetsLiabilitiesSecond National BankReserves$9.00Loans$81.00Deposits$90.00Total Assets$90.00Total Liabilities$90.00The Money MultiplierAssetsLiabilitiesFirst National BankReserves$10.00Loans$90.00Deposits$
17、100.00Total Assets$100.00Total Liabilities$100.00AssetsLiabilitiesSecond National BankReserves$9.00Loans$81.00Deposits$90.00Total Assets$90.00Total Liabilities$90.00Money Supply=$190.00!The Money MultipliernHow much money is eventually created in this economy?The Money MultipliernHow much money is e
18、ventually created in this economy?Original deposit=$100.00First National lending=$90.00=0.9 x$100.00Second National lending=$81.00=0.9 x$90.00Third National lending etc.etc.=$72.90=0.9 x$81.00etc.etc.Total money supply=$1,000The Money MultipliernThe money multiplier is the reciprocal of the reserve
19、ratio（准备金率的倒数）.M=1/R With a reserve requirement,R=20%or 1/5,The multiplier is 5.货币乘数DCUc（1）DREr（2）DcDcDDCUM)1(（3）1cMD（4）DrcrDcDRECUMb)(（5）rcMDb（6）rccmm1（8）bMrccM1（7）古典货币需求理论n欧文费雪(Irving Fisher)交易方程式：MV=PY，（V为货币平均流通速度）n马歇尔和庇古(Arthur C.Pigou)现金余额学说：M=KPY，（K为货币需求与名义国民收入之间的比例，即上述V的倒数）The Quantity Theory
20、 of Money货币数量论nHow the price level is determined and why it might change over time is called the quantity theory of money.The quantity of money available in the economy determines the value of money（决定了货币的价值）.The primary cause of inflation（通货膨胀）is the growth in the quantity of money（货币数量的增长）.The Cla
21、ssical Dichotomy and Monetary Neutrality古典两分法与货币中性nAccording to Hume（休谟）and others,real economic variables（真实经济变量）do not change with changes in the money supply.According to the classical dichotomy,different forces influence real and nominal variables（实际变量与名义变量）.The Classical Dichotomy and Monetary
22、NeutralitynNominal variables（名义变量）are variables measured in monetary units（货币单位）.nReal variables（实际变量）are variables measured in physical units（物理单位）.nChanges in the money supply affect nominal variable but not real variables.The Classical Dichotomy and Monetary NeutralitynThe irrelevance of monetary
23、 changes for real variables is called monetary neutrality（货币中性）.Velocity and the Quantity EquationnThe velocity of money（货币流通速度）refers to the speed at which the typical dollar bill travels around the economy from wallet to wallet.Velocity and the Quantity EquationV=(P x Y)/MWhere:V =velocityP =the p
24、rice levelY =the quantity of outputM=the quantity of moneyVelocity and the Quantity EquationnRewriting the equation gives the quantity equation.M x V=P x YFoundations of the Quantity Theory of MoneynThe velocity of money is relatively stable（相对稳定）over time.nWhen the Fed changes the quantity of money
25、,it causes proportionate changes（成比例的变化）in the nominal value of output.nBecause money is neutral,money does not affect output.Foundations of the Quantity Theory of MoneynChanges in the money supply that induce parallel changes（平行变化）in the nominal value of output are also reflected in changes in the
26、price level.Foundations of the Quantity Theory of MoneynWhen the Fed increases the money supply rapidly,the result is a high rate of inflation.The Fisher Effect（费雪效应）nAccording to the Fisher effect,when the rate of inflation rises,the nominal interest rate（名义利率）rises by the same amount.nThe real int
27、erest rate（实际利率）stays the same.The Fisher EffectnAccording to the Fisher effect,when the rate of inflation rises（通货膨胀率）,the nominal interest rate rises by the same amount.nThe real interest rate stays the same.Nominal interest rate=Real interest rate+Inflation rateThe Fisher EffectnWhen the Fed incr
28、eases the rate of money growth,the result is both a higher inflation rate and a higher nominal interest rate.Keynes Interest-Rate Effect nKeynes theory of how the interest rate is determined is called the theory of liquidity preference（流动偏好理论）.According to the theory,the interest rate adjusts to bal
29、ance the supply and demand for money.Theory of Liquidity PreferencenA higher price level increases the demand for money.This leads to a higher interest rate.nA higher interest rate reduces investment.This leads to a lower quantity of goods and services demanded.凯恩斯流动偏好理论Theory of liquidity preferenc
30、e n凯恩斯认为，人们总是偏好将一定量的货币保持在手中。这种心理上的“流动性偏好”是由三种动机所决定：n交易动机。由于收入与支出的时间不一致，人们必须持有一部分货币以满足日常交易的需要。n预防动机。即人们为应付意外需要支出而持有的货币。n投机动机。为应付利率的不确定性，人们在有利时机购买证券进行投机而持有的货币。凯恩斯货币需求函数rr1r20L21L22L23L)(1YkL)(2rhL 流动性陷阱The Supply of MoneynBecause it is fixed by the Fed,the quantity of money supplied（货币供给）does not depe
31、nd on the interest rate.The Supply of MoneynThe fixed money supply is represented by a vertical supply curve（垂直供给线）.The Supply of MoneyQuantity ofMoneyInterestRate0The Supply of MoneyQuantity fixedby the FedQuantity ofMoneyInterestRate0Moneysupply三大货币政策工具n再贴现政策。包括规定和调整再贴现率，规定能够用于再贴现票据的条件，规定各银行一定时期内在
32、中央银行再贴现的最高限额。n法定准备金制度。包括规定法定准备金率，调整法定准备金率，规定可充当法定准备金的资产内容。n公开市场业务，是指中央银行在公开市场上买卖有价证券的行为，以此来调节货币供应量。Tools of Monetary ControlnThe Fed has three tools in its monetary toolbox.Open-market operations（公开市场业务）Changing the reserve requirement（改变准备金比率）Changing the discount rate（改变贴现率）Open-Market Operationsn
33、The Fed conducts open-market operations when it buys government bonds from or sells government bonds（国债）to the public.When the Fed buys government bonds,the money supply increases.The money supply decreases when the Fed sells government bonds.Changing the Reserve RequirementsnReserve requirements ar
34、e regulations on the minimum amount of reserves that banks must hold against deposits.Increasing the requirement decreases the money supply.Decreasing the requirement increases the money supply.Changing the Discount RatenThe discount rate（贴现率）is the interest rate the Fed charges banks for loans.Incr
35、easing the discount rate decreases the money supply.Decreasing the discount rate increases the money supply.The Supply of MoneynThe Fed can shift the money supply curve（改变货币供给曲线）to the right or to the left through open-market operations.When the Fed buys government bonds,bank reserves increase and t
36、he money supply increases.When the Fed sells government bonds,bank reserves decrease and the money supply declines.Shifts in the Supply of MoneyQuantity fixedby the FedQuantity ofMoneyInterestRate0Moneysupply,S1Shifts in the Supply of MoneyQuantity fixedby the FedQuantity ofMoneyInterestRate0Moneysu
37、pply,S1S2Shifts in the Supply of MoneyQuantity fixedby the FedQuantity ofMoneyInterestRate0Moneysupply,S1Shifts in the Supply of MoneyQuantity fixedby the FedQuantity ofMoneyInterestRate0Moneysupply,S1S3The Demand for MoneynMoney demand is determined by several factors.According to the theory of liq
38、uidity preference（流动偏好理论）,one of the most important factors is the interest rate.The Demand for MoneynPeople choose to hold money instead of other assets that offer higher rates of return because money can be used to buy goods and services.The Demand for MoneynThe opportunity cost（机会成本）of holding mo
39、ney is the interest that could be earned on interest-earning assets.The Demand for MoneynAn increase in the interest rate raises the opportunity cost of holding money.The Demand for MoneynAn increase in the interest rate raises the opportunity cost of holding money.nAs a result,the quantity of money
40、 demanded is reduced.The Demand for MoneyQuantity ofMoneyInterestRate0The Demand for MoneyQuantity ofMoneyInterestRate0MoneydemandEquilibrium in the Money Market（货币市场的均衡）nAccording to the theory of liquidity preference:The interest rate adjusts to balance the supply and demand for money.There is one
41、 interest rate,called the equilibrium interest rate（均衡利率）,at which the quantity of money demanded equals the quantity of money supplied.Equilibrium in the Money MarketQuantity ofMoneyInterestRate0Equilibrium in the Money MarketQuantity ofMoneyInterestRate0MoneydemandQuantity fixedby the FedMoneysupp
42、lyEquilibrium in the Money MarketQuantity ofMoneyInterestRate0MoneydemandQuantity fixedby the FedMoneysupplyr1Md1Equilibrium in the Money MarketQuantity ofMoneyInterestRate0MoneydemandQuantity fixedby the FedMoneysupplyr1r2Md1Md2Equilibrium in the Money MarketQuantity ofMoneyInterestRate0Moneydemand
43、Quantity fixedby the FedMoneysupplyr1r2Md1Md2Equilibrium interest rate1、有事业的峰峦上，有汗水的溪流飞淌；在智慧的珍珠里，有勤奋的心血闪光。2、人们走过的每一个足迹，都是自己生命的留言；留给今天翻过的日历，留给未来永久的历史。3、人生是一座可以采掘开拓的金矿，但总是因为人们的勤奋程度不同，给予人们的回报也不相同。4、理想之风扯满人生的帆；奋斗之杆举起理想之旗。5、人应该学会走自己的路，但更应该掌握手中的罗盘。6、不能因为人生的道路坎坷，就使自己的身躯变得弯曲；不能因为生活的历程漫长，就使求索的脚步迟缓。7、人生的意义在理想
44、的光辉中闪烁；生命的价值在创造的生活中闪现。8、只有走完平凡的路程，才能达到伟大的目标。9、奋斗目标是人生的精神支柱。10、共同的事业，共同的斗争，可以使人们产生忍受一切的力量。奥斯特洛夫斯基11、属于每个人的道路，都在每个人的足下；属于每个人的历史，都在每个人的身后。12、终于有一天，海水和泪都是甜的。13、有志者自有千方百计，无志者只有千难万难。14、贫不足羞，可羞是贫而无志。吕坤15、人，只要有一种信念，有所追求，什么艰苦都能忍受，什么环境也都能适应。丁玲16、人生的途程是遥远的，只要双脚不息地前行，道路就会向远方延伸。17、理想是人生的坚实支柱，如果失去了生活的理想，精神也就会随之而瘫
45、痪。18、目标不是都能达到的，但它可以作为瞄准点。28、我学习了一生，现在我还在学习，而将来，只要我还有精力，我还要学习下去。别林斯基29、任何时候我也不会满足，越是读书，就越是深刻的感到不满足，越是感到自己的知识贫乏。马克思30、外国语是人生斗争的一种武器。马克思31、学习这件事不在乎有没有人教你，最重要的是在于你自己有没有觉悟和恒心。法布尔32、笔落惊风雨,诗成泣鬼神。杜甫33、别裁伪体亲风雅,转益多师是汝师。杜甫28、我学习了一生，现在我还在学习，而将来，只要我还有精力，我还要学习下去。别林斯基29、任何时候我也不会满足，越是读书，就越是深刻的感到不满足，越是感到自己的知识贫乏。马克思30、外国语是人生斗争的一种武器。马克思31、学习这件事不在乎有没有人教你，最重要的是在于你自己有没有觉悟和恒心。法布尔32、笔落惊风雨,诗成泣鬼神。杜甫33、别裁伪体亲风雅,转益多师是汝师。杜甫
