【文档说明】第四章货币理论与货币政策money(宏观经济学-华东理工,.pptx，共(83)页，357.371 KB，由精品优选上传

转载请保留链接：https://www.ichengzhen.cn/view-323163.html

以下为本文档部分文字说明：

四、货币理论与货币政策MONETARYTHEORYANDMONETARYPOLICY金融资产结构◼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◼有价证券：分为政府债券和企业债

券两种。◼股票。0M1M2M0M1M3M2MTheMeaningofMoney◼Moneyisthesetofassets（资产）intheeconomythatpeopleregularlyusetobuygoodsandserv

icesfromotherpeople.ThreeFunctionsofMoney◼Moneyhasthreefunctionsintheeconomy.äMediumofexchange（交换媒介）äUnito

faccount（计量单位）äStoreofvalue（贮藏价值）MediumofExchange◼Amediumofexchangeisanythingthatisreadilyacceptableaspayment.UnitofAccount◼Aunitofac

countistheyardstickpeopleusetopostpricesandrecorddebts.StoreofValue◼Astoreofvalueisanitemthatpeoplecanusetotransferpurchasingpower（购买力）fromthepresent

tothefuture.Liquidity（流动性）◼Liquidityistheeasewithwhichanassetcanbeconvertedintotheeconomy’smediumofexchange.TheKindsofMoney◼Commoditymoney（商品货币）ta

kestheformofacommoditywithintrinsicvalue（内在价值）.äExamples:Gold,silver,cigarettes◼Fiatmoney（法定货币）isusedasmoneybecause

ofgovernmentdecree.äItdoesnothaveintrinsicvalue.äExamples:Coins,currency,checkdepositsMoneyintheEconomy◼Curre

ncy（通货）isthepaperbillsandcoinsinthehandsofthepublic.◼Demanddeposits（活期存款）arebalancesinbankaccountsthatdeposi

torscanaccessondemandbywritingacheck.中央银行职能◼垄断发行本国的法定货币。◼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。◼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。TheFederalReserve联邦储备体系◼TheFederalReserve(Fed)servesasthenation’scentralbankäItisdesign

edtooverseethebankingsystem.äItregulatesthequantityofmoneyintheeconomy.TheFederalReserve◼TheFedwascreatedin1914afteraseriesofbankfail

uresconvincedCongress（国会）thattheU.S.neededacentralbanktoensurethehealthofthenation’sbankingsystem.TheFed

’sOrganization◼TheFedisrunbyaBoardofGovernors（董事局）,whichhassevenmembersappointedbythePresidentandconfirmedbytheSenate（参议院）.TheFed’sOr

ganization◼Thechairmanoftheboardpresidesatboardmeetings,directsthestaff,andtestifiesaboutFedpolicy.TheFed’sOrganization◼TheFeder

alReserveSystem（联邦储备体系）ismadeupoftheFederalReserveBoardinWashington,D.C.,andtwelveregionalFederalReserveBank

s（联邦储备银行）.TheFed’sOrganization◼Monetarypolicy（货币政策）isconductedbytheFederalOpenMarketCommittee（公开市场委员会）.ThreePrimaryFunctionsoftheFed◼Regulate

sbankstoensuretheyfollowfederallawsintendedtopromotesafeandsoundbankingpractices.ThreePrimaryFunctionsoftheFed◼

Actsasabanker’sbank,makingloanstobanksandasalenderoflastresort.ThreePrimaryFunctionsoftheFed◼Conduct

smonetarypolicybycontrollingthemoneysupply.商业银行职能◼作为融通资金的信用中介，主要业务是吸收存款和发放贷款。◼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。◼创造存款、扩张信用。◼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Bank

sandTheMoneySupply◼Bankscaninfluencethequantityofdemanddeposits（活期存款数量）intheeconomyandthemoneysupply.Banksan

dTheMoneySupply◼Reserves（准备金）aredepositsthatbankshavereceivedbuthavenotloanedout.◼Inafractionalreservebank

ingsystem（部分准备金体系）,banksholdafractionofthemoneydepositedasreservesandlendouttherest.MoneyCreation（货币创造

）◼Whenabankmakesaloanfromitsreserves,themoneysupplyincreases.MoneyCreation◼Themoneysupplyisaffectedbytheamountdepositedinbanksandtheamountth

atbanksloan.äDepositsintoabankarerecordedasbothassetsandliabilities（资产和负债）.äLoansbecomeanassettothebank.MoneyCreationThisT-A

ccountillustratesabankthatacceptsdeposits,keepsaportionasreserves,andlendsouttherest.AssetsLiabilitiesFirstNa

tionalBankReserves$10.00Loans$90.00Deposits$100.00TotalAssets$100.00TotalLiabilities$100.00TheMoneyMultiplier（货币乘数）◼Whe

nonebankloansmoney,thatmoneyisgenerallydepositedintoanotherbank.äThiscreatesmoredepositsandmorereservestobelentout.TheMoneyMultiplier（货币乘数）◼Th

emoneymultiplieristheamountofmoneythebankingsystemgenerateswitheachdollarofreserves.TheMoneyMultiplierAssetsLiabilitiesFirstNationalBankReserves$1

0.00Loans$90.00Deposits$100.00TotalAssets$100.00TotalLiabilities$100.00TheMoneyMultiplierAssetsLiabilitiesFirstNationalBankRes

erves$10.00Loans$90.00Deposits$100.00TotalAssets$100.00TotalLiabilities$100.00AssetsLiabilitiesSecondNat

ionalBankReserves$9.00Loans$81.00Deposits$90.00TotalAssets$90.00TotalLiabilities$90.00TheMoneyMultiplierAssetsLiabilitiesFirstNationalB

ankReserves$10.00Loans$90.00Deposits$100.00TotalAssets$100.00TotalLiabilities$100.00AssetsLiabilitiesSecondNationalBan

kReserves$9.00Loans$81.00Deposits$90.00TotalAssets$90.00TotalLiabilities$90.00TheMoneyMultiplierAssetsLiabilit

iesFirstNationalBankReserves$10.00Loans$90.00Deposits$100.00TotalAssets$100.00TotalLiabilities$100.00AssetsLiabilitiesSecondNationa

lBankReserves$9.00Loans$81.00Deposits$90.00TotalAssets$90.00TotalLiabilities$90.00MoneySupply=$190.00!TheMoneyMultiplier◼Howmuchmoneyiseve

ntuallycreatedinthiseconomy?TheMoneyMultiplier◼Howmuchmoneyiseventuallycreatedinthiseconomy?Originaldeposit=$100.00FirstNationallending=$90.00[=0.9x

$100.00]SecondNationallending=$81.00[=0.9x$90.00]ThirdNationallendingetc.etc.=$72.90[=0.9x$81.00]etc.etc.Totalmo

neysupply=$1,000TheMoneyMultiplier◼Themoneymultiplieristhereciprocalofthereserveratio（准备金率的倒数）.M=1/RäWithareserverequirement,

R=20%or1/5,äThemultiplieris5.货币乘数DCUc=（1）DREr=（2）DcDcDDCUM)1(+=+=+=（3）1+=cMD（4）DrcrDcDRECUMb)(+=+=+=（

5）rcMDb+=（6）rccmm++=1（8）bMrccM++=1（7）古典货币需求理论◼欧文·费雪(IrvingFisher)交易方程式：MV=PY，（V为货币平均流通速度）◼马歇尔和庇古(ArthurC.Pigo

u)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）TheQuantityTheoryofMoney货币数量论◼Howthepricelevelisdeterminedandwhyitmightchangeovertimeiscalledthequanti

tytheoryofmoney.äThequantityofmoneyavailableintheeconomydeterminesthevalueofmoney（决定了货币的价值）.äTheprimarycauseofinflation（通货膨胀）isthegrowthinthe

quantityofmoney（货币数量的增长）.TheClassicalDichotomyandMonetaryNeutrality古典两分法与货币中性◼AccordingtoHume（休谟）and

others,realeconomicvariables（真实经济变量）donotchangewithchangesinthemoneysupply.äAccordingtotheclassicaldic

hotomy,differentforcesinfluencerealandnominalvariables（实际变量与名义变量）.TheClassicalDichotomyandMonetaryNeutrality◼Nominalv

ariables（名义变量）arevariablesmeasuredinmonetaryunits（货币单位）.◼Realvariables（实际变量）arevariablesmeasuredinphysicalunits（物理单位）.◼Changesinthemoneysuppl

yaffectnominalvariablebutnotrealvariables.TheClassicalDichotomyandMonetaryNeutrality◼Theirrelevanceofmonetarychangesforr

ealvariablesiscalledmonetaryneutrality（货币中性）.VelocityandtheQuantityEquation◼Thevelocityofmoney（货币流通速度）referstothespeedatwhichthe

typicaldollarbilltravelsaroundtheeconomyfromwallettowallet.VelocityandtheQuantityEquationV=(PxY)/MWhere:V=ve

locityP=thepricelevelY=thequantityofoutputM=thequantityofmoneyVelocityandtheQuantityEquation◼Rewritingtheequationgivesthequantityequation.MxV

=PxYFoundationsoftheQuantityTheoryofMoney◼Thevelocityofmoneyisrelativelystable（相对稳定）overtime.◼WhentheFedchangesthequantityofmoney,it

causesproportionatechanges（成比例的变化）inthenominalvalueofoutput.◼Becausemoneyisneutral,moneydoesnotaffectoutput.FoundationsoftheQuantityTh

eoryofMoney◼Changesinthemoneysupplythatinduceparallelchanges（平行变化）inthenominalvalueofoutputarealsoreflectedinchangesinth

epricelevel.FoundationsoftheQuantityTheoryofMoney◼WhentheFedincreasesthemoneysupplyrapidly,theresultisah

ighrateofinflation.TheFisherEffect（费雪效应）◼AccordingtotheFishereffect,whentherateofinflationrises,thenominalinterestr

ate（名义利率）risesbythesameamount.◼Therealinterestrate（实际利率）staysthesame.TheFisherEffect◼AccordingtotheFishereffec

t,whentherateofinflationrises（通货膨胀率）,thenominalinterestraterisesbythesameamount.◼Therealinterestratest

aysthesame.Nominalinterestrate=Realinterestrate+InflationrateTheFisherEffect◼WhentheFedincreasestherateofmoney

growth,theresultisbothahigherinflationrateandahighernominalinterestrate.Keynes’Interest-RateEffect◼Keynes’theo

ryofhowtheinterestrateisdeterminediscalledthetheoryofliquiditypreference（流动偏好理论）.äAccordingtothetheory,theinteres

trateadjuststobalancethesupplyanddemandformoney.TheoryofLiquidityPreference◼Ahigherpricelevelincreasesthedemandformoney.äThisleadstoahigherint

erestrate.◼Ahigherinterestratereducesinvestment.äThisleadstoalowerquantityofgoodsandservicesdemanded.凯恩斯流动偏好理论Theoryof

liquiditypreference◼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：◼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。◼预防动机。

即人们为应付意外需要支出而持有的货币。◼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TheSupplyofMoney◼Becauseitisfixe

dbytheFed,thequantityofmoneysupplied（货币供给）doesnotdependontheinterestrate.TheSupplyofMoney◼Thefixedmoneysupplyisrepresentedbyaverticalsupplycurve（垂

直供给线）.TheSupplyofMoneyQuantityofMoneyInterestRate0TheSupplyofMoneyQuantityfixedbytheFedQuantityofMoneyInterestRate0Moneysupply三大货币政策工具◼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中央银行再贴现的最高限额。◼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。◼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。ToolsofMonetaryControl◼TheFedhasthreetoolsinitsmonetarytoolbox.äOpen-marketoperations（公开市场业务）äChangingther

eserverequirement（改变准备金比率）äChangingthediscountrate（改变贴现率）Open-MarketOperations◼TheFedconductsopen-marketoperationswhenitbuysgovernmentbondsfromorsell

sgovernmentbonds（国债）tothepublic.äWhentheFedbuysgovernmentbonds,themoneysupplyincreases.äThemoneysupplydecr

easeswhentheFedsellsgovernmentbonds.ChangingtheReserveRequirements◼Reserverequirementsareregulationsonth

eminimumamountofreservesthatbanksmustholdagainstdeposits.äIncreasingtherequirementdecreasesthemoneysupply.äDecreasingther

equirementincreasesthemoneysupply.ChangingtheDiscountRate◼Thediscountrate（贴现率）istheinterestratetheFedchargesbanksforloans.äIncreasingthediscountr

atedecreasesthemoneysupply.äDecreasingthediscountrateincreasesthemoneysupply.TheSupplyofMoney◼TheFedcanshiftthemoneysupplycurve（改

变货币供给曲线）totherightortotheleftthroughopen-marketoperations.äWhentheFedbuysgovernmentbonds,bankreserve

sincreaseandthemoneysupplyincreases.äWhentheFedsellsgovernmentbonds,bankreservesdecreaseandthemoneysupplydecl

ines.ShiftsintheSupplyofMoneyQuantityfixedbytheFedQuantityofMoneyInterestRate0Moneysupply,S1ShiftsintheSupplyofMoneyQuantityfixe

dbytheFedQuantityofMoneyInterestRate0Moneysupply,S1S2ShiftsintheSupplyofMoneyQuantityfixedbytheFedQuantityofMoneyIn

terestRate0Moneysupply,S1ShiftsintheSupplyofMoneyQuantityfixedbytheFedQuantityofMoneyInterestRate0Mon

eysupply,S1S3TheDemandforMoney◼Moneydemandisdeterminedbyseveralfactors.äAccordingtothetheoryofliquiditypreference（流动偏好理论）

,oneofthemostimportantfactorsistheinterestrate.TheDemandforMoney◼Peoplechoosetoholdmoneyinsteadofotherassetsthatofferhigherrat

esofreturnbecausemoneycanbeusedtobuygoodsandservices.TheDemandforMoney◼Theopportunitycost（机会成本）ofholdingmoneyisthe

interestthatcouldbeearnedoninterest-earningassets.TheDemandforMoney◼Anincreaseintheinterestrateraisestheopportunitycostofholdingmoney.TheDe

mandforMoney◼Anincreaseintheinterestrateraisestheopportunitycostofholdingmoney.◼Asaresult,thequantityofmoneydemandedisre

duced.TheDemandforMoneyQuantityofMoneyInterestRate0TheDemandforMoneyQuantityofMoneyInterestRate0MoneydemandEqui

libriumintheMoneyMarket（货币市场的均衡）◼Accordingtothetheoryofliquiditypreference:äTheinterestrateadjuststobalancethesupplyan

ddemandformoney.äThereisoneinterestrate,calledtheequilibriuminterestrate（均衡利率）,atwhichthequantityofmoney

demandedequalsthequantityofmoneysupplied.EquilibriumintheMoneyMarketQuantityofMoneyInterestRate0Equilibriuminthe

MoneyMarketQuantityofMoneyInterestRate0MoneydemandQuantityfixedbytheFedMoneysupplyEquilibriumintheMoneyMarketQuantityofMon

eyInterestRate0MoneydemandQuantityfixedbytheFedMoneysupplyr1Md1EquilibriumintheMoneyMarketQuantityofMoneyInterestRate0MoneydemandQuantityfixedbyth

eFedMoneysupplyr1r2Md1Md2EquilibriumintheMoneyMarketQuantityofMoneyInterestRate0MoneydemandQuantityfixedbytheFedMoneys

upplyr1r2Md1Md2Equilibriuminterestrate选择性货币政策工具◼消费信贷控制，包括规定分期付款的第一次最低付款额，分期付款的最长期限和适合于分期付款的耐用消费品种类。◼不动产信用控制，是

央行对商业银行及其他金融机构的房地产贷款所采取的限制措施。◼证券信用交易的法定保证金比率，是央行对以信用方式购买股票和证券所实施的一种管理措施。◼直接信用控制，主要有利率最高限额，流动性比率，信用分配。◼间接信用控

制，是指央行通过非法律手段，传递政策意图，使商业银行主动采取措施，达到预期目的。