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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。0M1M

2M0M1M3M2MTheMeaningofMoney◼Moneyisthesetofassets（资产）intheeconomythatpeopleregularlyusetobuygoodsandservicesfromotherpeople.ThreeFunctionsofMoney◼Mo

neyhasthreefunctionsintheeconomy.äMediumofexchange（交换媒介）äUnitofaccount（计量单位）äStoreofvalue（贮藏价值）MediumofExchange◼Amediumofexchangeisanythingth

atisreadilyacceptableaspayment.UnitofAccount◼Aunitofaccountistheyardstickpeopleusetopostpricesandrecorddebts.St

oreofValue◼Astoreofvalueisanitemthatpeoplecanusetotransferpurchasingpower（购买力）fromthepresenttothefuture.Liquidity（流动性）◼Liquidityistheeasewith

whichanassetcanbeconvertedintotheeconomy’smediumofexchange.TheKindsofMoney◼Commoditymoney（商品货币）takestheformofacommodit

ywithintrinsicvalue（内在价值）.äExamples:Gold,silver,cigarettes◼Fiatmoney（法定货币）isusedasmoneybecauseofgovernmentdecree.äItdoesnothaveintrins

icvalue.äExamples:Coins,currency,checkdepositsMoneyintheEconomy◼Currency（通货）isthepaperbillsandcoinsinthehandsofthepublic.◼

Demanddeposits（活期存款）arebalancesinbankaccountsthatdepositorscanaccessondemandbywritingacheck.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◼T

heFederalReserve(Fed)servesasthenation’scentralbankäItisdesignedtooverseethebankingsystem.äItregulatesthequantityofmoneyintheeco

nomy.TheFederalReserve◼TheFedwascreatedin1914afteraseriesofbankfailuresconvincedCongress（国会）thattheU.S.neededacentralbanktoensurethehealthofthena

tion’sbankingsystem.TheFed’sOrganization◼TheFedisrunbyaBoardofGovernors（董事局）,whichhassevenmembersappointedbythePresidentandconfirmedby

theSenate（参议院）.TheFed’sOrganization◼Thechairmanoftheboardpresidesatboardmeetings,directsthestaff,andtesti

fiesaboutFedpolicy.TheFed’sOrganization◼TheFederalReserveSystem（联邦储备体系）ismadeupoftheFederalReserveBoardinWashington,D.C.,andtwelve

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

eePrimaryFunctionsoftheFed◼Regulatesbankstoensuretheyfollowfederallawsintendedtopromotesafeandsoundbanking

practices.ThreePrimaryFunctionsoftheFed◼Actsasabanker’sbank,makingloanstobanksandasalenderoflastresort.ThreePrimaryFunctionsoftheFed◼

Conductsmonetarypolicybycontrollingthemoneysupply.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BanksandTheMoneySupply◼Bankscaninfluencethequantityofdemanddeposits（活期存款数量）intheeconomyandthemoneysupply.BanksandTheM

oneySupply◼Reserves（准备金）aredepositsthatbankshavereceivedbuthavenotloanedout.◼Inafractionalreservebankings

ystem（部分准备金体系）,banksholdafractionofthemoneydepositedasreservesandlendouttherest.MoneyCreation（货币创造）◼When

abankmakesaloanfromitsreserves,themoneysupplyincreases.MoneyCreation◼Themoneysupplyisaffectedbytheamountdepositedinbanksandtheamountthatbanksloan.äDe

positsintoabankarerecordedasbothassetsandliabilities（资产和负债）.äLoansbecomeanassettothebank.MoneyCreationThisT-Accountillustratesabankthatacceptsdepo

sits,keepsaportionasreserves,andlendsouttherest.AssetsLiabilitiesFirstNationalBankReserves$10.00Loans$90.00Depo

sits$100.00TotalAssets$100.00TotalLiabilities$100.00TheMoneyMultiplier（货币乘数）◼Whenonebankloansmoney,thatmoneyisgenerallydepositedint

oanotherbank.äThiscreatesmoredepositsandmorereservestobelentout.TheMoneyMultiplier（货币乘数）◼Themoneymultiplieristheam

ountofmoneythebankingsystemgenerateswitheachdollarofreserves.TheMoneyMultiplierAssetsLiabilitiesFirstNationalBankReserves$10.00Loans$90.00Deposits$1

00.00TotalAssets$100.00TotalLiabilities$100.00TheMoneyMultiplierAssetsLiabilitiesFirstNationalBankReserves$10.00Loans$9

0.00Deposits$100.00TotalAssets$100.00TotalLiabilities$100.00AssetsLiabilitiesSecondNationalBankReserves$9.00Lo

ans$81.00Deposits$90.00TotalAssets$90.00TotalLiabilities$90.00TheMoneyMultiplierAssetsLiabilitiesFirstNationalBankReserves$10.00Loans$90.0

0Deposits$100.00TotalAssets$100.00TotalLiabilities$100.00AssetsLiabilitiesSecondNationalBankReserves$9.00Loans$81.00Deposits$90.00TotalAssets$90

.00TotalLiabilities$90.00TheMoneyMultiplierAssetsLiabilitiesFirstNationalBankReserves$10.00Loans$90.00Deposits$100.00T

otalAssets$100.00TotalLiabilities$100.00AssetsLiabilitiesSecondNationalBankReserves$9.00Loans$81.00Deposits$90.00TotalAssets$90.00TotalL

iabilities$90.00MoneySupply=$190.00!TheMoneyMultiplier◼Howmuchmoneyiseventuallycreatedinthiseconomy?TheMoneyMultiplier◼Howmuchmoneyiseventuallycreate

dinthiseconomy?Originaldeposit=$100.00FirstNationallending=$90.00[=0.9x$100.00]SecondNationallending=$8

1.00[=0.9x$90.00]ThirdNationallendingetc.etc.=$72.90[=0.9x$81.00]etc.etc.Totalmoneysupply=$1,000TheMoneyMultiplier◼Themon

eymultiplieristhereciprocalofthereserveratio（准备金率的倒数）.M=1/RäWithareserverequirement,R=20%or1/5,äThemultiplie

ris5.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(Irving

Fisher)交易方程式：MV=PY，（V为货币平均流通速度）◼马歇尔和庇古(ArthurC.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）TheQuantityTheoryofMo

ney货币数量论◼Howthepricelevelisdeterminedandwhyitmightchangeovertimeiscalledthequantitytheoryofmoney.äThe

quantityofmoneyavailableintheeconomydeterminesthevalueofmoney（决定了货币的价值）.äTheprimarycauseofinflation（通货膨胀）istheg

rowthinthequantityofmoney（货币数量的增长）.TheClassicalDichotomyandMonetaryNeutrality古典两分法与货币中性◼AccordingtoHume（休谟）andothers,re

aleconomicvariables（真实经济变量）donotchangewithchangesinthemoneysupply.äAccordingtotheclassicaldichotomy,differentforcesinfluencerealandnominalvaria

bles（实际变量与名义变量）.TheClassicalDichotomyandMonetaryNeutrality◼Nominalvariables（名义变量）arevariablesmeasuredinmonetaryunits（货币单位）.◼Realvariables（实际变量）arevar

iablesmeasuredinphysicalunits（物理单位）.◼Changesinthemoneysupplyaffectnominalvariablebutnotrealvariables.TheC

lassicalDichotomyandMonetaryNeutrality◼Theirrelevanceofmonetarychangesforrealvariablesiscalledmonetaryneutrality（货币中性

）.VelocityandtheQuantityEquation◼Thevelocityofmoney（货币流通速度）referstothespeedatwhichthetypicaldollarbilltravelsaroundtheeco

nomyfromwallettowallet.VelocityandtheQuantityEquationV=(PxY)/MWhere:V=velocityP=thepricelevelY=thequantityofoutputM=thequantityofmoneyVelocitya

ndtheQuantityEquation◼Rewritingtheequationgivesthequantityequation.MxV=PxYFoundationsoftheQuantityTheoryofMoney◼Th

evelocityofmoneyisrelativelystable（相对稳定）overtime.◼WhentheFedchangesthequantityofmoney,itcausesproportionatechanges（成比例的变化）inthe

nominalvalueofoutput.◼Becausemoneyisneutral,moneydoesnotaffectoutput.FoundationsoftheQuantityTheoryofMoney◼Changesinthemoneysupplytha

tinduceparallelchanges（平行变化）inthenominalvalueofoutputarealsoreflectedinchangesinthepricelevel.Founda

tionsoftheQuantityTheoryofMoney◼WhentheFedincreasesthemoneysupplyrapidly,theresultisahighrateofinflation.TheFisherEffect（费雪效应）◼A

ccordingtotheFishereffect,whentherateofinflationrises,thenominalinterestrate（名义利率）risesbythesameamou

nt.◼Therealinterestrate（实际利率）staysthesame.TheFisherEffect◼AccordingtotheFishereffect,whentherateofinflationrises（通货膨胀率）,thenomina

linterestraterisesbythesameamount.◼Therealinterestratestaysthesame.Nominalinterestrate=Realinterestrate+Inflat

ionrateTheFisherEffect◼WhentheFedincreasestherateofmoneygrowth,theresultisbothahigherinflationrateandahighernominalinterestra

te.Keynes’Interest-RateEffect◼Keynes’theoryofhowtheinterestrateisdeterminediscalledthetheoryofliquiditypreference（

流动偏好理论）.äAccordingtothetheory,theinterestrateadjuststobalancethesupplyanddemandformoney.TheoryofLiquidityPreference◼Ahigh

erpricelevelincreasesthedemandformoney.äThisleadstoahigherinterestrate.◼Ahigherinterestratereducesinvestment.äThisleadstoalowerquantityofgoods

andservicesdemanded.凯恩斯流动偏好理论Theoryofliquiditypreference◼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◼Because

itisfixedbytheFed,thequantityofmoneysupplied（货币供给）doesnotdependontheinterestrate.TheSupplyofMoney◼Thefi

xedmoneysupplyisrepresentedbyaverticalsupplycurve（垂直供给线）.TheSupplyofMoneyQuantityofMoneyInterestRate0TheSupplyofMoneyQu

antityfixedbytheFedQuantityofMoneyInterestRate0Moneysupply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◼TheFedhasthr

eetoolsinitsmonetarytoolbox.äOpen-marketoperations（公开市场业务）äChangingthereserverequirement（改变准备金比率）äChangingthediscountrate（改变贴现率）Open-Marke

tOperations◼TheFedconductsopen-marketoperationswhenitbuysgovernmentbondsfromorsellsgovernmentbonds（国债）tothepublic.äWhentheFedbuys

governmentbonds,themoneysupplyincreases.äThemoneysupplydecreaseswhentheFedsellsgovernmentbonds.ChangingtheReserveRequirements◼Reserverequiremen

tsareregulationsontheminimumamountofreservesthatbanksmustholdagainstdeposits.äIncreasingtherequirementdecre

asesthemoneysupply.äDecreasingtherequirementincreasesthemoneysupply.ChangingtheDiscountRate◼Thediscountrate（贴现率）istheinterestratetheFedcharge

sbanksforloans.äIncreasingthediscountratedecreasesthemoneysupply.äDecreasingthediscountrateincreasesthemoneysupply.TheSupplyofMoney◼TheFedcanshift

themoneysupplycurve（改变货币供给曲线）totherightortotheleftthroughopen-marketoperations.äWhentheFedbuysgovernmentbonds,bankreservesincreas

eandthemoneysupplyincreases.äWhentheFedsellsgovernmentbonds,bankreservesdecreaseandthemoneysupplydeclines.ShiftsintheSupplyofMoneyQuantityfixedby

theFedQuantityofMoneyInterestRate0Moneysupply,S1ShiftsintheSupplyofMoneyQuantityfixedbytheFedQuantityofMoneyInterestRate0Moneysupply,S1S2Sh

iftsintheSupplyofMoneyQuantityfixedbytheFedQuantityofMoneyInterestRate0Moneysupply,S1ShiftsintheSupplyofMoneyQuantityfixe

dbytheFedQuantityofMoneyInterestRate0Moneysupply,S1S3TheDemandforMoney◼Moneydemandisdeterminedbyseveralfactors.äAccord

ingtothetheoryofliquiditypreference（流动偏好理论）,oneofthemostimportantfactorsistheinterestrate.TheDemandforMoney◼Peoplechoosetoholdmoneyinstead

ofotherassetsthatofferhigherratesofreturnbecausemoneycanbeusedtobuygoodsandservices.TheDemandforMoney◼Theopportunityc

ost（机会成本）ofholdingmoneyistheinterestthatcouldbeearnedoninterest-earningassets.TheDemandforMoney◼Anincreaseintheinterestrateraisestheop

portunitycostofholdingmoney.TheDemandforMoney◼Anincreaseintheinterestrateraisestheopportunitycostofholdingmoney.◼Asaresult,thequan

tityofmoneydemandedisreduced.TheDemandforMoneyQuantityofMoneyInterestRate0TheDemandforMoneyQuantityofMoneyInterestRate0MoneydemandE

quilibriumintheMoneyMarket（货币市场的均衡）◼Accordingtothetheoryofliquiditypreference:äTheinterestrateadjuststobalanceth

esupplyanddemandformoney.äThereisoneinterestrate,calledtheequilibriuminterestrate（均衡利率）,atwhichthequantityofmoneydemandedequalsthequant

ityofmoneysupplied.EquilibriumintheMoneyMarketQuantityofMoneyInterestRate0EquilibriumintheMoneyMarketQuantityofMoneyIntere

stRate0MoneydemandQuantityfixedbytheFedMoneysupplyEquilibriumintheMoneyMarketQuantityofMoneyInterestRate0MoneydemandQuant

ityfixedbytheFedMoneysupplyr1Md1EquilibriumintheMoneyMarketQuantityofMoneyInterestRate0MoneydemandQuantityfixedbytheFedMoneysupp

lyr1r2Md1Md2EquilibriumintheMoneyMarketQuantityofMoneyInterestRate0MoneydemandQuantityfixedbytheFedMoneysupplyr1r2Md1Md2Equilibriuminterestrate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。