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貨幣金融學(xué)WhatIsMoneyMeaningofMoneyWhatisit?Money(orthe“moneysupply”):anythingthatisgenerallyacceptedinpaymentforgoodsorservicesorintherepaymentofdebts.AratherbroaddefinitionMeaningofMoneyMoney(astockconcept)isdifferentfrom:Wealth:thetotalcollectionofpiecesofpropertythatservetostorevalueIncome:flowofearningsperunitoftime

(aflowconcept)

FunctionsofMoneyMediumofExchange:Eliminatesthetroubleoffindingadoublecoincidenceofneeds(reducestransactioncosts)PromotesspecializationAmediumofexchangemustbeeasilystandardizedbewidelyacceptedbedivisiblebeeasytocarrynotdeterioratequicklyFunctionsofMoneyUnitofAccount:usedtomeasurevalueintheeconomyreducestransactioncostsStoreofValue:usedtosavepurchasingpowerovertime.otherassetsalsoservethisfunctionMoneyisthemostliquidofallassetsbutlosesvalueduringinflationEvolutionofthePaymentsSystemCommodityMoney:valuable,easilystandardizedanddivisiblecommodities(e.g.preciousmetals,cigarettes).FiatMoney:papermoneydecreedbygovernmentsaslegaltender.EvolutionofthePaymentsSystemChecks:aninstructiontoyourbanktotransfermoneyfromyouraccountElectronicPayment(e.g.onlinebillpay).E-Money(electronicmoney):DebitcardStored-valuecard(smartcard)E-cashMeasuringMoneyHowdowemeasuremoney?Whichparticularassetscanbecalled“money”?Constructmonetaryaggregatesusingtheconceptofliquidity:M1(mostliquidassets)=currency+traveler’schecks+demanddeposits+othercheckabledeposits.MeasuringMoneyM2(addstoM1otherassetsthatarenotsoliquid)=M1+smalldenominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundshares.Table1MeasuresoftheMonetaryAggregatesMonetaryAggregatesCurrencyTraveler’sChecksDemandDepositsOtherCheck.DepM1(4)M2(4+3)M3(4+3+4)SmallDen.Dep.SavingsandMMMoneyMarketMutualFundsSharesM1vs.M2Doesitmatterwhichmeasureofmoneyisconsidered?M1andM2canmoveindifferentdirectionsintheshortrun(seefigure).Conclusion:thechoiceofmonetaryaggregateisimportantforpolicymakers.FIGURE1GrowthRatesoftheM1andM2Aggregates,1960–2008Sources:FederalReserveBulletin,p.A4,Table1.10,variousissues;Citibasedatabank;/releases/h6/hist/h6hist1.txt.HowReliablearetheMoneyData?Revisionsareissuedbecause:SmalldepositoryinstitutionsreportinfrequentlyAdjustmentsmustbemadeforseasonalvariationWeprobablyshouldnotpaymuchattentiontoshort-runmovementsinthemoneysupplynumbers,butshouldbeconcernedonlywithlonger-runmovementsTable2GrowthRateofM2:InitialandRevisedSeries,2008(percent,compoundedannualrate)Chapter4UnderstandingInterestRatesPresentValueAdollarpaidtoyouoneyearfromnowislessvaluablethanadollarpaidtoyoutodayWhy?Adollardepositedtodaycanearninterestandbecome$1x(1+i)oneyearfromtoday.DiscountingtheFutureSimplePresentValueTimeLine$100$100Year01PV1002$100$100n100/(1+i)100/(1+i)2100/(1+i)nCannotdirectlycomparepaymentsscheduledindifferentpointsinthetimelineFourTypesofCreditMarketInstrumentsSimpleLoanFixedPaymentLoanCouponBondDiscountBondYieldtoMaturityTheinterestratethatequatesthe

presentvalueofcashflowpaymentsreceivedfromadebtinstrumentwith

itsvaluetodaySimpleLoanFixedPaymentLoanCouponBondWhenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrateThepriceofacouponbondandtheyieldtomaturityarenegativelyrelatedTheyieldtomaturityisgreaterthanthecouponratewhenthebondpriceisbelowitsfacevalueTable1YieldstoMaturityona10%-Coupon-RateBondMaturinginTenYears

(FaceValue=$1,000)ConsolorPerpetuityAbondwithnomaturitydatethatdoesnotrepayprincipalbutpaysfixedcouponpaymentsforever

Forcouponbonds,thisequationgivesthecurrentyield,aneasytocalculateapproximationtotheyieldtomaturityDiscountBondRateofReturnRateofReturnandInterestRatesThereturnequalstheyieldtomaturityonlyiftheholdingperiodequalsthetimetomaturityAriseininterestratesisassociatedwithafallinbondprices,resultinginacapitallossiftimetomaturityislongerthantheholdingperiodThemoredistantabond’smaturity,thegreaterthesizeofthepercentagepricechangeassociatedwithaninterest-ratechangeRateofReturnandInterestRates(cont’d)Themoredistantabond’smaturity,thelowertherateofreturntheoccursasaresultofanincreaseintheinterestrateEvenifabondhasasubstantialinitialinterestrate,itsreturncanbenegativeifinterestratesriseTable2One-YearReturnsonDifferent-Maturity10%-Coupon-RateBondsWhenInterestRatesRisefrom10%to20%Interest-RateRiskPricesandreturnsforlong-termbondsaremorevolatilethanthoseforshorter-termbondsThereisnointerest-rateriskforanybondwhosetimetomaturitymatchestheholdingperiodRealandNominalInterestRatesNominalinterestratemakesnoallowance

forinflationRealinterestrateisadjustedforchangesinpricelevelsoitmoreaccuratelyreflectsthecostofborrowingExanterealinterestrateisadjustedforexpectedchangesinthepricelevelExpostrealinterest

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