金融學(xué)（第四版）課件：The Demand for Real Money Balances and Market Equilibrium_第1頁(yè)
金融學(xué)（第四版）課件：The Demand for Real Money Balances and Market Equilibrium_第2頁(yè)
金融學(xué)（第四版）課件：The Demand for Real Money Balances and Market Equilibrium_第3頁(yè)
金融學(xué)（第四版）課件：The Demand for Real Money Balances and Market Equilibrium_第4頁(yè)
金融學(xué)（第四版）課件：The Demand for Real Money Balances and Market Equilibrium_第5頁(yè)
已閱讀5頁(yè)，還剩42頁(yè)未讀， 繼續(xù)免費(fèi)閱讀

下載本文檔

版權(quán)說(shuō)明：本文檔由用戶提供并上傳，收益歸屬內(nèi)容提供方，若內(nèi)容存在侵權(quán)，請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)

文檔簡(jiǎn)介

TheDemandforRealMoneyBalancesandMarketEquilibrium

2WhereIsAlltheMoney?InAugust2001,M1=$1,277.8billion$646.2billionwasincurrencyGiven107millionhouseholds,theaverageholdingsofeachhouseholdwere$11,940(intermsofM1)and$6,040(incurrency)AlargeportionofcheckabledepositsareheldbycorporationsEstimatesarethatmorethan50%ofU.S.currencyisheldoutsidetheU.S.3TheDemandforReal

MoneyBalancesWealthmaybeheldinrealassetsorfinancialassets(includingmoney)whenrelativeratesofreturnchange,householdsadjusttheirportfoliosmoneyalsofunctionsasameansofpayment(mediumofexchange)4TheDemandforReal

MoneyBalancesThedemandformoneyisactuallyademandforrealmoneybalancesadjustedforchangesinpurchasingpowerArealmoneybalancecanbedefinedasthenominalmoneysupply(M)dividedbytheoverallpricelevel(P)realmoneybalances=M/P5TheDemandforReal

MoneyBalancesSincethedemandformoneyisademandforrealmoneybalances,nominalmoneydemandisproportionaltotheoveralllevelofpricesifthepricelevelrisesby10%,nominalmoneydemandrisesby10%6Households’DemandforRealMoneyBalancesTherearetwomotivesbehindhouseholds’demandtoholdrealmoneybalanceshouseholdsneedmoneytoconsummatetransactions(transactionsmotive)householdstrytoholdsomerealmoneybalancesasaprecautionagainstunforeseendevelopments(precautionarymotive)7RealMoneyHoldingsbyaTypicalHouseholdAverageholdingsofrealmoneybalancesoverthemonthTime(Months)$2,100–$1,100–$100–PrecautionaryDemandTransactionsDemandTransactionsDemand8Households’DemandforRealMoneyBalancesRealmoneybalancesyieldastreamofservicestohouseholdsbenefitsofholdingrealmoneybalancesdefinedbythetimeanddistresssavedbyhavingmoneyonhandforimmediateusemonetary(reducedtransactionsfeessuchasbrokeragefees)nonmonetary(reducedtimeandinconvenience)9Households’DemandforRealMoneyBalancesThecostofholdingrealmoneybalances

istheadditionalforegoneinterestthatholdingnonmonetaryfinancialassetswouldhaveyieldedevenwhenmoneypaysinterest,theinterestrateonrealmoneybalancesisgenerallylowerthanwhatcouldbeearnedonlessliquidfinancialassets10Households’DemandforRealMoneyBalancesCeterisparibus,theinterestrateonnonmonetaryassetsandthequantitydemandedofrealmoneyareinverselyrelatedCeterisparibus,thecostoftransferringfromnonmonetaryassetstomonetaryassetsandthequantitydemandedofrealmoneyaredirectlyrelated11Firms’DemandforReal

MoneyBalancesFirmswantrealbalancestoconsummatetransactionssomepaymentswillberegularandexpectedotherpaymentsmaybeexpected,buttheirtimingmaybeuncertainstillotherpaymentsmaybecompletelyunexpectedThus,firmshavebothtransactionsandprecautionarymotives12Firms’DemandforReal

MoneyBalancesFirmsexperiencetwoflowsofrealmoneybalancesexpendituresthatgenerateoutflowsoffundsreceiptsthatgenerateinflowsoffundsThebasicproblemisthattheseflowsarenotsynchronizedThus,firmsmustconsiderthebenefitsandcostsofholdingrealmoneybalances13HowHouseholdsandFirmsDecideWhatAmountofRealBalancestoHoldBenefitsofHoldingRealMoneyBalances

Abilitytoprovideastreamofservicesbecausemoneyisavailablewhenneededtomakepayments,thusavoidingtheneedtopayabrokeragefeetogetmoneyandtheinconvenienceofwaitingformoneytoarriveInterestearnedoncheckabledeposits(forhouseholds)CostofHoldingRealMoneyBalancesForgoneinterestthatnonmonetarybalanceswouldhaveearnedDecisionRuleHoldrealmoneybalancesaslongasthebenefitsaregreaterthanthecostsversus14TheInterestRate,RealIncome,andRealMoneyBalancesTheopportunitycostofholdingcurrencyorcheckabledepositsistheforegoneinterestastheinterestraterises,thisopportunitycostincreasesthus,athigherinterestrates,householdsandfirmswillwanttosubstituteintootherlessliquidassetsthatyieldahigherreturn15TheInterestRate,RealIncome,andRealMoneyBalancesThereisaninverserelationshipbetweentheinterestrateandthequantitydemandedofrealmoneybalancesQdofrealmoneybalances=f

(interestrate)iftheinterestrateincreases,thequantitydemandedofrealmoneybalancesfallsiftheinterestratedecreases,thequantitydemandedofrealmoneybalancesrises16ADemandCurveforReal

MoneyBalancesInterestRate(Percent)RealMoneyBalancesDemandAdeclineintheinterestrate……leadstoanincreaseinthequantitydemandedofrealmoneybalances17TheInterestRate,RealIncome,andRealMoneyBalancesTheamountofnominalmoneydemandedbyahouseholdisdirectlyrelatedtoitsincomeThequantitydemandedofrealmoneybalanceswillbedirectlyrelatedtorealincomenominalincomedividedbyapriceindex18TheInterestRate,RealIncome,andRealMoneyBalancesHowever,therelationshipbetweenhouseholddemandforrealmoneybalancesandrealincomeisnotproportionaladoublingofrealincomewillresultinalessthanproportionalincreaseinthedemandforrealmoneybalances19TheInterestRate,RealIncome,andRealMoneyBalancesAsfirmsexpandproductionandsales,theirtransactionswillalsoriseanotherreasonwhyanincreaseinrealincomewilltranslateintoanincreaseinthedemandforrealmoneybalances20TheDemandforReal

MoneyBalancesInterestRateRealMoneyBalancesDemandAnincreaseinrealincomeleadstoanincreaseindemandD'D''Adecreaseinrealincomeleadstoadecreaseindemand21AdditionalFactorsAffectingtheDemandforRealMoneyBalancesThedemandforrealmoneybalancescanalsobeaffectedbywealth(aswealthincreases,thedemandforrealmoneybalancesincreases)paymenttechnologiesexpectedinflationtheriskandliquidityofotherfinancialassets22PaymentTechnologiesThewidespreadavailabilityofATMmachinesallowsfundstobeeasilytransferredfromsavingsaccountstocheckingaccountsThisreducesthedemandforrealmoneybalancesTheavailabilityofcreditcardswillhaveasimilareffectonthedemandforrealmoneybalances23ExpectedInflationInflationreducesthevalueandpurchasingpowerofmoneyThelargerahousehold’smoneybalances,thegreatertheriskoflossesifinflationshouldoccurExpectationsofhigherinflationreducethedemandforrealmoneybalances24LiquidityofOtherFinancialAssetsIftheliquidityofotherfinancialassetsincreases,theyarebettersubstitutesforrealmoneybalancesThisshouldreducethedemandforrealmoneybalances25RiskofOtherFinancialAssetsIftheriskofotherfinancialassetsincreases,thedemandforrealmoneybalancesshouldrise26FactorsthatAffecttheDemandforRealMoneyBalances27EquilibriumintheMarketforRealMoneyBalancesTheFedexertsagreatdealofcontroloverthesupplyofnominalmoneySincerealmoneybalancesarenominalbalancesdividedbyapriceindex,theFedmustalsohaveagreatdealofcontroloverthesupplyofrealmoneybalancesThesupplyofrealmoneybalanceswillbeaverticalline28EquilibriumintheMarketforRealMoneyBalancesEquilibriumoccurswherethequantitydemandedofrealmoneybalancesisequaltothequantitysuppliedofrealmoneybalances29EquilibriumintheMarketforRealMoneyBalancesInterestRate(Percent)RealMoneyBalancesDemandSupplyAtaninterestratehigherthan6%,therewouldbeasurplusoffundsAtaninterestratelowerthan6%,therewouldbeashortageoffunds6A30ChangesintheSupplyofRealMoneyBalancesOpenmarketoperationsleadtochangesinreservesthatleadtochangesinthenominalmoneysupplyifpricesremainconstant,thentherealsupplyofmoneybalanceswillchange31ChangesintheSupplyofRealMoneyBalancesChangesinpricesarecorrelatedwithpastchangesinthemoneysupplytheimmediateresponsetoanincreaseinthegrowthrateisalessthanproportionalincreaseinthepricelevelbecausepricechangeslag,thesupplyofrealmoneybalanceswillbeaffectedbychangesinthenominalmoneysupply32AChangeintheSupplyof

RealBalancesInterestRate(Percent)RealMoneyBalancesMSMS'WhentheFedincreasesreserves,thesupplyofrealmoneybalancesincreasesMS”WhentheFeddecreasesreserves,thesupplyofrealmoneybalancesdecreases33AnIncreaseintheSupplyofRealMoneyBalancesSupposetheFeddecidestouseopenmarketpurchasestoincreasereservesthesupplyofrealmoneybalancesrisesifthedemandforrealmoneybalancesisunchanged,theinterestratewillfall34AChangeintheSupplyof

RealBalancesInterestRate(Percent)RealMoneyBalancesMSMS'DemandAB35AnIncreaseintheSupplyofRealMoneyBalancesSupposetheincreaseinthemoneysupplyachieveitsdesiredresultsrealincomeincreasesfirmsseeincreasesinsalesThiswillleadtoariseinthedemandforrealmoneybalances36AChangeintheSupplyof

RealBalancesInterestRate(Percent)RealMoneyBalancesMSMS'DD’Theneteffectontheinterestratedependsontherelativemagnitudesoftheshifts37AChangeintheDemandforRealMoneyBalancesThedemandforrealmoneybalancescanchangeforavarietyofreasonsAssumingthatthesupplyofrealmoneybalancesdoesnotchangeanincreaseindemandwillleadtoahigherinterestrateadecreaseindemandwillleadtoalowerinterestrate38EquilibriumintheMarketforRealMoneyBalancesInterestRate(Percent)RealMoneyBalancesDSupplyAAnincreaseinthedemandforrealmoneybalanceswillleadtoahigherinterestrateDD’39AFinalNoteThischapterdevelopsatheoryofinterestratedeterminationbasedonthesupplyofandthedemandforrealmoneybalancesrealmoneybalancesaremeasuredataparticularpointintime(stockmeasures)40AFinalNoteEarlier,wedevelopedatheoryofinterestratedeterminationbasedonthesupplyofandthedemandforloanablefundsthesupplyofanddemandforloanablefundsaremeasuredthroughtime(flowmeasures)41AFinalNoteWhenthereisachangeinastockmeasure,aflowhasoccurredchangesintheflowofloanablefundsentailchangesinthestocksofrealmoneybalancesasmeasuredattwodifferentpointsintime42SummaryofMajorPointsThedemandformoneyisreallyademandforrealmoneybalancesrealmoneybalancesarenominalbalancesdividedbythepricelevelchangesintheoverallpricelevelleadtoproportionalchangesinthedemandformoneyandnochangeinthedemandforrealbalanceshouseholdsdemandmoneyfortransactionsandprecautionarymotives43SummaryofMajorPointsHoldingrealmoneybalancesinvolvesbothbenefitsandcoststhebenefitsaretheinterestpaymentsearnedbycheckabledepositsplusthestreamofservicesthatmoneybalancesprovidethecostsaretheforegoneinterestpaymentsthatholdingnonmonetar

溫馨提示

  • 1. 本站所有資源如無(wú)特殊說(shuō)明，都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
  • 2. 本站的文檔不包含任何第三方提供的附件圖紙等，如果需要附件，請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
  • 3. 本站RAR壓縮包中若帶圖紙，網(wǎng)頁(yè)內(nèi)容里面會(huì)有圖紙預(yù)覽，若沒(méi)有圖紙預(yù)覽就沒(méi)有圖紙。
  • 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
  • 5. 人人文庫(kù)網(wǎng)僅提供信息存儲(chǔ)空間，僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理，對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯，并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
  • 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容，請(qǐng)與我們聯(lián)系，我們立即糾正。
  • 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。

最新文檔

評(píng)論

0/150

提交評(píng)論