個人需求和市場需求(1)(編輯修改稿)
2025-06-18 01:25 本頁面
【文章內(nèi)容簡介】 : Financial Markets Blanchard: Macroeconomics Slide 33 貨幣政策和公開市場業(yè)務(wù) 債券價格和利率 計算債券的價格 假定債券第一年價格為 $100 iPB??110 0$ 100$ ???? BPi 100$ ???? BPi42 利率的決定 : I Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 34 第 1 步 : 中央 銀行購買債券 第 2 步 : 中央 銀行通過改變貨幣來影響利率水平 第 3 步 : 債券 需求增加導(dǎo)致債券價格上升 第 4 步 : 債券 價格上升，利率下降 貨幣政策和公開市場業(yè)務(wù) 擴張性公開市場業(yè)務(wù) : 增加 貨幣供給 42 利率的決定 : I Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 35 緊縮性貨幣政策將會影響到的因素包括 … ?貨幣供給 ?債券需求 ?利率 貨幣政策和公開市場業(yè)務(wù) 思考 … 42 利率的決定 : I Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 36 小結(jié) : ? i 由 MD amp。 MS 決定（短期利率） ? 中央銀行利用公開市場業(yè)務(wù)改變 MS改變 i 水平 ? 購買 債券，增加 MS 降低 i ? 出售 債券降低 MS 增加 i 42 利率的決定 : I Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 37 作業(yè) ? P92第 5題 Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 38 Banks are financial intermediaries ? They receive funds (deposits) which are liabilities ? They make loans and buy bonds which are assets The Determination of the Interest Rates: II Interest rates in an economy with currency and checkable deposits What banks do: Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 39 The Determination of the Interest Rates: II Interest rates in an economy with currency and checkable deposits What banks do: Banks Reserves Loans Bonds Assets Bonds Assets Checkable deposits Liabilities Central Bank Money =Reserves +Currency Liabilities Central Banks Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 40 Why do banks hold reserves? The Determination of the Interest Rates: II 1. To cover the cash withdraws by depositors. 2. To cover the payment of checks which are deposited in other banks. 3. To maintain the legal reserve requirement (10%) set by the Fed (Reserve ratio = Reserves ? checkable deposits). Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 41 The supply and demand for central bank money The Determination of the Interest Rates: II Demand for money Demand for checkable deposits Demand for Central Bank Money Demand for currency Supply of Central Bank Money = Demand for reserves (by banks) Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 42 The demand for money The Determination of the Interest Rates: II ? The overall demand for money Md is unchanged with checkable deposits: )()($?? iYLMd However, people must choose between currency and checkable deposits. Chapter 4: Financial Markets Blanchard: Macroeconomics Slide 43 The demand for money The Determination of the Interest Rates: II Assume: ?C represents the fixed proportion of money people hold as currency (US: C=.4) ?1C is the proportion of money held as
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