【ppt精品課件】貨幣金融學(xué)7版英文課件--ch26-大學(xué)課(編輯修改稿)
2025-01-21 13:30 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 Other Asset Channels Tobin’s q Channel: where MVF = market value of firms and RCC = replacement cost of capital. If q is high, MFV is high relative to RCC, and new plant and equipment capital is cheap relative to the market value of firms. In this case, panies can issue stock and get a high price for it relative to the cost of the facilities and equipment they are buying. I ? because firms can buy a lot of new investment goods with only a small issue of stock. The transmission mechanism for moary policy is M ?, Pe ?, q ?, I ?, Y ? where Pe is the price of equity (not the expected price level) RCCMVFq ?12 169。 2023 Pearson Education Canada Inc. Moary Transmission Mechanisms Other Asset Channels Wealth Channel: Was introduced by Franco Modigliani in his famous “l(fā)ife cycle hypothesis of consumption.” He argued that the most important transmission mechanism of moary policy involves consumption. Considering that an expansionary moary policy ? stock prices, the wealth transmission mechanism works as follows: M ?, Pe ?, W ?, C ?, Y ? Note: Tobin’s q and wealth mechanisms allow for a general definition of equity that includes housing and land. For example, an ? in house prices, which ? their value relative to replacement cost, ? Tobin’s q for housing, thereby stimulating its production. Also, an ? in housing and land prices ? W, thereby ? C and Y. 13 169。 2023 Pearson Education Canada Inc. Credit View This view proposes that two types of moary transmission channels arise as a result of information problems (such as adverse selection and moral hazard problems) in credit markets. These channels operate through their effects on A. Bank lending, and B. Firms’ and households’ balance sheets Note: Adverse selection is an asymmetric information problem that occurs before the transaction occurs: potential bad credit risks are the ones who most actively seek out loans. Moral hazard arises after the transaction occurs: the lender runs the risk that the borrower will engage in activities that are undesirabl
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