宏觀經(jīng)濟(jì)管理學(xué)與財(cái)務(wù)知識(shí)分析(英文版)(編輯修改稿)
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【文章內(nèi)容簡(jiǎn)介】 government securities These transactions are called open market operations,21,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Figure 8.5 Open Market Operations,22,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,The Money Stock,The Federal Reserve directly controls the monetary base The other measures of the money stock are determined by the interaction of the monetary base with the banking sector regulatory requirements the incentive of financial institutions to have enough funds on hand to satisfy depositors’ demands,23,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,The Money Stock,Besides the monetary base (H), there are other definitions of the money stock such as M1 (currency, checking accounts, travelers checks) M2 (M1 plus savings accounts, small term deposits, money held in money market accounts) M3 (M2 plus large term deposits and institutional money market balances),24,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Table 8.1 Measures of the Money Stock,25,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Inflation,The inflation rate is the proportional rate of change in the price level Since,the inflation rate (?) will be,v=growth rate of velocity m=growth rate of the money stock y=growth rate of real GDP,26,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Inflation,Example growth rate of real GDP=4% per year growth rate of velocity=2% per year growth rate of the money stock=5% per year,27,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Inflation,The bulk of changes in the rate of inflation are due to changes in the growth rate of the money stock the growth rate of the money stock (m) can change quickly and substantially changes in the growth rates of real GDP (y) and velocity (v) are generally smaller,28,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Inflation,In the real world, inflation is not always proportional to money growth in the 1980s, both inflation and velocity fell sharply but the money stock grew in the first half of the 1990s, velocity fell meant that high growth of the money stock did not lead to high inflation in the second half of the 1990s, velocity grew money supply growth was negative to keep inflation from rising,29,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Figure 8.6 Money Growth and Inflation Are Not Always Parallel,30,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Money Demand,Economic theory implies that money demand should be inversely related to the nominal interest rate cash and checking account balances earn little or no interest the purchasing power of money erodes at the rate of inflation the expected real return on money is ?e,31,Copyright 169。 2002 by
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