中級宏觀經(jīng)濟學上海財經(jīng)大學經(jīng)濟學院沈凌10money1price(42)-文庫吧資料
2025-08-07 17:30本頁面
【正文】 ? Thus, the price level, P, is twice as high, and R/P is unchanged. We must have, in general equilibrium, that the nominal rental price, R, doubles. Macroeconomics Chapter 10 27 Determination of the Price Level ? A Change in the Nominal Quantity of Money ? i = (R/P) L( Y, i) ? Key equation: Ms = P ( B+ PK) ? nominal consumption + nominal saving = nominal ine Macroeconomics Chapter 10 11 The Demand for Money ? “ demand for money,” Md, ? The average holding of money that results from the household’s optimal strategy for money management. Macroeconomics Chapter 10 12 The Demand for Money ? The Interest Rate and the Demand for Money ? A higher interest rate, i, provides a greater incentive to hold down average holdings of money, M, in order to raise average holdings of interestbearing assets, B + PK. That is, with a higher i, households are more willing to incur transaction costs in order to reduce M Macroeconomics Chapter 10 13 The Demand for Money ? The Interest Rate and the Demand for Money ? We predict that an increase in i reduces the nominal demand for money, Md. ? For a given price level, P, we can also say that a higher i lowers the real demand for money, Md/P. Macroeconomics Chapter 10 14 The Demand for Money ? The Price Level and the Demand for Money ? Suppose that the price level, P, doubles. The nominal demand for money, Md, doubles. Since Md and P have both doubled, the ratio, Md/P, is the same. ? The result is that the real demand for money, Md/P, does not change when P changes. Macroeconomics Chapter 10 15 The Demand for Money ? Real GDP and the Demand for Money ? Assume now that nominal ine doubles, while the price level, P, is unchanged. ? Households would double their nominal demand for money, Md. Since P is constant, the real demand for money, Md/P, also doubles. Macroeconomics Chapter 10 16 The Demand for Money ? Real GDP and the Demand for Money ? Economies of scale in cash management, at higher ines households hold less money in proportion to their ine. Macroeconomics Cha
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