宏觀經(jīng)濟(jì)管理學(xué)與財(cái)務(wù)知識(shí)分析(英文版)-文庫(kù)吧資料
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【正文】 n 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.,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.,Table 8.1 Measures of the Money Stock,25,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,To reduce the monetary base, the Federal Reserve sells shortterm government securities To increase the monetary base, the Federal Reserve buys shortterm government securities These transactions are called open market operations,21,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Determining the Price Level,Example (third quarter of 1998) real GDP = $7,566 billion money stock = $1,072 billion velocity = 7.964,In the third quarter of 1998, the price level was equal to 112.84% of its 1992 level,19,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Determining the Price Level,If the price level is higher than the quantity equation predicts households and businesses will have less wealth in the form of money than they wish they will cut back on purchases sellers will note demand is weak and lower prices,17,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Figure 8.4 The Velocity of Money,15,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,The Quantity Theory of Money,assumes that the only important determinant of the demand for money is the flow of spending can be summarized using the Cambridge moneydemand function,the quantity equation,13,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,The Demand for Money,Businesses and households have a demand for money they want to hold a certain amount of wealth in the form of readilyspendable purchasing power to carry out transactions a higher level of spending means a larger money demand There is a cost of holding money cash and checking deposits earn little or no interest,11,Copyright 169。 2002 by The McGrawHill Companies, Inc. All rights reserved.,Figure 8.2
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