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【正文】 Copyright 169。 ? 結(jié)果是，貨幣需求量減少。 ? 持有貨幣的機(jī)會(huì)成本是本來(lái)可以在有利息的資產(chǎn)上賺得的利率。 ? 根據(jù)流動(dòng)偏好理論，最重要的因素之一是利率。 2022 SouthWestern The Theory of Liquidity Preference ? Money Demand ? Money demand is determined by several factors. ? According to the theory of liquidity preference, one of the most important factors is the interest rate. ? People choose to hold money instead of other assets that offer higher rates of return because money can be used to buy goods and services. ? The opportunity cost of holding money is the interest that could be earned on interestearning assets. ? An increase in the interest rate raises the opportunity cost of holding money. ? As a result, the quantity of money demanded is reduced. Copyright 169。 ? 一條垂直的供給曲線代表固定的貨幣供給。 2022 SouthWestern The Theory of Liquidity Preference ? Money Supply ? The money supply is controlled by the Fed through: ? Openmarket operations ? Changing the reserve requirements ? Changing the discount rate ? Because it is fixed by the Fed, the quantity of money supplied does not depend on the interest rate. ? The fixed money supply is represented by a vertical supply curve. Copyright 169。 ? 根據(jù)這一理論，利率的調(diào)整使貨幣供給與貨幣需求平衡。 2022 SouthWestern The Theory of Liquidity Preference ? Keynes developed the theory of liquidity preference in order to explain what factors determine the economy’s interest rate. ? According to the theory, the interest rate adjusts to balance the supply and demand for money. Copyright 169。 2022 SouthWestern HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND 貨幣政策如何影響總需求 ? For the . economy, the most important reason for the downward slope of the aggregatedemand curve is the interestrate effect. 對(duì)美國(guó)經(jīng)濟(jì)來(lái)講，總需求曲線向右下方傾斜的最重要原因是利率效應(yīng)。 2022 SouthWestern HOW MONETARY POLICY INFLUENCES AGGREGATE DEMAND ? The aggregate demand curve slopes downward for three reasons: ? The wealth effect ? The interestrate effect ? The exchangerate effect Copyright 169。 ? Moary and fiscal policy are sometimes used to offset those shifts and stabilize the economy. 貨幣與財(cái)政政策有時(shí)被用來(lái)抵消這種移動(dòng)，從而穩(wěn)定經(jīng)濟(jì)。 Copyright 169。 2022 SouthWestern Aggregate Demand 總需求 ? Many factors influence aggregate demand besides moary and fiscal policy. 除了貨幣和財(cái)政政策之外，還有許多其他因素影響總需求。Copyright 169。 2022 SouthWestern 21 The Influence of Moary and Fiscal Policy on Aggregate Demand 貨幣與財(cái)政政策對(duì)總需求的影響 Copyright 169。 ? In particular, desired spending by households and business firms determines the overall demand for goods and services. 特別是，家庭和企業(yè)的合意支出決定了物品與勞務(wù)的總需求。 2022 SouthWestern Aggregate Demand 總需求 ? When desired spending changes, aggregate demand shifts, causing shortrun fluctuations in output and employment. 當(dāng)合意支出變動(dòng)時(shí)，總需求移動(dòng)，引起產(chǎn)量與就業(yè)的短期波動(dòng)。 Copyright 169。 2022 SouthWestern 貨幣政策如何影響總需求 ? 總需求曲線由于以下三個(gè)原因而向右下方傾斜： ? 財(cái)富效應(yīng) ? 利率效應(yīng) ? 匯率效應(yīng) Copyright 169。 Copyright 169。 2022 SouthWestern 流動(dòng)偏好理論 ? 凱恩斯提出了流動(dòng)偏好理論來(lái)解釋決定經(jīng)濟(jì)中利率的因素。 Copyright 169。 2022 SouthWestern 流動(dòng)偏好理論 ? 貨幣供給 ? 貨幣供給由美聯(lián)儲(chǔ)通過(guò)以下方式控制 : ? 公開(kāi)市場(chǎng)活動(dòng) ? 改變法定準(zhǔn)備金 ? 改變貼現(xiàn)率 ? 由于貨幣供給量由美聯(lián)儲(chǔ)所固定，所以貨幣供給量不取決于利率。 Copyright 169。 2022 SouthWestern 流動(dòng)偏好理論 ? 貨幣需求 ? 貨幣需求有幾個(gè)因素所決定。 ? 人們選擇持有貨幣而不持有其他提供較高收益率的資產(chǎn)，是因?yàn)樨泿趴梢杂糜谫?gòu)買(mǎi)物品與勞務(wù)。 ? 利率上升增加了持有貨幣的機(jī)會(huì)成本。 Copyright 169。 2022 SouthWestern 流動(dòng)偏好理論 ? 貨幣市場(chǎng)的均衡 ? 根據(jù)流動(dòng)偏好理論 : ? 利率的調(diào)整使貨幣的供求平衡。 Copyright 169。 2022 SouthWestern 流動(dòng)偏好理論 ? 貨幣市場(chǎng)的均衡 ? 假設(shè)一個(gè)經(jīng)濟(jì)體如下 : ? 物價(jià)水平固定在某一水平。 ? 產(chǎn)量水平根據(jù)對(duì)物品與勞務(wù)的總需求進(jìn)行調(diào)整。 2022 SouthWestern The Downward Slope of the Aggregate Demand Curve ? The price level is one determinant of the quantity of money demanded. ? A higher price level increases the quantity of money demanded for any given interest rate. ? Higher money demand leads to a higher interest rate. ? The quantity of goods and services demanded falls. Copyright 169。 ? 較高的物價(jià)水平增加了任何一種既定利率時(shí)的需求量。 ? 物品與勞務(wù)的需求量減少了。 2022 SouthWestern The Downward Slope of the Aggregate Demand Curve 總需求曲線向右下方傾斜 ? The end result of this analysis is a negative relationship between the price level and the quantity of goods and services demanded. 這種分析的最終結(jié)果是物價(jià)水平與物品和勞務(wù)需求量之間的負(fù)相關(guān)關(guān)系。 平上升 … r r2 Copyright 169。 2022 SouthWestern 貨幣供給的變動(dòng) ? 當(dāng)美聯(lián)儲(chǔ)改變貨幣政策時(shí)，它可以使總需求曲線移動(dòng)。 ? 由于貨幣需求曲線未變，利率下降。 Figure 3 A Moary Injection MS2 Money supply, MS Aggregate demand, A D Y Y P Money demand at price level P AD2 Quantity of Money 0 Interest Rate r r2 (a) The Money Market (b) The AggregateDema
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