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1、四、货币理论与货币政策四、货币理论与货币政策MONETARY THEORY AND MONETARY POLICY金融资产结构n货币与货币供给 =流通中现金 =+活期存款 =+定期存款 =+其他短期流动资产（如国库券、银行承兑汇票、商业票据）+外汇存款n有价证券：分为政府债券和企业债券两种。n股票。The Meaning of MoneynMoney is the set of assets（资产）in the economy that people regularly use to buy goods and services from other people.Three Function
2、s of MoneynMoney has three functions in the economy.Medium of exchange（交换媒介）Unit of account（计量单位）Store of value（贮藏价值）Medium of ExchangenA medium of exchange is anything that is readily acceptable as payment.Unit of AccountnA unit of account is the yardstick people use to post prices and record debts
3、.Store of ValuenA store of value is an item that people can use to transfer purchasing power（购买力）from the present to the future.Liquidity（流动性）nLiquidity is the ease with which an asset can be converted into the economys medium of exchange.The Kinds of MoneynCommodity money（商品货币）takes the form of a c
4、ommodity with intrinsic value（内在价值）.Examples:Gold,silver,cigarettesnFiat money（法定货币）is used as money because of government decree.It does not have intrinsic value.Examples:Coins,currency,check depositsMoney in the EconomynCurrency（通货）is the paper bills and coins in the hands of the public.nDemand de
5、posits（活期存款）are balances in bank accounts that depositors can access on demand by writing a check.中央银行职能n垄断发行本国的法定货币。n以债务方式接受存款机构缴存的存款准备金，以垫款或票据再贴现方式对存款机构发放贷款，承担金融机构之间的票据交换和结算业务。n代理国库，即经办政府的收支，管理国家的外汇，制定和实施国家的金融政策。The Federal Reserve联邦储备体系nThe Federal Reserve(Fed)serves as the nations central bank I
6、t is designed to oversee the banking system.It regulates the quantity of money in the economy.The Federal ReservenThe Fed was created in 1914 after a series of bank failures convinced Congress（国会）that the U.S.needed a central bank to ensure the health of the nations banking system.The Feds Organizat
7、ionnThe Fed is run by a Board of Governors（董事局）,which has seven members appointed by the President and confirmed by the Senate（参议院）.The Feds OrganizationnThe chairman of the board presides at board meetings,directs the staff,and testifies about Fed policy.The Feds OrganizationnThe Federal Reserve Sy
8、stem（联邦储备体系）is made up of the Federal Reserve Board in Washington,D.C.,and twelve regional Federal Reserve Banks（联邦储备银行）.The Feds OrganizationnMonetary policy（货币政策）is conducted by the Federal Open Market Committee（公开市场委员会）.Three Primary Functions of the FednRegulates banks to ensure they follow fede
9、ral laws intended to promote safe and sound banking practices.Three Primary Functions of the FednActs as a bankers bank,making loans to banks and as a lender of last resort.Three Primary Functions of the FednConducts monetary policy by controlling the money supply.商业银行职能n作为融通资金的信用中介，主要业务是吸收存款和发放贷款。n
10、创造信用货币。最初的信用货币是银行券，现代的信用货币主要是支票、信用卡等。n创造存款、扩张信用。n提供广泛的金融服务，如代发工资、代理支付、消费信用、信息服务、咨询服务等。金融市场中的资产负债关系公众商业银行中央银行政府资产负债资产负债资产负债资产负债通货通货存款存款国债国债国债国债准备金准备金贷款贷款外汇储备Banks and The Money SupplynBanks can influence the quantity of demand deposits（活期存款数量）in the economy and the money supply.Banks and The Money Su
11、pplynReserves（准备金）are deposits that banks have received but have not loaned out.nIn a fractional reserve banking system（部分准备金体系）,banks hold a fraction of the money deposited as reserves and lend out the rest.Money Creation（货币创造）nWhen a bank makes a loan from its reserves,the money supply increases.M
12、oney CreationnThe money supply is affected by the amount deposited in banks and the amount that banks loan.Deposits into a bank are recorded as both assets and liabilities（资产和负债）.Loans become an asset to the bank.Money CreationThis T-Account illustrates a bank that accepts deposits,keeps a portion a
13、s reserves,and lends out the rest.AssetsLiabilitiesFirst National BankReserves$10.00Loans$90.00Deposits$100.00Total Assets$100.00Total Liabilities$100.00The Money Multiplier（货币乘数）nWhen one bank loans money,that money is generally deposited into another bank.This creates more deposits and more reserv
14、es to be lent out.The Money Multiplier（货币乘数）nThe money multiplier is the amount of money the banking system generates with each dollar of reserves.The Money MultiplierAssetsLiabilitiesFirst National BankReserves$10.00Loans$90.00Deposits$100.00Total Assets$100.00Total Liabilities$100.00The Money Mult
15、iplierAssetsLiabilitiesFirst National BankReserves$10.00Loans$90.00Deposits$100.00Total Assets$100.00Total Liabilities$100.00AssetsLiabilitiesSecond National BankReserves$9.00Loans$81.00Deposits$90.00Total Assets$90.00Total Liabilities$90.00The Money MultiplierAssetsLiabilitiesFirst National BankRes
16、erves$10.00Loans$90.00Deposits$100.00Total Assets$100.00Total Liabilities$100.00AssetsLiabilitiesSecond National BankReserves$9.00Loans$81.00Deposits$90.00Total Assets$90.00Total Liabilities$90.00The Money MultiplierAssetsLiabilitiesFirst National BankReserves$10.00Loans$90.00Deposits$100.00Total As
17、sets$100.00Total Liabilities$100.00AssetsLiabilitiesSecond National BankReserves$9.00Loans$81.00Deposits$90.00Total Assets$90.00Total Liabilities$90.00Money Supply=$190.00!The Money MultipliernHow much money is eventually created in this economy?The Money MultipliernHow much money is eventually crea
18、ted in this economy?Original deposit=$100.00First National lending=$90.00=0.9 x$100.00Second National lending=$81.00=0.9 x$90.00Third National lending etc.etc.=$72.90=0.9 x$81.00etc.etc.Total money supply=$1,000The Money MultipliernThe money multiplier is the reciprocal of the reserve ratio（准备金率的倒数）
19、.M=1/R With a reserve requirement,R=20%or 1/5,The multiplier is 5.货币乘数（1）（2）（3）（4）（5）（6）（8）（7）古典货币需求理论n欧文费雪(Irving Fisher)交易方程式：MV=PY，（V为货币平均流通速度）n马歇尔和庇古(Arthur C.Pigou)现金余额学说：M=KPY，（K为货币需求与名义国民收入之间的比例，即上述V的倒数）The Quantity Theory of Money货币数量论nHow the price level is determined and why it might chang
20、e over time is called the quantity theory of money.The quantity of money available in the economy determines the value of money（决定了货币的价值）.The primary cause of inflation（通货膨胀）is the growth in the quantity of money（货币数量的增长）.The Classical Dichotomy and Monetary Neutrality古典两分法与货币中性nAccording to Hume（休谟
21、）and others,real economic variables（真实经济变量）do not change with changes in the money supply.According to the classical dichotomy,different forces influence real and nominal variables（实际变量与名义变量）.The Classical Dichotomy and Monetary NeutralitynNominal variables（名义变量）are variables measured in monetary un
22、its（货币单位）.nReal variables（实际变量）are variables measured in physical units（物理单位）.nChanges in the money supply affect nominal variable but not real variables.The Classical Dichotomy and Monetary NeutralitynThe irrelevance of monetary changes for real variables is called monetary neutrality（货币中性）.Velocit
23、y and the Quantity EquationnThe velocity of money（货币流通速度）refers to the speed at which the typical dollar bill travels around the economy from wallet to wallet.Velocity and the Quantity EquationV=(P x Y)/M Where:V =velocityP =the price levelY =the quantity of outputM=the quantity of moneyVelocity and
24、 the Quantity EquationnRewriting the equation gives the quantity equation.M x V=P x YFoundations of the Quantity Theory of MoneynThe velocity of money is relatively stable（相对稳定）over time.nWhen the Fed changes the quantity of money,it causes proportionate changes（成比例的变化）in the nominal value of output
25、.nBecause money is neutral,money does not affect output.Foundations of the Quantity Theory of MoneynChanges in the money supply that induce parallel changes（平行变化）in the nominal value of output are also reflected in changes in the price level.Foundations of the Quantity Theory of MoneynWhen the Fed i
26、ncreases the money supply rapidly,the result is a high rate of inflation.The Fisher Effect（费雪效应）nAccording to the Fisher effect,when the rate of inflation rises,the nominal interest rate（名义利率）rises by the same amount.nThe real interest rate（实际利率）stays the same.The Fisher EffectnAccording to the Fish
27、er effect,when the rate of inflation rises（通货膨胀率）,the nominal interest rate rises by the same amount.nThe real interest rate stays the same.The Fisher EffectnWhen the Fed increases the rate of money growth,the result is both a higher inflation rate and a higher nominal interest rate.Keynes Interest-
28、Rate Effect nKeynes theory of how the interest rate is determined is called the theory of liquidity preference（流动偏好理论）.According to the theory,the interest rate adjusts to balance the supply and demand for money.Theory of Liquidity PreferencenA higher price level increases the demand for money.This
29、leads to a higher interest rate.nA higher interest rate reduces investment.This leads to a lower quantity of goods and services demanded.凯恩斯流动偏好理论Theory of liquidity preference n凯恩斯认为，人们总是偏好将一定量的货币保持在手中。这种心理上的“流动性偏好”是由三种动机所决定：n交易动机。由于收入与支出的时间不一致，人们必须持有一部分货币以满足日常交易的需要。n预防动机。即人们为应付意外需要支出而持有的货币。n投机动机。为
30、应付利率的不确定性，人们在有利时机购买证券进行投机而持有的货币。凯恩斯货币需求函数rr1r20L21L22L23L流动性陷阱The Supply of MoneynBecause it is fixed by the Fed,the quantity of money supplied（货币供给）does not depend on the interest rate.The Supply of MoneynThe fixed money supply is represented by a vertical supply curve（垂直供给线）.The Supply of MoneyQua
31、ntity ofMoneyInterestRate0The Supply of MoneyQuantity fixedby the FedQuantity ofMoneyInterestRate0Moneysupply三大货币政策工具n再贴现政策。包括规定和调整再贴现率，规定能够用于再贴现票据的条件，规定各银行一定时期内在中央银行再贴现的最高限额。n法定准备金制度。包括规定法定准备金率，调整法定准备金率，规定可充当法定准备金的资产内容。n公开市场业务，是指中央银行在公开市场上买卖有价证券的行为，以此来调节货币供应量。Tools of Monetary ControlnThe Fed has t
32、hree tools in its monetary toolbox.Open-market operations（公开市场业务）Changing the reserve requirement（改变准备金比率）Changing the discount rate（改变贴现率）Open-Market OperationsnThe Fed conducts open-market operations when it buys government bonds from or sells government bonds（国债）to the public.When the Fed buys go
33、vernment bonds,the money supply increases.The money supply decreases when the Fed sells government bonds.Changing the Reserve RequirementsnReserve requirements are regulations on the minimum amount of reserves that banks must hold against deposits.Increasing the requirement decreases the money suppl
34、y.Decreasing the requirement increases the money supply.Changing the Discount RatenThe discount rate（贴现率）is the interest rate the Fed charges banks for loans.Increasing the discount rate decreases the money supply.Decreasing the discount rate increases the money supply.The Supply of MoneynThe Fed ca
35、n shift the money supply curve（改变货币供给曲线）to the right or to the left through open-market operations.When the Fed buys government bonds,bank reserves increase and the money supply increases.When the Fed sells government bonds,bank reserves decrease and the money supply declines.Shifts in the Supply of
36、 MoneyQuantity fixedby the FedQuantity ofMoneyInterestRate0Moneysupply,S1Shifts in the Supply of MoneyQuantity fixedby the FedQuantity ofMoneyInterestRate0Moneysupply,S1S2Shifts in the Supply of MoneyQuantity fixedby the FedQuantity ofMoneyInterestRate0Moneysupply,S1Shifts in the Supply of MoneyQuan
37、tity fixedby the FedQuantity ofMoneyInterestRate0Moneysupply,S1S3The Demand for MoneynMoney demand is determined by several factors.According to the theory of liquidity preference（流动偏好理论）,one of the most important factors is the interest rate.The Demand for MoneynPeople choose to hold money instead
38、of other assets that offer higher rates of return because money can be used to buy goods and services.The Demand for MoneynThe opportunity cost（机会成本）of holding money is the interest that could be earned on interest-earning assets.The Demand for MoneynAn increase in the interest rate raises the oppor
39、tunity cost of holding money.The Demand for MoneynAn increase in the interest rate raises the opportunity cost of holding money.nAs a result,the quantity of money demanded is reduced.The Demand for MoneyQuantity ofMoneyInterestRate0The Demand for MoneyQuantity ofMoneyInterestRate0MoneydemandEquilibr
40、ium in the Money Market（货币市场的均衡）nAccording to the theory of liquidity preference:The interest rate adjusts to balance the supply and demand for money.There is one interest rate,called the equilibrium interest rate（均衡利率）,at which the quantity of money demanded equals the quantity of money supplied.Eq
41、uilibrium in the Money MarketQuantity ofMoneyInterestRate0Equilibrium in the Money MarketQuantity ofMoneyInterestRate0MoneydemandQuantity fixedby the FedMoneysupplyEquilibrium in the Money MarketQuantity ofMoneyInterestRate0MoneydemandQuantity fixedby the FedMoneysupplyr1Md1Equilibrium in the Money
42、MarketQuantity ofMoneyInterestRate0MoneydemandQuantity fixedby the FedMoneysupplyr1r2Md1Md2Equilibrium in the Money MarketQuantity ofMoneyInterestRate0MoneydemandQuantity fixedby the FedMoneysupplyr1r2Md1Md2Equilibrium interest rate选择性货币政策工具n消费信贷控制，包括规定分期付款的第一次最低付款额，分期付款的最长期限和适合于分期付款的耐用消费品种类。n不动产信用控
43、制，是央行对商业银行及其他金融机构的房地产贷款所采取的限制措施。n证券信用交易的法定保证金比率，是央行对以信用方式购买股票和证券所实施的一种管理措施。n直接信用控制，主要有利率最高限额，流动性比率，信用分配。n间接信用控制，是指央行通过非法律手段，传递政策意图，使商业银行主动采取措施，达到预期目的。1、每一个成功者都有一个开始。勇于开始，才能找到成功的路。11月-2211月-22Tuesday,November 8,20222、成功源于不懈的努力，人生最大的敌人是自己怯懦。14:05:1914:05:1914:0511/8/2022 2:05:19 PM3、每天只看目标，别老想障碍。11月-2
44、214:05:1914:05Nov-2208-Nov-224、宁愿辛苦一阵子，不要辛苦一辈子。14:05:2014:05:2014:05Tuesday,November 8,20225、积极向上的心态，是成功者的最基本要素。11月-2211月-2214:05:2014:05:20November 8,20226、生活总会给你另一个机会，这个机会叫明天。08十一月20222:05:20下午14:05:2011月-227、人生就像骑单车，想保持平衡就得往前走。十一月222:05下午11月-2214:05November 8,20228、业余生活要有意义，不要越轨。2022/11/814:05:2014:05:2008 November 20229、我们必须在失败中寻找胜利，在绝望中寻求希望。2:05:20下午2:05下午14:05:2011月-2210、一个人的梦想也许不值钱，但一个人的努力很值钱。11/8/2022 2:05:20 PM14:05:2008-11月-2211、在真实的生命里，每桩伟业都由信心开始，并由信心跨出第一步。11/8/2022 2:05 PM11/8/2022 2:05 PM11月-2211月-22谢谢大家谢谢大家