Ch_04 Money and Inflation

曼昆 宏观经济学 课件 macro

Money and Inflation 货币与通胀Chapter 04

曼昆 宏观经济学 课件 macro

In this chapter, you will learn… The classical theory of inflation 古典通胀理论– causes 原因 – effects 结果 – social costs 社会成本

“Classical” – assumes prices are flexible & markets clear– 古典——假定价格是可以自由波动的& 市场出清。

Applies to the long run 长期中的应用

曼昆 宏观经济学 课件 macro

U.S. inflation and its trend, 1960-200615%

% change in CPI from 12 months earlier

12%

9%

long-run trend

6%

3%

0% 1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

曼昆 宏观经济学 课件 macro

The connection between money and prices 货币和价格之间的联系 Inflation rate = the percentage increase in the average level of prices. Price = amount of money required to buy a good. Because prices are defined in terms of money, we need to consider the nature of money, the supply of money, and how it is controlled.– 由于价格是根据货币来定义的，我们需要考察货 币的本质，货币的供给以及如何控制

曼昆 宏观经济学 课件 macro

Money货币 Definition: Money is the stock of assets that can be readily used to make transactions. Functions– medium of exchange: we use it to buy stuff 交换媒介

– store of value: transfers purchasing power from the present to the future 价值储藏手段

– unit of account: the common unit by which everyone measures prices and values 计价单位

曼昆 宏观经济学 课件 macro

Money货币 Types 类型 1. fiat money 法定货币– has no intrinsic value 本身没有内在价值 – example: the paper currency we use

2. commodity money 商品货币– has intrinsic value 本身具有内在价值 – examples: gold coins, cigarettes in P.O.W. camps

曼昆 宏观经济学 课件 macro

Which of these are money? a. Currency 通货 b. Checks 支票 c. Deposits in checking accounts (“demand deposits”) 支票存款 (活期) d. Credit cards 信用卡 e. Certificates of deposit (“time deposits”)– 存单 (定期存款)

曼昆 宏观经济学 课件 macro

The money supply and monetary policy definitions The money supply is the quantity of money available in the economy.– 货币供给指的是经济中可用货币量。

Monetary policy is the control over the money supply.– 货币政策是是指对货币供给的控制。

Monetary policy is conducted by a country’s central bank.– 货币政策由一国的中央银行执行。

In the U.S., the central bank is called the Federal Reserve (“the Fed”).– 在美国，中央银行叫做联邦储备体系，货币政策的决策由 联邦公开市场委员会作出并执行。

曼昆 宏观经济学 课件 macro

Money supply measures, April 2006 货币供给口径symbolC M1

assets includedCurrency C + demand deposits, travelers’ checks, other checkable deposits M1 + small time deposits, savings deposits, money market mutual funds, money market deposit accounts

amount ($ billions) $739 $1391

M2

$6799

曼昆 宏观经济学 课件 macro

The Quantity Theory of Money 货币数量论 A simple theory linking the inflation rate to the

growth rate of the money supply.– 一种将通胀率和货币供给增长率联系在一起的简单理论

Begins with the concept of velocity…– 先要阐明货币流通速度…

basic concept: the rate at which money circulates 基本概念：货币流通的速度– definition: the number of times the average dollar bill changes hands in a given time period 在一个给定的时期中一张钞票转手的平 均次数。 – example: In 2007, $500 billion in transactions – money supply = $100 billion – The average dollar is used in five transactions in 2007 – So, velocity = 5

曼昆 宏观经济学 课件 macro

Velocity, cont. This suggests the following definition:– 货币流通速度的定义意味着下式： P ×T V= M where V = velocity 货币流通速度 T = Quantity of all transactions 所有交易的总量 P = Price 交易的价格 M = money supply货币供给

曼昆 宏观经济学 课件 macro

Velocity, cont. Use nominal GDP as a proxy for total transactions. Then,– 如使用名义GDP来代替总交易量，则，

P ×Y V= M

where P= price of output Y= quantity of output P ×Y= value of output (GDP deflator) (real GDP) (nominal GDP)

曼昆 宏观经济学 课件 macro

The quantity equation 数量方程 The quantity equation M × V = P × Y follows from the preceding definition of velocity.– 数量方程是从前面对流通速度的定义得来的。

It is an identity: it holds by definition of the variables.– 它是一个恒等式，由对变量的定义而一直成立。

曼昆 宏观经济学 课件 macro

Money demand and the quantity equation 货币需求和数量方程 M/P = real money balances, the purchasing power of the money supply.– M/P=实际货币余额，指的是货币供给的购买力。

A simple money demand function: 一个简单的货币 需求方程是： (M/P)d=kY where k = how much money people wish to hold for each dollar of income. (k is exogenous)– k=指的是对每一元钱的收入，人们愿意持有多少现金。假 设k是外生的。

曼昆 宏观经济学 课件 macro

Money demand and the quantity equation 货币需求和数量方程 money demand: 货币需求：(M/P)d=kY quantity equation: 数量方程：M×V = P× …… 此处隐藏：2701字，全部文档内容请下载后查看。喜欢就下载吧 ……