《货币、银行和金融市场经济学》第八版-精.ppt

存款的种类：* 活期存款：这种存款，支用时须使用银行规定的支票，又称为支票存款。企业、个人、政府机关、金融机构都能在银行开立活期存款账户。 定期存款：指那些具有确定的到期期限才准提取的存款。 储蓄存款：这主要是针对居民个人积蓄货币之需所开办的一种存款业务。一般不能据此签发支票，支用时只能提取现金或先转入存户的活期存款账户。它可以进一步分为活期和定期两大类。 中国的货币计量： M0 = 流通中现金 M1 = M0 + 企事业单位活期存款 M2 = M1 + 企事业单位定期存款+居民储蓄存款 + 证券公司客户保证金 + 其他存款 表1 美英德法四国批发物价指数 The Three Motives (cont’d) Velocity is not constant: The procyclical movement of interest rates should induce procyclical movements in velocity. Velocity will change as expectations about future normal levels of interest rates change Further Developments in the Keynesian Approach Transactions demand Baumol - Tobin model There is an opportunity cost and benefit to holding money The transaction component of the demand for money is negatively related to the level of interest rates FIGURE 2 Cash Balances in the Baumol-Tobin Model Precautionary Demand Similar to transactions demand As interest rates rise, the opportunity cost of holding precautionary balances rises The precautionary demand for money is negatively related to interest rates Speculative Demand Implication of no diversification Only partial explanations developed further (Tobin) Risk averse people will diversify its portfolio and hold some money as a store of wealth Do not provide a definite answer as to why people hold money as a store of wealth Friedman’s Modern Quantity Theory of Money = demand for real money balances = measure of wealth (permanent income) = expected return on money = expected return on bonds = expected return on equity (common stocks) = expected inflation rate Variables in The Money Demand Function Permanent income (average long-run income) is stable, the demand for money will not fluctuate much with business cycle movements Wealth can be held in bonds, equity and goods; incentives for holding these are represented by the expected return on each of these assets relative to the expected return on money The expected return on money is influenced by: The services proved by banks on deposits The