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The Goods Market, Money, and Foreign Exchange商品市场、货币和外汇
The Goods Market, Money, and Foreign Exchange The Linkages Macroeconomic Measures The national income analysis is generally done in terms of real goods and services. Most economic aggregate measures are more conceptual than real: The real market value of the economy’s output The overall price index Labor force and employment measures The interest rate as the price of capital Money stock Demand for money Often we use proxy indicators to measure macroeconomic aggregates The Two Dimensions of Macroeconomics: The “Real” Economy and the Monetary Economy The Real Economy and The Goods Market The Monetary Economy and the Money Market The linkages between the two markets: The overall price and wage levels The Interest rate The foreign exchange rate (through its impact on BOP) The Central Role of the Interest Rate It plays a central role in the goods market as the price (a determinant) of capital It is the price of money in the money market It is an important factor in determining the exchange rate, especially in the short run The link Given the price level and the exchange rate: Y = C + I + G + (X – IMP) I = I (i) Md = M (i) Money The story of money: From the commodity money to the modern fiat money Stock of money Types of money Notes and coins Checkable deposits Near moneys Money as an instrument of liquidity (medium of exchange) Other functions of money Money as a form of asset Real money versus nominal money Money and the banking system How money is created The central banking system How does the Fed create money? Day One Assets Liabilities -------------------------------------------------------- FX 100 Currency 200 Govt. bonds 100 Day Two A commercial bank opens: Com Bank Com Bank Fed Assets Liabilities Assets Liabilities ------------------------ ------------------------ Day Three: Com. Bank receives deposits. Com Bank Assts Lib -
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