14货币 利率与汇率.PPTVIP

YOU ARE WELCOME ! International Economics 国际经济学 主讲：余道先 ydxdhy@ Chapter 14 Money, Interest Rates, and Exchange rates 货币、利率与汇率 Preview Introduction Money Defined: A Brief Review（货币定义：简短的回顾） The Demand for Money by Individuals（个人货币需求） Aggregate Money Demand（货币总需求） The Equilibrium Interest Rate: The Interaction of Money Supply and Demand（均衡利率：货币供给和货币需求的相互作用） （Cont.） The Money Supply and the Exchange Rate in the Short Run（短期货币供给与利率） Money, the Price Level, and the Exchange Rate in the Long Run（长期货币、价格水平和汇率） Inflation and Exchange Rate Dynamics（通货膨胀和汇率的动态变化） Summary Introduction Factors that affect a country’s money supply or demand are among the most powerful determinants of its currency’s exchange rate against foreign currencies. （影响一国货币的供求的因素，也是决定汇率的重要因素） Introduction This chapter combines the foreign-exchange market with the money market to determine the exchange rate in the short run（本章结合了外汇市场和货币市场分析短期汇率）. It analyzes the long-term effects of monetary changes on output prices and expected future exchange rates（讨论货币变动对产品价格和预期未来汇率的长期影响）. Money Defined: A Brief Review Money as a Medium of Exchange A generally accepted means of payment Money as a Unit of Account A widely recognized measure of value Money as a Store of Value A transfer of purchasing power from the present into the future Money Defined: A Brief Review What Is Money? Assets widely used and accepted as a means of payment（被广泛接受和使用的作为支付手段的资产）. Money is very liquid, but pays little or no return. All other assets are less liquid but pay higher return. Money Supply (Ms) Ms = Currency + Checkable Deposits Money Defined: A Brief Review How the Money Supply Is Determined An economy’s money supply is controlled by its central bank. The central bank: Directly regulates the amount of currency in existence Indirectly controls the amount of checking deposits issued by private banks The Demand for Money by Individuals Three factors influence money demand: Expected return Risk Liquidity The De