05+利率行为.pptVIP

* * * * * * 流动性偏好理论：货币需求曲线的位移 收入效应：收入水平上升导致任一利率水平上的货币需求增加，推动需求曲线向右位移。 价格效应：物价水平的上升导致任一利率水平上的货币需求增加，推动需求曲线向右位移。 * 流动性偏好理论：货币供给曲线的位移 假定货币供给由中央银行控制 央行增加货币供给会推动货币供给曲线向右移动 收入变化：在经济周期扩张阶段，假定其他经济变量不变，利率随收入的增加而上升。 物价水平的变动：在货币供给和其他经济变量不变的情况下，利率随价格水平的上升而上升。 货币供给的变化：假定所有其他条件不变，利率会随着货币供给的增加而下降。 * * * * 货币与利率 流动性偏好理论得出结论：货币供给增加会降低利率——流动性效应（the liquidity effect）。货币增加无法“保证其他条件不变” 1、收入效应：由于货币增给增长会对经济产生扩张性影响，从而导致利率上升。 2、价格水平效应（Price-Level effect）指出，作为对价格水平上升的反应，货币供给增加将导致利率上升。 3、通货膨胀预期效应（Expected-Inflation effect）显示，由于货币供给增加将使人们预期将来价格水平更高，从而导致利率上升。换言之，利率随预期通货膨胀率的上升而上升。 * * * Homework * * * * * * * * * * * * * * * * * * * * * * 第五章 利率行为 Federal funds rate the federal funds rate is the interest rate at which depository institutions actively trade balances held at the Federal Reserve, called federal funds, with each other, usually overnight, on an uncollateralized basis. The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate. The Federal Reserve uses open market operations to influence the supply of money in the U.S. to make the federal funds effective rate follow the federal funds target rate. The target value is known as the neutral federal funds rate. At this rate, growth rate of real GDP is stable in relation to Long Run Aggregate Supply at the expected inflation rate. * * Libor The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. abbreviated to Libor ( /?la?b?r/) or LIBOR, or more officially to BBA Libor (for British Bankers Association Libor) or the trademark bbalibor. It is the primary benchmark, along with the Euribor, for short term interest rates around the world. Libor rates are calculated for ten currencies and 15 borrowing periods ranging from overnight to one year and are published daily at 11