第六课——预习·monetary policy.pdfVIP

Monetary policy in U. S Theoretical Background Institution Monetary policy in 1970s Monetary policy in 1980s and 1990s Lessons Drawn from History 2 货币中性问题： （一）古典与新古典经济学笃信货币中性论 （二）凯恩斯主义提出利率传导机制 (红) （三）新古典综合学派沿袭凯恩斯货币传导理论 （四）货币主义补充非货币资产价格机制(强调货币供应量（绿）) （五）当代西方经济学两大流派在货币中性及传导问题上观点相左 1、新古典宏观经济学秉承古典货币中性论 2、新凯恩斯主义创新重视银行资产的信贷渠道（蓝） 信贷渠道 （利率渠道） 货币政策操作工具 操作目标 中介目标 最终目标 操作目标是中央银行可以运用来 操作目标是央行影响中 中介目标是判断最终目标能 调控操作目标的工具 介目标的变量 否达到的观测指标 3 货币政策 利率i 投资I 总需求Y， 关键有两点：（1 ）投机动机货币需求的利率弹性。 投机动机货币需求是利率变化的函数，所以货币量可 以通过货币价格——利率来影响公众的货币和债券资 产组合；（2 ）投资的利率弹性。 凯恩斯认为在通常状况下，货币需求的利率弹性很大 而投资的利率弹性很小，因此货币政策虽然是有用的， 但却没有什么大用，在经济衰退时，这样的货币传导 还将使货币政策失效. 4 M i I Y  M i P q I Y  e M i P TI C Y  e M i E NX Y  M L I Y  M i P NW L I Y  e 5 On December 23, 1913, the Federal Reserve System, which serves as the nations central bank, was created by an act of Congress. The System consists of a seven member Board of Governors with headquarters in Washington, D.C., and twelve Reserve Banks located in major cities throughout the United States. The seven members of the Board of Governors are appointed by the President and confirmed by the Senate to serve 14-year terms of office. Members may serve only one full term, but a member who has been appointed to compl