马克思的货币念.pptVIP

Money, Interest Rates, Exchange Rates;money supply;Money?;Money Supply;Demand for money by individuals;Aggregate Money Demand → →Md;For a given real income level, Y, real money demand rises as the interest rate falls.;Money Supply;If there is an excess supply of money, then R↓ If there is an excess demand of money, then R↑;An increase in real output raises the interest rate, and vice versa, given the price level and money supply.;Money supply exchange rate in the short run;Linking money, interest rate, exchange rate;Foreign exchange market;Conclusions;Money, price level, exchange rate in the long run;Foreign exchange market;Money Money Prices;All else equal, an increase in a country’s money supply causes a proportional increase in its price level.;The long-run effects of money supply changes;Empirical evidence:;Case in Industrialized Countries;Case in Latin America-time series;Money Exchange Rate in the long run;Short-run price rigidity vs. long-run price flexibility;The exchange rate is much more variable than relative price level; The price levels are relatively rigid in the short run and they will not jump in response to policy changes.;There are some exceptions of short-run stickiness of price levels ;千坐喀奇喘嗡牛慷具轿鸵宰屡囊赡环措颂麻峡霹琵哗礼赴央繁惜度毗皮虫马克思的货币念马克思的货币念;Permanent money supply changes the exchange rate;Short-run effects;Exchange rate overshooting;Time paths of U.S. economic variables after a permanent increase in the U.S money supply;Overshooting;Development of “Overshooting”;预期的未来汇率水平不变，导致汇率调整的主要因素是本国利率的调整。 随着利率的逐步提高，实际汇率也逐步升值并向其长期平衡水平趋近。 一直持续到均衡状态：价格水平发生与货币供应量的增加同比率上涨。此时，购买力平价成立。;超调模型的评价