布兰查德宏观经济学 第四版 ppt 第04章课件.pptVIP

鳖伏岩膳胯崩规纤囊皑鸽哆煌味降贪娟钱呆奶娜佃马孵嗜毁哄怨室嗣纹脖布兰查德宏观经济学 第四版 ppt 第04章课件布兰查德宏观经济学 第四版 ppt 第04章课件;The Demand for Money;The Demand for Money;Income is what you earn from working plus what you receive in interest and dividends. It is a flow—that is, it is expressed per unit of time. Saving is that part of after-tax income that is not spent. It is also a flow. Savings is sometimes used as a synonym for wealth (a term we will not use in this course).;Your financial wealth, or simply wealth, is the value of all your financial assets minus all your financial liabilities. Wealth is a stock variable—measured at a given point in time. Investment is a term economists reserve for the purchase of new capital goods, such as machines, plants, or office buildings. The purchase of shares of stock or other financial assets is financial investment.;;Deriving the Demand for Money;;Figure 4 - 1;Figure 4 -1 suggests two main conclusions: The first is that there has been a large decline in the ratio of money demand to nominal income since 1960.Economists sometimes refer to the inverse of the ratio of money demand to nominal income ($Y/Md) as the velocity of money. The second conclusion is that there is a negative relation between year-to-year movements in the ratio of money demand to nominal income and year-to-year movements in the interest rate.;Figure 4 - 2;The Determination ofthe Interest Rate. i;Money Demand, Money Supply,and the Equilibrium Interest Rate;Money Demand, Money Supply,and the Equilibrium Interest Rate;Money Demand, Money Supply,and the Equilibrium Interest Rate;Money Demand, Money Supply,and the Equilibrium Interest Rate;Open Market Operations;;Bond Prices and Bond Yields;Bond Prices and Bond Yields;;Choosing Money orChoosing the Interest Rate?;;;The Determination ofthe Interest Rate, II;What Banks Do;The Balance Sheet of Banks and the Balance Sheet of the Central Bank Revisited;What Banks Do;Rumors that a bank is not doing well and some loans will not be repaid, will lead pe