中级宏观经济学讲义7分析.ppt

Intermediate Macroeconomics 7 Money Evolution Barter ?stones, shells, ?metal ?noble metal (gold, silver) ?fiat money (网络虚拟货币) Money Functions Medium of exchange Measure of value Store of value Money Gresham’s law (格雷欣法则, 1559） “Bad money drives good money out of circulation” 在双本位货币制度下，如果称币值（重量或成色）高的货币为良币，币值低的货币为劣币，则二者并行流通时，良币功能将转化为收藏而退出流通领域。 Money 此法则何时适用/出现？ 劣币和良币同时为法定货币 两种货币有一定法定比率 两种货币总和必须超过社会所需的货币量 识别成本？ 持续时间？ Money 金圆券：为什么禁止银元和黄金流通？ 法定纸币的社会，假如流通货币不止一种，会出现什么情况？ 我国的货币供应量指标 Money Money 货币数量与真实产出 货币数量和价格水平 Monetary theories The Quantity Theory of Money (货币数量论) (1903， Irving Fisher, Yale, 1867-1947) Money * Velocity = Price * Transactions M * V = P * T M * V = P * Y Monetary theories Y is fixed in the LR (assumption of Ch.3) What determines V? How many products needs to be consumed (Y) Overall price level (P) Amount of money people holding in hand (MD) Monetary theories 对实际货币余额(real money balance)的需求： Demand of real money balance determines V Monetary theories Assume V is a constant in the LR % Δ in M = % Δ in P “a normal effect of an increase in the quantity of money is an exactly proportional increase in the general level of prices.” --- Irvine Fisher Monetary theories The quantity theory of money states that the central bank, which controls the money supply, has the ultimate control over the rate of inflation. Increasing money supply has NO effect on real output level Classical dichotomy (古典二分法) --- LR Monetary theories Monetary theories MS inflation rate (U.S. 1870s - 1990s) Monetary theories The Keynesian Chain (1930s) (John Keynes, Cambridge, 1883-1946) MS ↑ i ↓ (名义利率由货币市场的供给和需求决定） r ↓ (i = r +π) 投资量 ↑ Y ↑ Therefore, MS DOES affect the real output level Monetary theories 1940s – 1960s, most glamorous However, stagflation appeared in the late 1960s and 1970s Monetary theories Monetar