清华大学货币银行学讲义（考研必备）Ch3.pptVIP

Ch3. Demand of money Understand the reasons that different sectors want to hold money The different money demand theories Transaction function (quantity equation, Fisher’s equation) Cash balance approach （现金余额, 剑桥方程式） Kenyes money demand theory （liquidity preference theory） Inventory model, (库存模型) Baumol 1952 Precautionary demand and buffer shock (谨慎需求和缓冲存量模型) Portfolio approach (资产选择方法Tobin 1958) Friedman’s quantity theory of money 弗里德曼货币需求理论 Cash-in-advance (现金先期模型,CIA) Over-lapping generation model 交叠世代模型中的货币需求 Shopping time model Test of money demand 需求的检验问题 3.1. Fisher’s transaction function (approach ) model： M=quantity of money; V=velocity: the number of times that a unit money is used; P=price level; Y=volume of transaction or production Main conclusions： Demand of money is not sensitive to interest rate. Quantity of money has stability constant relation with nominal output; Quantity of money decide the price level. Catachrestic of the model： Fisher’s equation research the money demand from transaction function of money, pay attention of aggregate demand; neglect the role of interest rate. V is stable in long-run. Monetary policy (货币政策)： Keep the stability supply of money, according to the real growth of economy. 3.2 Cash balance approach(Cambridge equation) model：M = kPY M: money demand; Y: real income or real wealth; P: price K: coefficient, the proportion of balance of cash to total of income or wealth Characteristic of the model (comparing with the model of Fisher): Analyses from individuals’ willing for hold money ； Not only consider the function of “medium of transaction”, but also consider the function of “store of value”; Consider the influences of expectation; 3.3 money demand of Kenyes（liquidity preference theory 流动性偏好理论） 3.3.1 framework of Kenyes’s money demand Kenyes’s money： Medium of trade, defer payment, store of value, unit account, money is a kind of compulsory contract of a society or a country. The society or government