Chapter 14determinants of money supply 货币金融课件.pptVIP

Ⅰ The Money Supply Model and the Money Multiplier Ⅰ The Money Supply Model and the Money Multiplier Ⅰ The Money Supply Model and the Money Multiplier Problems: 1、 2、“The money multiplier is necessarily greater than 1.”Is this statement true, false, or uncertain? Explain your answer. false. 3、“If reserve requirements on checkable deposits were set at zero, the amount of multiple deposit expansion would go on indefinitely（无限）.” Is this statement true, false, or uncertain? Explain. false. Ⅱ Factors That Determine the Money Multiplier Ⅲ Additional Factors That Determine the Money Supply * * 一、 The Money Supply Model MB=C+R 央行对基础货币的控制力强于准备金 Money multiplier: 货币乘数，央行创造一单位 基础货币所能增加的货币供应量，反映了基础货币 转化为货币供给的倍数。 M1=C(现金）+D（支票存款） m1 high-powered money 二、 Deriving the Money Multiplier （一）Facts: 1、An additional dollar of MB that arises from an additional dollar of currency does not support any additional deposits. C增加-----不会引起多倍存款创造（扩张）。 R增加 ---- 会引起多倍存款创造（扩张）。 2、An additional dollar of MB that goes into excess reserves ER does not support any additional deposits or currency. For a given level of reserves, a higher amount of excess reserves implies that the banking system in effect has fewer reserves to support deposits. MB ↑ ER↑ Loan 不变 D不变 MB不变 ER↑ Loan↓ D↓ 支持存款的R减少 二、 Deriving the Money Multiplier （二）Derivation: Money multiplier is a function of the currency ratio set by depositors c, the excess reserves ratio set by banks e, and the required reserve ratio set by the Fed r. Notes: 没有存款现金漏出和超额准备， 准备金增加会最大限度多倍创造存款。 求 M1, m 一、 Changes in the Required Reserve Ratio r r↑ L↓ D和M↓ m↓ MB不变 负相关 二、 Changes in the Currency Ratio c c↑ C↑ D和M↓ m↓ MB不变 负相关 三、 Changes in the Excess Reserves Ratio e e↑ ER↑ D和M↓ m↓ MB不变 负相关 1、Market Interest Rates：opportunity cost 2、Expected Deposit Outflows：benefit 负相关 正相关 Money base MB = MBn + DL DL: discount loans from the Fed, 美联储贴现贷款。 The Federal Rese