货币银行学-第16章.pptVIP

* * * * * * 从1929年的3147亿美元下降到1934年的2394亿美元，5年期间下降了24％。而消费价格指数在萧条期间也一直呈下降趋势，1933年的GPI与1929年相比下降了24．6％。在1929年9月到1932年6月期间，股市爆跌85％ ；GNP下降近于30％，失业率从3％升至25％ * * * Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. Chapter 14 Determinants of the Money Supply 14-* The Money Supply Model Define money as currency plus checkable deposits: M1 The Fed can control the monetary base better than it can control reserves Link the money supply (M) to the monetary base (MB) and let m be the money multiplier 14-* Deriving the Money Multiplier I 14-* Deriving the Money Multiplier II 14-* Deriving the Money Multiplier III 14-* Deriving the Money Multiplier IV 14-* Intuition Behind the Money Multiplier 14-* Factors that Determine the Money Multiplier Changes in the required reserve ratio r The money multiplier and the money supply are negatively related to r Changes in the currency ratio c The money multiplier and the money supply are negatively related to c Changes in the excess reserves ratio e The money multiplier and the money supply are negatively related to the excess reserves ratio e 14-* Factors that Determine the Money Multiplier (cont’d) The excess reserves ratio e is negatively related to the market interest rate The excess reserves ratio e is positively related to expected deposit outflows 14-* 14-* Open market operations are controlled by the Fed The Fed cannot determine the amount of borrowing by banks from the Fed Split the monetary base into two components MBn= MB - BR ? M = m(MBn + BR) The money supply is positively related to both the non-borrowed monetary base MBn and to the level of borrowed reserves, BR, from the Fed Additional Factors 14-* 14-* 14-* 14-* Explaining Movements in the Money Supply Over long periods, the primary determinant of movements in the money supply is the nonborrowed monetary base, which is controlled by the Fed’s open market operations 13-* 案例分析：1929-1933美国经济大萧条 表现 产量和物价大幅度下降 股市暴跌 奇高的失业率 银行与工厂倒闭 解释： 总需求不足 ，财政政策，货币政策不重要