Chapter 14 Money,Interest Rates and Exchange Rates 国际财务相关管理课件.pptVIP

Chapter 14 Money,Interest Rates and Exchange Rates;Introduction;14-1 Money Defined;14-1-1 What Is Money?;14-1-2 How the Money Supply Is Determined;14-2-2 Risk;14-2-3 Liquidity;14-3 Aggregate Money Demand;-The aggregate demand for money can be expressed by: Md = P x L(R,Y) (14-1) where: P is the price level Y is real national income L(R,Y) is the aggregate real money demand-Equation (14-1) can also be written as: Md/P = L(R,Y) (14-2) ;Figure 14-1: Aggregate Real Money Demand and the Interest Rate(P363);Figure 14-2: Effect on the Aggregate Real Money Demand Schedule of a Rise in Real Income(P363);14-4 The Equilibrium Interest Rate;;14-4-2 Interest Rates and the Money Supply;M2 P;14-4-2 output and the Interest Rate;Q2;14-5 The Money Supply and the Exchange Rate in the Short Run -Short run analysisThe price level and the real output are given. -Long run analysisThe price level is perfectly flexible and always adjusted immediately to preserve full employment;14-5-1 Linking Money, the Interest Rate, and the Exchange Rate;Figure 14-6: Simultaneous Equilibrium in the U.S. Money Market and the Foreign-Exchange Market(P368);Figure 14-7: Money-Market/Exchange Rate Linkages(P370);14-5-2 U.S.Money supply and Exchange Rate;Increase in U.S. real money supply;14-5-3 Europe’s Money supply and Exchange Rate;Figure 14-9: Effect of an Increase in the European Money Supply on the Dollar/Euro Exchange Rate(P372);14-6 Money,the Price Level,and the Exchange Rate in the Long Run;14-6-1 Money and Money Prices;14-6-2 the Long-Run Effect of Money Supply Changes;14-6-3 Empirical Evidence on Money Supplies and Price Levels In a cross-section of countries, long-term changes in money supplies and price levels show a clear positive correlation. P376,Figure 14-10 ;14-6-4 Money and the Exchange Rate in the Long Run(P376);14-7 Inflation and Exchange Rate Dynamics;14-7-1 Short-R