米什金 货币银行学 课件.pptVIP

Chapter 22 The Demand for Money Quantity Theory of Money Velocity P ? Y V = M Equation of Exchange M ? V = P ? Y Quantity Theory of Money 1. Irving Fisher’s view: V is fairly constant 2. Equation of exchange no longer identity 3. Nominal income, PY, determined by M 4. Classicals assume Y fairly constant 5. P determined by M Quantity Theory of Money Demand M = 1/v ?? PY Md = k ? PY Implication: interest rates not important to Md Change in Velocity from Year to Year: 1915–2002 Cambridge Approach Is velocity constant? 1. Classicals thought V constant because didn’t have good data 2. After Great Depression, economists realized velocity far from constant Keynes’s Liquidity Preference Theory 3 Motives 1. Transactions motive — related to Y 2. Precautionary motive — related to Y 3. Speculative motive A. related to W and Y B. negatively related to i Liquidity Preference Md = f(i, Y) P – + Keynes’s Liquidity Preference Theory Implication: Velocity not constant P 1 = Md f(i,Y) Multiply both sides by Y and substitute in M = Md PY Y V = = M f(i,Y) 1. i ?, f(i,Y) ?, V ? 2. Change in expectations of future i, change f(i,Y) and V changes Baumol-Tobin Model of Transactions Demand Assumptions 1. Income of $1000 each month 2. 2 assets: money and bonds If keep all income in cash 1. Yearly income = $12,000 2. Average money balances = $1000/2 3. Velocity = $12,000/$500 = 24 Keep only 1/2 payment in cash 1. Yearly income = $12,000 2. Average money balances = $500/2 = $250 3. Velocity = $12,000/$250 = 48 Trade-off of keeping less cash 1. Income gain = i ??$500/2 2. Increased transactions costs Conclusion: Higher is i and income gain from holding bonds, less likely to hold cash: Therefore i ?, Md ? Cash Balance in Baumol-Tobin Model Precautionary and Speculative Md Precautionary Demand Similar tradeoff to Baumol -Tobin framework 1. Benefits of precautionary balances 2. Opportunity c