【PPT精品课件】货币金融学7版英文课件--ch22-大学课.pptxVIP

Chapter 22The Demand for Money? 2005 Pearson Education Canada Inc.Quantity Theory of MoneyVelocity P ? YV = MEquation of Exchange M ? V = P ? YQuantity Theory of Money1. Irving Fisher’s view: V is fairly constant2. Equation of exchange no longer identity3. Nominal income, PY, determined by M4. Classicals assume Y fairly constant5. P determined by MQuantity Theory of Money Demand 1 M =?? PY VMd = k ? PYImplication: interest rates not important to Md? 2005 Pearson Education Canada Inc.Change in Velocity from Year to Year: 1915–2002? 2005 Pearson Education Canada Inc.Cambridge ApproachIs