宏观经济学-货币政策 (英文).pptx

Speaker;chapter;The Central bank use of open market operations, changes in the discount rate ,and changes in the required reserve ratio to change the money supply.;;The ultimate goal of monetary policy in general there are four : price stability, full employment , promote economic growth and the balance of international payments.;Frictional unemployment:unemployment caused by the normal search time require by workers with markedable skills who are changing jobs , initially entering the labor force,re-entering the labour force,or seasonally unemployed. Structural unemployment: unemployment caused by a mismatch of the skills of workers out of work and the skills required for existing job opportunities. Cyclical Unemployment: unemployment caused by the lack of jobs during a recession.;The Demand for Money;The stock of money people hold to pay everyday predictable expenses.;The stock of money people hold to unpredictable expenses.;The stock of money people hold to take advantage of expected future changes in the price of bonds, stocks, or other nonmoney financial assets.;The Equilibrium Interest Rate;;;;;;; Following the Asian financial crisis in 1997, in order to repair the impact of the crisis on the economy, recover and stimulate the economic development, implement the expansionary monetary policy, that is, to reduce interest rates, increasing the money supply, china's economy has been good recovery, and began growing fast. After 2000,implement the prudent monetary policy. In this period, china's economy maintained a fast growth trend. In recent years, due to the overheated investment in fixed assets, and produce more serious inflation, the central bank raised interest rates 6 times in 2007, which states the tight monetary policy begin to enter the stage of history.; 2010 measures January 18 Raised the deposit reserve rate of 0.5% . February 25 Raised the deposit reserve rate of 0.5% . May 10