货币金融学（第十二版）英文版教学课件mishkin_econ12e_ppt_25.pptxVIP

The Economics of Money, Banking, and Financial MarketsCopyright ? 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved.Transmission Mechanisms of Monetary PolicyTwelfth EditionChapter 25PreviewThis chapter examines the transmission mechanisms of monetary policy and evaluates the empirical evidence on them to better understand the role that monetary policy plays in the economy.Learning ObjectivesList and summarize the transmission mechanisms through which monetary policy can affect the real economy.Summarize and apply the four lessons outlined in this chapter for the conduct of monetary policy.Transmission Mechanisms of Monetary PolicyExamines whether one variable affects another by using data to build a model that explains the channels through which the variable affects the other.Transmission mechanismThe change in the money supply affects interest rates.Interest rates affect investment spending.Investment spending is a component of aggregate spending (output).Traditional Interest-Rate ChannelsAn important feature of the interest-rate transmission mechanism is its emphasis on the real (rather than the nominal) interest rate as the rate that affects consumer and business decisions.In addition, it is often the real long-term interest rate (not the real short-term interest rate) that is viewed as having the major impact on spending.Other Asset Price Channels In addition to bond prices, two other asset prices receive substantial attention as channels for monetary policy effects:Foreign exchange ratesThe prices of equities (stocks) Figure 1 The Link Between Monetary Policy and Aggregate Demand: Monetary Transmission MechanismsTobin’s q Theory Tobin’s q Theory explains how monetary policy can affect the economy through its effects on the valuation of equities (stock).Defines q as the market value of firms divided by the replacement cost of capital.If q is high, the market price of firms is high relative to the replacement cost of capital, and new plant and equipme