interest rate policy按一下以編輯母片文字樣式.pptxVIP

Interest rate policy;What is interest rate?;Now call x1 = today’s consumption, x2 = tomorrow’s consumption. p1 = 1, p2 = 1/R = 1/(1+r). ;Exercise;What is interest rate?;How’s the real interest rate determined in general equilibrium?;3 Equations Macroeconomics;The IS curve;The Phillips curve;The Taylor rule;3 Equations Macroeconomics;Exercise;Pboc announcement 28/2 (Sat);Interest Rate Policy ;Interest Rate Policy ;Interest Rate Policy – choice of a nominal anchor;Interest rate policy in China;Reasons for reform:;Inefficiency when interest rate is controlled;Monetary policy: quantity-based tools;RRR moves a lot over the years;RRR;Monetary policy: price-based tools;Interest rates of banks;Aside: Repo and interbank market;Interest rates of banks;Interest rates of banks;Interest rates of banks;Interest rates of banks;Interest rates of banks;Interest rates for central bank operations;Interest rates for central bank operations;Interest rates in the money and bond markets.;Interest rates in other financial markets;Interest rate policy in China;;Which interest rate really? The US case.;Which interest rate really? The China case now. ;Monetary policy transmission mechanism;Reference