大二下专业课宏观经济学颜色lecture5.pptxVIP

Lecture 5Money and Inflation;slide 2;China’s CPI: 1978-2010;Questions and Motivations;;Money: definition;Money: functions;Types of Money;Currency in Prison;Liquidity;Money as defined by Liquidity;M1 and M2;M1 and M2;Checks and Credit Cards?;Money in China;M2/GDP in China;;Inflation and the Price Level;Inflation and the Price Level;A common misperception;Average hourly earnings the CPI;The classical view of inflation;The social costs of inflation;The costs of expected inflation: 1. shoeleather cost;The costs of expected inflation:  2. menu costs;The costs of expected inflation: 3. relative price distortions;The costs of expected inflation:  4. unfair tax treatment;The costs of expected inflation:  4. General inconvenience;Additional cost of unexpected inflation: arbitrary redistributions of purchasing power;Additional cost of high inflation: increased uncertainty;One benefit of inflation;slide 32;Examples of Hyperinflation;Hyperinflation in Germany in the 1920s;;Seignorage: The Inflation Tax;slide 37;slide 38;slide 39;The Quantity Theory of Money;Velocity;Velocity of Money Circulation;Money demand and the quantity equation;Money demand and the quantity equation;The Quantity Theory of Money;The Quantity Theory of Money, cont.;slide 47;International data on inflation and money growth;Supply side: Depository Institutions;The Economic Functions of Depository Institutions;Reserves: Actual and Required;Creating Deposits by Making Loans;How Banks Create Money;The Money Multiplier;slide 55;slide 56;slide 57;slide 58;slide 59;Bank Panic;The Central Bank;Central Bank in China;国外资产???Foreign Assets;The Federal Reserve System;The Structure of the Fed;The Fed’s Organization;The Federal Open Market Committee (FOMC);Three Primary Functions of the Fed;Open-Market Operations;Other Tools the Central Bank Can Use;slide 71;Problems in Controlling the Money Supply;Demand side: The Theory of Liquidity Preference;The Demand for Money;The Demand for Money Curve;Money