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AP宏观经济学教程
MoneySupply(M1)=Currency+CheckableDeposits+Traveler’sChecksOutstanding$2,269.7Billion$1,048.6Billion$1,217.1Billion$4BillionAsofJuly13,2012
M1WithComponents
CurrencyasPercentageofM1
AsofJuly13,2012M2=$9,991.5BillionM1$2,269.7Billion+SavingsDeposits$6,386.4Billion+Small-DenominationTimeDeposits$694.9Billion+MoneyMarketMutualFunds$640.5Billion
M2
MoneySupplyandGDPVelocity:Thenumberoftimesperyearthattheaveragedollarinthemoneysupplyisspentforfinalgoodsandservices.[Economics,McConnellBrueFlynn,19thedition,8-30]M1V=PQM1xVelocity=NominalGDP
CurrentFiguresAsofJan1,2012V=PQ/M1=6.96
VelocityofM1
Marketfor“FederalFunds”FederalFundsRate:Rateatwhichbankschargeoneanotherforovernightloansmadefromexcessreserves.rt=nominalinterestratetargetforfederalfunds(0%-0.25%forJuly2012)$rnMSMDrt
Marketfor“FederalFunds”MS=MoneySupplyessentiallysetbytheFederalReserveMD=MoneyDemandInfluences:TransactiondemandNominalGDPorIncome(+)Asset/SpeculativeDemandOpportunitycostofholdingmoney(-)PrecautionaryDemandUnforeseenExpenses(+)$rnMSMDrt
FederalFundsRate
RealInterestRatesandInterest-SensitiveInvestmentandConsumptionrreal$DesiredExpenditureInvestmentsr0ε0r1ε1
TheStructureofNominalInterestRatesRealInterestRate=RNominal–ExpectedInflationExle:15-YearMortgageRealInterestRate=3.17%–1.5%=1.67%AsofJuly2012
Exle:Real30-YearMortgageRate
BalanceSheet:BankABankAhasnoexcessreserves
BalanceSheet:BankBBankBhas$50excessreserves
RequiredReserveRatioBankreserves,requiredand/orexcess,mayeitherbeheldat:Thebank(vaultcash)TheregionalFederalReserveBank
AModelofDepositCreationWhenacommercialbankreceivesacashdeposit,thebank’sabilitytoincreaseloansbeginsachainofnewloansthatcanleadtoamultipliedincreaseindemanddepositsandinthemoneysupply.Theex
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