部分长期古典理论new mankiw-macro4新曼昆.pptx

Part2

ClassicalTheoryintheLongRun

II.MONEYANDINFLATIONCh.4in6theditionorCh.4-5in7thedition

1.TheMoney1.1TheEvolutionofMoneyBarterCommodityMoney:Commoditymoneyismoneythathasintrinsicvalue.rawgold----goldcoinsCreditMoney(government)gold-backedpaperbillFiatmoneyFiatmoneyismoneywithoutintrinsicvalue.PapermoneyandBankmoney

Fiatmoneyismoneybydeclaration.Ithasnointrinsicvalue.Commoditymoneyismoneythathasintrinsicvalue.Whenpeopleusegoldasmoney,theeconomyissaidtobeonagoldstandard.EvolutionofMoney

1.2FunctionsofMoneyMediumofexchangeUnitofaccountStoreofvalue1.3ComponentsofMoney(HowMoneyisMeasured)M0=CurrencyNarrowMoney:M1=Currency+DemandDepositorCheckingDeposit=CU+DDBroadMoneyM2=M1+SavingDeposit+TimeDeposit

1.4HowMoneyisControlledOpenMarketOperationRequiredReserveRatioDiscountRate2.Theory:HowMoneyInfluenceTheEconomy----TheQuantityTheoryofMoney2.1TransactionQuantityEquationofMoneyM×V＝P×TM----moneyquantityV----TRANSACTIONSvelocityofmoneyP----priceT----thenumberoftransactions

TheFederalReservecontrolsthemoneysupplyin3ways:ConductingOpenMarketOperations(buyingandsellingU.S.Treasurybonds).ChangingtheReserverequirements(neverreallyused).ChangingtheDiscountratewhichmemberbanks(notmeetingthereserverequirements)paytoborrowfromtheFed.ThebeareroftheUnitedStatesTreasurybondisherebypromisedtherepaymentoftheprinciplevalueplustheinterestwhichitincursthroughthetermsstatedthereof.TheUnitedStateswilljustlyrepayitsbearersinitsentiretyandwillnotdefaultunderanycircumstances.SignatureofthePresident___________________US.TreasuryBond

2.1TransactionQuantityEquationofMoneyM×V＝P×TM----moneyquantity(supplysideofmoney）V----TRANSACTIONSvelocityofmoney