古典宏观经济货币.ppt

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1、Chapter4ClassicalMacroeconomics——Money,PricesandInternetRateInthischapter,wewilldiscussthreequestions.1.theClassicalTheoryofAggregatePriceLevelDetermination2.theDeterminationoftheInternetrate3.theClassicalViewsonMonetaryandFiscalPolicy4.1THEQUANTITYOFMONEYI

2、ntheclassicaltheory,thequantityofmoneydeterminesaggregatedemondwhichinturndeterminesthepricelevel.4.1.1TheEquationofExchange4.1.2TheCambridgeApproachtotheQuantityTheory4.1.1TheEquationofExchangeItisanidentityrelatingthevolumeoftransactionsatcurrentpricestot

3、hesupplyofmoneytimestheturnoverrateofeachdollar.MVTΞPTT(4.1)Intheidentity,VTisthethetransactionsvelocityofmoney,whichmeasurestheaveragenumberoftimeseachdollarisusedintransationsduringtheperiod.Itwasdeterminedbythepaymentshabitsandpaymenttechnologyofsociety.

4、MisthequantityofmoneyPTisthepriceindexfortheitemstradedTisthevolumeoftransactions,whichincludesnotonlysalesandpurchasesofnewlyproducedgoodsbutalsoexchangesofpreviousproducedgoodsandfinancialassetsTherelationshipisanidentitybecauseoftheexpostdefinitionofvelo

5、city.Example,Overagivenperiodthevalueoftranscationsincurrentdollars(PTT)were$3,600billionandthemoneysupply(M)were$300billion.Howcanwedefinethetransactionsvelocity(orturnoverrate)ofmoneyasthenumberoftimestheaveragedollarwasusedintransactions?VTΞPTT∕M=3,600∕3

6、00=12(4.2)AnotherexpressionoftheexquationMVΞPY(4.3)Misthequantityofmoney,Vistheincomevelocityofmoneyinvolvingcurrentoutput,Pisthepriceindexforcurrentlyproducedoutput,Yisthelevelofcurrentoutput.Itfocusesonlyonincometransactions.Thevariablesin(4.3)areeasierto

7、measureandarecentraltoourconcerns.(4.3)canalsobechangedintoVΞPY∕M(4.4)1)Theequilibriumlevelofvelocitywasdeterminedbyinstitutionalfactorsandcouldberegardedasfixedfortheshortrun.2)Outputisfixedfromthesupplyside.‗‗soMV=PY(4.5)_VorP=—M(4.6)_YWecanconclute"Thequ

8、antityofmoneydeterminesthepricelevel".4.1.2TheCambridgeApproachtotheQuantityTheoryMarchallbeganbyfocusingontheindividual'sdecisionontheoptimalamountofmoneytohold.Moneywillbeheldonlyinsofarasitsyieldin