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1、Chapter10TheDemandforMoneyandthePriceLevel1ConceptsofMoneyOurmodelhasthreeformsofassets:money,bonds,andownershipofcapital.Ouranalysisinchapters6-8undertheassumptionthateachhouseholdheldaconstantstockofmoney,M.Whyhouseholdsholdpartoftheirassetsasmoney?Demandfor
2、money.2ConceptsofMoneyAssumedthatmoneyisthesolemediumofexchangeintheeconomy.Householdsdonotdirectlyexchangegoodsforgoods(aprocesscalledbarter)orbondsforgoods,andsoon.Themoneyinourmodelmatchesupwithpapercurrencyissuedbyagovernment.3ConceptsofMoneyThesepapercurr
3、enciesaresometimescalledfiatmoneybecausetheyhavevalueduetogovernmentfiat,ratherthanthroughintrinsicvalue.Atearliertimes,societiestendedtorelymoreoncommoditymoney,suchasgoldandsilvercoins,whichdohaveintrinsicvalue.4ConceptsofMoneyWhythismoneymightoccupythedomin
4、antpositionasaneconomy’smediumofexchange?First,thegovernmentmayimposelegalrestrictionsthatpreventprivateparties,suchasMicrosoftCorporation,fromissuingsmall-size,interest-bearingbondsthatcouldserveconvenientlyashand-to-handcurrency.5ConceptsofMoneyFurther,thego
5、vernmentmayenactstatutesthatreinforcetheuseofitsmoney.Asanexample,thereistheproclamationthattheU.S.dollaris“legaltenderforalldebtspublicandprivate.”Also,U.S.courtsaremoreinclinedtoenforcecontractsthataredenominatedinU.S.dollarsratherthaninsomeotherunit.6Concep
6、tsofMoneyAnotherconsiderationisthecostofestablishingone’smoneyasreliableandconvenient.Anotherconsiderationisthecostofestablishingone’smoneyasreliableandconvenient.Becauseofthesecosts,moneywouldalwaystendtobearinterestataratelowerthanbonds.Infact,becauseofthein
7、convenienceofpayinginterestonhand-to-handcurrency,theinterestrateoncurrencyistypicallyzero.7ConceptsofMoneyThetheoreticalconstructcorrespondsmostcloselytocurrencyheldbythepublic.Theterm“money”typicallyreferstoamonetaryaggregatethatisbroaderthancurrency.Themost
8、commondefinition,calledM1,attemptstoclassifyasmoneytheassetsthatserveregularlyasmediaofexchange.8ConceptsofMoneyThisconceptaddstocurrencyheldbythepublicthecheckabledepositsissuedby
