Lecture 6 The Money Market Analysis(宏观经济学(南开大学,龚刚).ppt

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1、Lecture6MoneyMarketAnalysisMacroeconomicsI.IntroductionTheobjectiveofthischapteristostudyhowmoneyandinterestrateisdeterminedinthemoneyandfinancialmarket.Themoneyandfinancialmarketisthemarketinwhichmoneyandvariousfinancialassets(suchas,bondsandstocks)aree

2、xchanged.I.IntroductionTheFunctionsofMoneyMediumofExchangeStoreofValueUnitofAccountI.IntroductionTypesofmoneyinmoderneconomyM1:CurrencyandNotes(issuedbycentralbank),alsocalledhighpoweredmoneyormonetarybase.checkabledeposit.M2:M1+Non-checkablesavingdeposi

3、tetc.M3:M2+LargetimedepositNote:M1isthemostliquidmoneyfollowedbyM2andM3.II.TheDemandforMoneyTransactionDemandforMoney:Moneyisamediumoftransaction.Thetransactiondemandformoneyisthosemoneythatisholdfortransactionalpurpose.Itisassumedthatthetransactiondeman

4、dformoneyisrelatedtonominalGDP.II.TheDemandforMoneyAssetDemandforMoneyMoneyisalsoanasset.Theassetdemandformoneyisthosemoneythatisdemanded(orhold)becauseofmoneyasanasset.However,unliketheotherassets,suchasbonds,stocks,etc.,moneymay(orevendoesnot)generatei

5、nterestrate.Comparingtootherassets,itsonlyadvantageistheliquid.Thereforeitcanbeexpectedthatwheninterestrateofotherassetsincrease,thedemandformoneywilldecline.II.TheDemandforMoneyAssetDemandforMoney(continued)interestrateofanasset(bond)(1)whereP1istheface

6、value,P0isthecurrentmarketvalueofthebond,iistherateofreturnwhichisalsotheinterestrate.Thisindicatesthatinterestrateisnegativelyrelatedtothemarketpriceofbond,giventhefacevalue.II.TheDemandforMoneyTheTotalDemandforMoneyThetotaldemandformoneyisthesumoftrans

7、actiondemandformoneyandassetdemandformoney:Md=h·P·Y－k·i(seethefigure)II.TheDemandforMoneyTheTotalDemandforMoney(continued)III.TheMoneyMarketEquilibriumTheSupplyofMoneyInthestandardtextbooks,thesupplyofmoneyisoftenregardedasbeingcontrolledbythecentralbank

8、,andthereforeitisoftenassumedtobeexogenuous:(seethefigure)III.TheMoneyMarketEquilibriumiMs0TheSupplyofMoney(continued)MIII.TheMoneyMarketEquilibriumTheMoneyMarketEquilibriumThemoneymarketequilibriumistheconditionatwhichwhi