宏观经济学-课后思考题答案_史蒂芬威廉森010.pdf

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1、Chapter10AMonetaryIntertemporalModel:Money,Prices,andMonetaryPolicy¢TeachingGoalsAnalysisofamonetaryeconomycanbecomequitecomplex.Moderneconomiesrequiresignificantspecializationtofunctionwell.Suchspecializationrequiresacommonlyacceptedmediumofexchange.Moneyservesthisf

2、unction.Althoughitmattersquitealotthatwehavemoney,theactualquantityofmoneyincirculationisnotveryimportant.Thisfactemergesbecausethequantityofmoneyisneutral,ifnotintheveryshortrun,certainlyinthelongrun.Inthemonetaryintertemporalmodel,changesinthemoneysupplyaffectthele

3、velofprices,butdonototherwiseaffecteconomicoutcomes;moneyisneutral.Realfactorsmayalsoaffectthepricelevel.Thepriceleveladjuststokeepmoneydemandandmoneyequal.Disturbancesthatchangetheequilibriumlevelsofoutputandtherealinterestratethereforechangethepricelevel.Shiftsinpr

4、eferencesformoneyholdingalsoaffectthepricelevel.Theprincipleroleofmonetarypolicyinthemonetaryintertemporalmodelistocontrolthelevelofprices.Apopulargoalofpolicyistostabilizethepricelevelinresponsetoshockstotheeconomy.However,thecentralbank’sabilitytostabilizepricesmay

5、becompromisedifmoneydemanddoesnotbehaveinapredictablemanner.Itisalsoimportantforpolicytosettargetsandadheretoparticularpolicyrules.¢ClassroomDiscussionTopicsThepaymentstechnologyhascontinuallyadvancedovertime,buttherateofadvancehasacceleratedintheeraofcomputertechnol

6、ogy.Askthestudentsforexamplesofadvancesinthistechnologybeyondtheroutineuseofcashandthewritingofpaperchecks.SomeobviouspossibilitiesincludetheuseofATMs,computerandtelephonebanking,theuseofprepaidphonecardsandotherformsofsmartcardtechnologies.Studentsarealsolikelytodis

7、cusstheexistenceofcreditcardsandtheevermoresophisticatedwaystousecreditcardsandprotectagainstfraud.Asoneexample,thereistheuseofcreditcardstopayforpurchasesovertheInternet.Indiscussingthesepossibilities,itisalsoimportanttodistinguishthepaymentstechnologyfromtheproperm

8、easurementofthemoneysupply.Forexample,itisimportanttodistinguishbetweenpaymentarrangementsthatareusesofcredit,liketheuseofcreditcar