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1、TheDemandforMoneyandthePriceLevelChapter101MacroeconomicsChapter102MacroeconomicsChapter10ConceptsofMoneyFiatmoneyhasvalueduetogovernmentfiat,ratherthanthroughintrinsicvalue.Commoditymoney,suchasgoldandsilvercoins,whichdohaveintrinsicvalue.High-poweredmoney,whichaddsthedeposit
2、sheldbybanksandotherdepositoryinstitutionsAttheFederalReserve.Anothernameforhigh-poweredmoneyisthemonetarybase.3MacroeconomicsChapter10ConceptsofMoneyMonetaryaggregateAmonetaryaggregateisthetotaldollarstockofagroupoffinancialassetsdefinedtobemoney.Themostcommondefinition,calle
3、dM1Checkabledepositsissuedbybanksandotherfinancialinstitutions.4MacroeconomicsChapter105MacroeconomicsChapter106MacroeconomicsChapter10ConceptsofMoneyMonetaryaggregateM2includeshouseholdholdingsofsavingsdeposits,small-timedeposits,andretailmoney-marketmutualfunds.TheM2definiti
4、ongoesbeyondtheconceptofmoneyasamediumofexchange.Inourmodel,itisbesttouseanarrowerdefinitionofmoney,forexample,ascurrencyheldbythepublic.7MacroeconomicsChapter10TheDemandforMoneyMoneyishand-to-handcurrencyAssumethattheinterestratepaidonmoneyiszero.BondsandownershipofcapitalInt
5、erest-bearingassetsTheseassetspayapositivereturntotheholder.8MacroeconomicsChapter10TheDemandforMoneyThehouseholdbudgetconstraintinnominaltermsPC+∆B+P·∆K=π+wL+i·(B+PK)nominalconsumption+nominalsaving=nominalincome9MacroeconomicsChapter10TheDemandforMoney“demandformoney,”Md,The
6、averageholdingofmoneythatresultsfromthehousehold’soptimalstrategyformoneymanagement.10MacroeconomicsChapter10TheDemandforMoneyTheInterestRateandtheDemandforMoneyAhigherinterestrate,i,providesagreaterincentivetoholddownaverageholdingsofmoney,M,inordertoraiseaverageholdingsofint
7、erest-bearingassets,B+PK.Thatis,withahigheri,householdsaremorewillingtoincurtransactioncostsinordertoreduceM11MacroeconomicsChapter10TheDemandforMoneyTheInterestRateandtheDemandforMoneyWepredict,accordingly,thatanincreaseinireducesthenominaldemandformoney,Md.Foragivenpriceleve
8、l,P,wecanalsosaythatahigherilowerstherealdemandformoney,Md/P.
