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CH14Money,Interest Rates,and Exchange rates(国际经济学,Iordanis Petsas)课件.ppt

CH14Money,Interest Rates,and Exchange rates(国际经济学,Iordanis Petsas)课件.ppt

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时间：2020-07-30

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1、Chapter14Money,InterestRates,andExchangeratesCopyright©2003PearsonEducation,Inc.1IntroductionMoneyDefined:ABriefReviewTheDemandforMoneybyIndividualsAggregateMoneyDemandTheEquilibriumInterestRate:TheInteractionofMoneySupplyandDemandChapterOrganizationCopyright©2003PearsonEducation,Inc.2T

2、heMoneySupplyandtheExchangeRateintheShortRunMoney,thePriceLevel,andtheExchangeRateintheLongRunInflationandExchangeRateDynamicsSummaryChapterOrganizationCopyright©2003PearsonEducation,Inc.3IntroductionFactorsthataffectacountry’smoneysupplyordemandareamongthemostpowerfuldeterminantsofitsc

3、urrency’sexchangerateagainstforeigncurrencies.Thischaptercombinestheforeign-exchangemarketwiththemoneymarkettodeterminetheexchangerateintheshortrun.Itanalyzesthelong-termeffectsofmonetarychangesonoutputpricesandexpectedfutureexchangerates.Copyright©2003PearsonEducation,Inc.4MoneyDefined

4、:ABriefReviewMoneyasaMediumofExchangeAgenerallyacceptedmeansofpaymentMoneyasaUnitofAccountAwidelyrecognizedmeasureofvalueMoneyasaStoreofValueAtransferofpurchasingpowerfromthepresentintothefutureCopyright©2003PearsonEducation,Inc.5WhatIsMoney?Assetswidelyusedandacceptedasameansofpayment.

5、Moneyisveryliquid,butpayslittleornoreturn.Allotherassetsarelessliquidbutpayhigherreturn.MoneySupply(Ms)Ms=Currency+CheckableDepositsMoneyDefined:ABriefReviewCopyright©2003PearsonEducation,Inc.6HowtheMoneySupplyIsDeterminedAneconomy’smoneysupplyiscontrolledbyitscentralbank.Thecentralbank

6、:DirectlyregulatestheamountofcurrencyinexistenceIndirectlycontrolstheamountofcheckingdepositsissuedbyprivatebanksMoneyDefined:ABriefReviewCopyright©2003PearsonEducation,Inc.7Threefactorsinfluencemoneydemand:ExpectedreturnRiskLiquidityExpectedReturnTheinterestratemeasurestheopportunityco

7、stofholdingmoneyratherthaninterest-bearingbonds.Ariseintheinterestrateraisesthecostofholdingmoneyandcausesmoneydemandtofall.TheDemandfor MoneybyIndividualsCopyright©2003PearsonEducation,Inc.8RiskHoldingmoneyisrisky.Anunexpectedincreaseinthepricesofgoodsandservicescouldreducethe

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