金融市场与机构课件.ppt

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1、Chapter5MonetaryTheoryandPolicy©2001South-WesternCollegePublishingCompany1ChapterObjectivesDescribethewell-knowntheoriesofmonetarypolicyExplaintradeoffsinvolvedinmonetarypolicyDescribehowfinancialmarketparticipantsmonitorandforecasttheFed’spolicies2MonetaryTheoriesDevelop

2、edbyJohnKeynesandhisstudentsInitiallytriedtoexplaininadequacyofmonetarypolicyduringgreatdepressionEffectivenessofmonetarypolicydependsuponThesensitivity(elasticity)ofeconomytochangesIninterestratesAdvocatesfiscalpolicy3MonetaryTheoriesKeynesiantheorycontinuedFocusonhowago

3、vernmentsurplusordeficitcaninfluencetheeconomyAdvocatesproactiveeconomicpolicyCanconsiderthetheoryusingtheframeworkofloanablefunds4MonetaryTheoriesKeynesiantheorytocorrectaweakeconomyTostimulatetheeconomytheFedbuyssecuritiesinanopenmarketoperationFed’sactionsincreasethesu

4、pplyofloanablefundsInterestratesdropandbusinessinvestmentgoesupKeynesiantheorytocorrecthighinflationGovernmentpolicytoreducespending5MonetaryTheoriesKeynesiantheoryandcreditcrunchesBanks’willingnesstolendaffectsmonetarypolicyBankslendbasedonevaluationofborrower’sabilityto

5、repay,notjustavailabilityoffundsMonetarypolicytostimulatetheeconomyworksonlyifbanksfindenoughqualifiedborrowersRestrictivemonetarypolicymaymagnifycreditcrunch6MonetaryTheoriesQuantitytheoryBasedonequationofexchangeMV=PGQM=amountofmoneyintheeconomyV=velocity,averagenumbero

6、ftimeseachdollarchangeshandsduringtheyearPG=weightedaveragepricelevelofgoodsandservicesintheeconomyQ=quantityofgoodsandservicessold7MonetaryTheoriesQuantitytheory’sassumptionsPGQisthetotalvalueofgoodsandservicesproducedAssumeVconstantorpredictable--changingMimpactstotalsp

7、endingMshouldgrowatrateofoutputcapacity,QFasterMgrowthincreasesPGorinflation8MonetaryTheoriesMonetaristsVelocityisaffectedbyIncomelevelsFrequencyincomeisreceivedUseofcreditcardsInflationaryexpectationsVelocitychangesfoundtobepredictableandnotrelatedtofluctuationsinmoneysu

8、pply9MonetaryTheoriesMonetaristLeteconomicproblemsresolvethemselvesLowgrowthreducesborrowingandl