宏观经济学原理教辅 (11).pdf

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1、11(23)MoneyDemand,theEquilibriumInterestRate,andMonetaryPolicyOUTLINEOFTEXTMATERIALI.IntroductionA.Thepreviouschaptercoveredthemoneysupplyandhowmoneyiscreated.B.Thischaptercoversthedemandformoney.1.Weneedmoneysupplyanddemandsowecanfindouttheequilibriumintere

2、strate.2.Interestisthefeeaborrowerpaystoalenderfortheuseofhisorherfunds.3.Theinterestrateistheannualinterestpaymentonaloanexpressedasapercentageoftheamountoftheloan.4.Weassumethereisonlyoneinterestrate.TOPICFORCLASSDISCUSSION:Theauthorsassumethereisonlyonein

3、terestrate.Implicitlytheyarealsoassumingthatallassetsareperfectsubstitutes.Intherealworldthisassumptioniscertainlynottrue.Ifyourclassisadvancedyoumightwanttodiscusstheissueofassetsubstitutability.Towhatextentarevariousassets(financialandreal)substitutesforea

4、chother?Howdoesthataffectthedegreetowhichtheirprices(andthereforeratesofreturn)movetogether?TEACHINGTIP:Studentsareoftenfascinatedbyinterestrates.Showingthemhowtoreadthefinancialpages(especiallybondmarkets)intheWallStreetJournalisagoodwaytoholdtheirinter

5、estrate.9192PrinciplesofMacroeconomicsII.TheDemandforMoneyA.Ahouseholdorbusinessonlywantstoholdafractionofitsfinancialwealthasmoney.1.Moneyearnsnointerest(orverylittleinterest).2.Otherfinancialassetsdoearninterest.3.Thetotalamountoffinancialassetsistakenasg

6、iven.B.TheTransactionMotive1.AccordingtoKeynestherewerethreemotivesforholdingmoney:transactions,precautionary,andspeculative.Ofthesethetransactionsmotiveismostimportanttoday.a.Theprecautionarydemandformoneyhasbeenlargelyreplacedbycreditcards.b.Thespeculative

7、demandformoneyhasbeenentirelyreplacedbyshort-termliquidfinancialinstrumentsthatearnmarketinterest.2.Moneyisheldbecauseitisusefulforbuyingthings.3.Assumptionsa.Thereareonlytwokindsofassets,bondsandmoney.Moneyearnszerointerest,bondsearnpositivenominalinterest.

8、b.Incomeandspendingarenotsynchronized.Spendingisexactlyequaltoincomebutoccursattimesdifferentfromreceivingtheincome.C.MoneyManagementandtheOptimalBalance1.Thereisatrade-offbetweenthequantityofmo