斯蒂芬D威廉森宏观经济学第三版第十五章Stephen D. Williamson27s Macroeconomics, Third Edition chapter15.ppt

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1、Chapter15Money,InflationandBankingChapter15TopicsAlternativeformsofmoney.Moneyandtheabsenceofdoublecoincidenceofwants.Thecausesandeffectsoflong-runinflation.Financialintermediationandbanking.2Copyright©2008PearsonAddison-Wesley.Allrightsreserved.Alternat

2、iveFormsofMoneyCommoditymoneyCirculatingprivatebanknotesCommodity-backedpapercurrencyFiatmoneyTransactionsdepositsatbanks3Copyright©2008PearsonAddison-Wesley.Allrightsreserved.TheDouble-CoincidenceProblemandtheRoleofMoneyBarterexchangeisdifficultinhighly

3、-developed,specializedeconomies.Economicexchangerequiressearchcosts,andthesecostsarehighwheneconomicagentsarespecializedinconsumptionandproduction,andcanonlytradeagoodorserviceforanothergoodorservice.Searchcostsarereduceddramaticallyifeveryoneacceptsmone

4、yinexchangeforgoodsandservices.4Copyright©2008PearsonAddison-Wesley.Allrightsreserved.Figure15.1AnAbsence-of-Double-CoincidenceEconomy5Copyright©2008PearsonAddison-Wesley.Allrightsreserved.Figure15.2Good1asaCommodityMoneyintheAbsence-of-Double-Coincidenc

5、eEconomy6Copyright©2008PearsonAddison-Wesley.Allrightsreserved.Figure15.3FiatMoneyintheAbsence-of-Double-CoincidenceEconomy7Copyright©2008PearsonAddison-Wesley.Allrightsreserved.TheEffectsofLong-RunInflationUsethemonetaryintertemporalmodelfromChapter10.S

6、howthatmoneyisnotsuperneutral–highermoneygrowthcauseshigherinflation,whichaffectsrealeconomicvariables.Anincreaseinthemoneygrowthrateincreasestheinflationrateandthenominalinterestrate,andreducesemploymentandoutput.8Copyright©2008PearsonAddison-Wesley.All

7、rightsreserved.Figure15.4ScatterplotoftheInflationRatevs.theGrowthRateinM0fortheUnitedStates,1960–20069Copyright©2008PearsonAddison-Wesley.Allrightsreserved.Equation15.1Assumethatthecentralbankcausesthemoneysupplytogrowataconstantrate.10Copyright©2008Pea

8、rsonAddison-Wesley.Allrightsreserved.Equation15.2Inequilibrium,moneysupplyequalsmoneydemand.11Copyright©2008PearsonAddison-Wesley.Allrightsreserved.Equation15.3Moneysupplyalsoequalsmoneydemandinthefutureperiod.12Copyright©