米什金货币金融学lecture8 money demand
米什金《货币金融学》(第9版)配套题库 课后习题(第21章 IS-LM模型中的货币政策与财政政策)【
第21章IS-LM模型中的货币政策与财政政策一、概念题1．总需求曲线（aggregate demand curve）答：总需求曲线表示人们愿意购买的商品和服务总量与价格水平之间的关系，是产品市场和货币市场同时达到均衡时价格水平与国民收入间依存关系的曲线。
总需求曲线向下倾斜，当价格水平提高时，国民收入水平就下降；当价格水平下降时，国民收入水平就上升。
总需求曲线代表商品市场和货币市场的同时均衡。
商品市场的扩张（比如说，由消费信贷的增加或者扩张性的财政政策所引起）会向上和向右移动总需求曲线。
扩张性的货币政策同样也会使总需求曲线向右上方移动；反之，则向左下方移动。
消费者与投资者的信心也影响总需求曲线：当信心增强时，总需求曲线向右移动；当信心削弱时，总需求曲线向左移动。
2．长期货币中性（long-run monetary neutrality）答：长期货币中性是指在长期中，货币供应量的一次性、一定百分比的上升，将被价格水平相同比例的上升所抵消，从而使实际货币供应量和利率等其他所有实际经济变量保持不变。
3．总产出的自然率水平（natural rate level of output）答：总产出的自然率水平是对应着自然失业率的产出水平，是指宏观经济实现充分就业（即失业率为自然失业率水平）时的产出水平。
在短期内，经济的产出水平可能会高于或低于自然率水平，但是，在长期内，经济将回复到自然率水平。
4．完全挤出（completely crowing out）答：完全挤出，与部分挤出相对而言，是指政府支出增加所引起的私人消费或投资等量下降的经济效应。
根据货币主义学派的观点，货币供应量是导致总需求曲线发生移动的惟一因素，当其他变量C、I和NX保持不变，政府支出增加时，政府不得不在信用市场上与私人借款人争夺资金以支持庞大的政府支出。
这样会导致利率水平升高，这会提高进行计划投资和消费的融资成本，并会减少净进口量。
造成的结果是私人支出水平下降，总需求水平保持不变。
货币金融学米什金版本名词一览表
Chapter 1 Why Study Money, Banking, and Financial Markets? 第一章：为什么要研究货币、银行与金融市场1.aggregate income 总收入2.aggregate output 总产出3.aggregate price level 物价总水平4.budget deficit 预算赤字5.GDP 国内生产总值6.unemployment rate 失业率Chapter 2An Overview of the Financial System第二章：金融体系概览1.asset transformation 资产转化2.adverse selection 逆向选择3.asymmetric information 信息不对称4.Eurobond 欧洲债券5.financial panic 金融恐慌6.foreign bonds 外国债券7.liquid 流动性8.economic of scale 规模经济9.primary market 一级市场10.s econdary market 二级市场11.t ransaction costs 交易成本Chapter 3 What Is Money?第三章：什么是货币？modity money 商品货币2.currency 通货3．M14. M25. Fiat money 不兑现货币6. hyperinflation 恶性通货膨胀7. E-cash 电子现金8. M 3Chapter 4 Understanding Interest Rates第四章：理解利率1.real interest rate 实际利率2.coupon bond 息票债券3.indexed bond 指数化债券4.coupon rate 息票利率5.current yield 当期收益率6.yield on a discount basis 贴现基础上的收益率7.present value现值8.discount bond （zero-coupon bond）贴现发行债券（零息债券）9.rate of capital gain资本利得率10.yield to maturity 到期收益率Chapter 5 the behavior of interest rates第五章：利率行为1. opportunity cost 机会成本2. demand curve 需求曲线3. liquidity preference framework 流动性偏好理论4. loanable funds 可贷资金5. loanable funds framework 可贷资金理论6. Fisher effects 费雪效应Chapter 6 the Risk and Term Structure of Interest Rates第6章利率的风险结构与期限结构1. inverted yield curve 翻转的收益率曲线2. junk bonds 垃圾债券3.liquidity premium theory 流动性溢价理论4.preferred habitat theory 期限优先理论5.risk premium 风险溢价6.segmented markets theory 分割市场理论7.yield curve 收益率曲线8.terms structure of interest rates 利率期限结构Chapter 7The Stock Market, the Theory of Rational Expectations, and the efficient Market Hypothesis第7章股票市场、理性预期理论与有效市场假定1. adaptive expectations 适应性预期2. bubble 泡沫3. efficient markets 有效市场4. rational expectations 理性预期5. residual claimant 剩余索取权6. markets fundamentals 市场基本面Chapter 8An Economic Analysis of Financial Structure第8章金融结构的经济学分析1. agency theory 代理理论2. pecking order hypothesis 啄食顺序假定3. debt deflation 债务萎缩4.free-rider problem 免费搭车问题5. incentive-compatible 激励相容6. net worth(equity capital) 净值（权益资本）Chapter 9Banking and the Management of Financial Institutions第9章银行业与金融机构的管理1. compensating balance 补偿性余额2. discount loans 贴现贷款3. discount rates 贴现率4. duration 久期5. excess reserves 超额准备金6. gap analysis 缺口分析7. off-balance-sheet activities 表外业务8. required reserved ratio 法定准备金率9. ROA （return on assets）资产回报率10. ROE （return on equity）股权回报率11. secondary reserves 二级准备金12. vault cash 库存现金Chapter 10 Banking Industry: Structure and Competition 第10章银行业：结构和竞争1. disintermediation 脱媒2. dual banking system 双重银行体制3. economies of scope 范围经济4. financial derivatives 金融衍生工具5. future 期货6. hedge 对冲7. securitization 证券化Chapter 11Economic Analysis of Financial Regulation 第11章银行监管的经济学分析1.leverage ratio 杠杆比例2.leverage ratio 杠杆比例3.regulatory forbearance 监管宽容4.Basel Accord 巴塞尔协议Chapter 12Nonblank Finance第12章非银行金融机构1.annuity 年金2.closed-end fund 封闭式基金3.fully funded 足额基金4.hedge fund 对冲基金5.open-end fund 开放式基金6.load funds 付佣金基金Chapter 13 Financial Derivatives第13章衍生金融工具1.American option 美式期权2.arbitrage 套利3.call option 看涨期权4.currency swap 货币互换5.strike price or exercise price 执行价格6.forward contract 远期合约7.interest-rate swap 利率互换8.long position 多头9.option 期权10.swap 互换11.stock option 股票期权Chapter 14Central Banks and the Federal Reserve System 第14章中央银行的结构与联邦储备体系1.instruments independence 工具独立性2.political business cycle 政治经济周期3.open market operations 公开市场操作4.goal independence 目标独立性Multiple Deposit Creation and the Money Supply Process 第15章多倍存款创造和货币供给过程1.high-powered money 高能的货币2.multiple deposit creation 多倍存款创造3.required reserve ratio 法定存款准备金4.reserves 准备金Chapter 16Determinants of the Money Supply第16章货币供给的决定因素1.money multiplier 货币乘数2.non-borrowed monetary base 非借入基础货币Chapter 17 Tools of Monetary Policy第17章货币政策工具1.discount windows 贴现窗口2.defensive open market operations 防御性公开市场操作3.dynamic open market operations 能动性公开市场操作4.federal funds rate 联邦基金利率5.repurchase agreement 回购协议Conduct of Monetary Policy: Goals and Targets第18章货币政策实施：最终目标和政策指标1.intermediate targets 中介指标2.natural rate of unemployment 自然失业率3.NAIRU(non-accelerating inflation rate of unemployment ) 非加速通货膨胀失业率4.operating target 操作指标5.Phillips curve theory 菲利普斯曲线理论6.real bills doctrine 真实票据原则Chapter 19The Foreign Exchange Market第19章外汇市场1.appreciation 升值2.effective exchange rate index 有效汇率指数3.exchange rate overshooting 汇率超调4.interest parity conditions 利息平价条件w of one price 一价定律6.monetary neutrality 货币中性7.PPP （theory of purchasing power parity）购买力平价理论The International Financial System第20章国际金融体系1.1. balance of payments 国际收支平衡表2.Britton Woods System 布雷顿森林体系3.current account 经常账户4.capital account 资本账户5.fixed exchange rate regime 固定汇率制度6.IMF 国际货币基金组织7.international reserves 国际储备8.managed floating regime，dirty float 有管理的浮动制度或称肮脏的浮动汇率制度9.reserves currency 储备货币10.special drawing rights SDR 特别提款权11.sterilized foreign exchange intervention 冲销性外汇干预Chapter 21Monetary Policy Strategy: The International Experience第21章货币政策策略：国际经验1.dollarization 美元化2.nominal anchor 名义锚3.Seigniorage 铸币税4.time-consistency problem 时间非一致性问题Chapter 22The Demand for Money第22章货币需求1.real money balances 实际货币余额2.liquidity preferences theory 流动性偏好理论3.equation of exchange 交易方程式4.quantity theory of money 货币数量论5.velocity of money 货币流通速度Chapter 23The Keynesian Framework and the ISLM Model第23章凯恩斯理论框架与IS-LM模型1.animal spirits 浮躁情绪2.autonomous consumer expenditure 自主性消费支出3.expenditure multiplier 支出乘数4.IS curve IS曲线5.LM curve LM曲线6.MPC margin propensity to consumer 边际消费倾向Chapter 24Monetary and Fiscal Policy in the ISLM Model第24章IS-LM模型中的货币政策与财政政策1.aggregate demand curve 总需求曲线2.long-run monetary neutrality 长期货币中性3.natural rate level of output 产出的自然率水平pletely crowing out 完全挤出Chapter 25Aggregate Demand and Supply Analysis第25章总需求与总供给分析1.partial crowding out 部分挤出2.modern quantify theory of money 现代货币数量论3.self-correcting mechanism 自我纠错机制4.supply shock 供给冲击Chapter 26 Transmission Mechanisms of Monetary Policy: The Evidence第26章货币政策传导机制的实证分析1.reduced-form evidence 简化形式实证分析2.structural model evidence 结构模型实证分析3.transmission mechanisms of monetary policy 货币政策传导机制4.credit view 信用途径观点Chapter 27 Money and Inflation第27章货币与通货膨胀1.accommodating policy 适应性政策2.demand-pull inflation 需求拉动型通货膨胀3.constant-money-growth-rate rule 单一货币增长率规则4.Ricardo equivalence 李嘉图等价5.cost-push inflation 成本推动型通货膨胀6.monetizing the debt 债务货币化Chapter 28 Rational Expectations: Implications for Policy 第28章理性预期：政策意义1.policy ineffectiveness proposition 政策无效命题。
米什金货币银行学第8章-有效市场
• Assuming the growth rate is less than the required return on equity, Equation 4 can be written as
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Pt+1 – Pt + C Pt Pet+1 – Pt + C Pt (1) (2) RET =
Rational Expectations implies: Pet+1 = Poft+1 ⇒ RETe = RETof Market equilibrium RETe = RET* Put (1) and (2) together: Efficient Markets Hypothesis of RET = RET*
© 2006 Pearson Addison-Wesley. All rights reserved 7-5
AnnMarie: Check content, appears same on originals RET = sent to me.
e
Efficient Markets Hypothesis
Computing the Price of Common Stock
• Basic Principle of Finance
Value of Investment = Present Value of Future Cash Flows
米什金 货币金融学 课件
• 所谓股票市场，是各种公司收益的权证 （股票）进行交易的场所，它在经济活 动中起着非常重要的作用。
• 股票市场作为最活跃的金融市场，其状 况往往是经济形势变化的晴雨表。股票 价格的上下波动是变幻莫测的，这种变 动对经济活动会产生很大影响 。
四.金融市场的重要性及其与货 币银行的联系
的统称，各种不同重要性
• 3．货币和其他经济现象 • （1）货币与经济周期。 • （2）货币与货币政策。 • （3）货币与预算赤字。
总结
• 总之，货币、银行与金融市场是非常重要的， 它们不仅与人们的日常生活密切相关，影响人 们的财富规模、投资和消费行为，而且会影响 企业的市场价值、生产和销售行为，同时也会 影响一个国家的财富总量、政局稳定和政策效 应。通过学习货币银行学的有关知识，我们可 以更透彻地理解各种经济现象，从而更好地安 排一生的投资、消费，最大限度地增进个人的 经济福利。
七.与货币银行学有关的几个事 实
• 1．大部分金融公式——无论它们有多么 复杂——都以复利为基础
• ⒉长期贷款的利率通常高于短期贷款的 利率
• ⒊ 为了理解利率如何影响经济决策，你 必须考虑预期通货膨胀
• ⒋购买股票是使你的财富增加的最好方 式——同时也是最坏方式
七.与货币银行学有关的几个事 实
五.银行和金融机构及其重要性
• 4.银行体系与金融创新 • (1)许多金融法规已经不能适应金融创新的发展，
管制当局对金融体系监管的难度加大了。 • （2）金融创新伴生的过度投机行为，不仅严
重损害了广大投资人的公共利益，而且妨碍了 金融体系的健康发展。 • （3）金融创新使国际金融市场的一体化程度 大大提高了。 • （4）金融创新对各国在金融体系监管的国际 协调提出了更高的要求。
米什金货币金融学8
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8-9
Principal-Agent Problem: Solutions
• Monitoring (Costly State Verification)
– Free-rider problem – Fact 1
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8-4
Transaction Costs
• Financial intermediaries have evolved to reduce transaction costs
– Economies of scale – Expertise
2. Issuing marketable debt and equity securities is not the primary way in which businesses finance their operations
3. Indirect finance is many times more important than direct finance
– Poor legal system (difficult for lenders to enforce restrictive covenants)
– Weak accounting standards (less access to good information)
– Government intervention through directed credit programs and state owned banks (less incentive to proper channel funds to its most productive use).
米什金《货币金融学-英文第12版》PPT-第一章 为什么研究货币、银行和金融市场
FinanceChapter1 IntroductionWhy Study Money, Banking, and Financial Markets An Overview of the Financial SystemWhat Is Money?Lecture 1Why Study Money, Banking, and Financial Markets?•Course Overview•Why Study Financial Markets?•Why Study Financial Institutions and Banking?•Why Study Money and Monetary Policy?Learning Objectives：How to construct a preliminary financial knowledge system Types of financial marketsTypes of financial institutionsHow the central bank implement monetary policyWhat is monetary theoryPart 1Why Study Financial Markets?1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。
Why study financial markets?•Channel funds from savers to borrowers, thereby promoting economic efficiency•Affect personal wealth and behavior of business firms1.2 The Bond Market and Interest RatesBond (P3) is a debt security that promises to make periodic payments for a specified period of time.债券：是一种债务性证券，承诺在一个特定时间段内定期支付。
米什金-货币金融学第八章银行业跟金融机构管理资料文档
Economics OF Money ,Banking AND Financial Markets
2nd edition, Mishkin
Ch8 银行业与金融机构管理
10.1 银行的资产负债表
• 总资产=总负债+资本
– 负债：银行所能够利用的资金（资金来源） – 资产：银行所购买的盈利性资产（资金运用）
⑺ 股金提款单账户（Share Draft Account， SDA）
是专为划转股金收入而创立的一种储蓄 存款账户。存款人将股金收益划入该存款 账户，存款人可以随时开出类似支票的提 款单来进行转账支付或提现；该账户未做 支付和提现时，可视作储蓄存款账户，并 取得相应的利息收入。
类 型 名称（中文）
①开设的客户主要是居民个人和家庭；
②一般为存折或存单形式；
③储蓄存款期限、品种较多；
2、创新型存款
存款创新是指银行根据客户的动机和需求， 在原有存款种类基础上，推出新的品种、新的类 型，用以满足客户不同需求的举措。为加强银行 的竞争能力、规避金融管制，商业银行对存款种 类进行创新。创新的存款类型很多，以下介绍几 种主要的类型：
⑸ 协定账户（Agreement Account）
是自动转账账户的创新发展，是指按照 约定，存款可以在活期存款账户、可转让 支付命令账户（或储蓄账户）、货币市场 互助基金存款账户之间自动转账的存款种 类。
⑹ 个人退休金账户（Individual Retirement Account，IRA）
是专为工资收入者开办的退休金储蓄存 款账户，所有拥有工资收入的个人都可以 开立。这种账户的优势在于其利息所得可 以免税，且银行给付的利率较高。
款 种
创 新Biblioteka 超级可转让支付命令 账户Account， NOW
米什金货币金融学lecture8 money demand
money demand functionliquidity trap：流动性陷阱and classical regionPolicy implication:An increase in money supply may lead to a decline in the interest rate which will increase investment and output growth.When a country is in the liquidity trap, monetary policy is ineffective to change interest rates and hence output.→3,Baumol-Tobin Model:Money held for satisfying transactions motives is not interest-bearing. However,money held for that purposehas opportunity costs too.Transactions components of the demand for money is negatively related to the level of interest rates.4,friedman's theory(会考）Factors affecting money demand ：∙Permanent income→Expected money return （等于负的通胀）→Expected return on bonds （等于债券的YTM ）→Expected return on equity （等于股票的红利加资本利得之和除以买入价格）→Expected inflation→Real money demand function ∙Distinguishing from Keynesian Theory∙Friedman holds that equity and bonds, etc., are substitutes to money, while Keynes lumps all the assetsexcept money into bonds.→Friedman also holds that money and commodities are substitutable. The assumption implies that thequantity of money may affect output directly.→Effects of interest rate changes on money demand→Stability of money demand and predictability of velocity of money→将资产需求理论运用到货币金融创新导致对货币量的假定变得模糊∙China ：∙ Relatively stable in the long run.Seems insensitive to the interest rates.Income elasticity approaches to unity.5,empirical evidences 了解The velocity is not constant.关注永久性收入利率对货币需求的影响不大货币流通速度相对稳定且可预测单一的货币供给规划。
米什金货币金融学商学院版课后单词 货币金融学 米什金
米什金货币金融学商学院版课后单词货币金融学米什金米什金货币金融学商学院版课后单词货币金融学米什金第一章Aggregateine总收入Aggregateoutput总产出Aggregatepricelevel总体物价水平Asset资产Bank银行Bond债券Budgetdeficit预算赤字Budgetsurplus预算盈余Businesscycle经济周期Centralbank中央银行monstock普通股E-finance电子金融Adverseselection逆向选择Assettransation资产转换Asymmetricination信息不对称Broker经纪人Capitalmarket资本市场Currency货币Dealer交易商Default违约Diversification多样化Dividend红利Economiesofscale规模经济Equity股权Eurobond欧洲债券Eurocurrency欧洲货币Eurodollar欧洲美元Exchanges交易所Federalfundsrate联邦基金利率Financialintermediation金融中介化Financialpanic金融恐慌Foreignbond外国债券moditymoney商品货币Currency通货E-cash电子现金Electronicmoney电子货币Federalreservesystem联邦储备体系Financialintermediaries金融中介Financialmarket金融市场Fiscalpolicy财政政策Foreignexchangemarket外汇市场Foreignexchangerate汇率Grossdomesticproduct国内生产总值Inflation通货膨胀Inflationrate通货膨胀率Interestrate利率Moarypolicy货币政策Moarytheory货币理论第二章Intermediate-term中期Investmentbank投资银行Liabilities 负债Liquid流动性Liquidityservices流动性服务Long-term长期Maturity到期日Moneymarket货币市场Moralhazard道德风险Over-the-countermarket场外交易市场Portfolio资产组合Primarymarket一级市场Risk风险Risksharing风险分担Secondarymarket二级市场Short-term短期Thriftinstitutions 储蓄机构Transactioncost交易成本Underwriting承销第三章Fiatmoney不兑现纸币Hyperinflation恶性通货膨胀Ine收入Liquidity流动性1Mediumofexchange交易媒介Moaryaggregates 货币总量Paymentssystem支付体系Smartcard智能卡Storevalue 价值储藏Unitofaccount记账单位Wealth财富前三章复习总收入output兼并与收购mergersandacquisitions预算赤字surplus商业票据（支、汇、本）mercialpapercheck经济周期Businesscycledraft银行承兑）promissorynote货币政策Fiscal 回购协议Repurchaseagreementspolicy可转换债券convertiblebonds保险公司insurancepanies不记名债券bearersecurities养老基金pensionfunds信息不对称Asymmetricination共同基金mutualfunds逆向选择Adverseselection投资银行investmentbanks道德风险Moralhazard吸收存款d,tmake农信社Agriculturalcreditunionloans保险费Premiums一级二级市场PrimaryandSecondaryMarkets恶性通货膨胀Hyperinflation证券交易所和场外交易市场Exchangesand通货紧缩Deflation永续债券Couponbond息票债券Couponrate息票利率Currentyield当前收益率Discountbond零息债券Facevaluefullyamortizedloan2固定支付贷款rateofreturn回报prudentialsupervision银行监管/审慎监管Baselaccord巴塞尔协议Baselmitteeonbankingsupervision巴塞尔银行监管委员会Goodwill商誉Leverageratio杠杆比率Off-balance-sheetactivities表外业务Regulatoryarbitrage监管套利Regulatoryforbearance监管宽容第十八单元Defensiveopenmarketoperations防御性公开市场操作Dynamicopenmarketoperations能动性公开市场操作Discountwindow贴现窗口Depositfacility存款便利Marginallendingfacility边际贷款便利Marginallendingrate边际贷款利率Lenderoflastresort最后贷款人Longer-termrefinancingoperations长期再融资业务Mainrefinancingoperations主要再融资业务Repurchaseagreement回购协议Matchedsale-purchasetransaction再买回交易（反回购协议）Reversetransactions反向交易Federalfundsrate联邦基金利率Overnightcashrate隔夜现金利率Primarydealer一级交易商Standinglendingfacility常备贷款便利Targetfinancingrate目标融资利率4。
米什金_货币金融学_超强复习重点SWUFE
1,measurement of moneyM0:流通中的现金Currency in circulation refers to that circulated in nonbank publics, this is the money in the narrowest sense,We use M 0 to denote. Eg: coins, paper moneyM1: narrow money 狭义货币currency in circulation and checkable deposits 反应了社会的直接购买支付能力M2: broad money 广义货币 M 1+Saving deposits既反映了现实的购买力也反映了潜在的购买力，中央银行货币政策调节的主要中介目标2，function definition:（会判断）Measurement of money 价值尺度Medium of exchange 流通手段Medium of payment 支付手段Means of storage 储藏手段World currency 世界货币3，Gold standard 大致了解Gold coin standard is the typical example （金铸币本位制）4，fiat money standard （不兑现信用货币制度）Lecture2 money and monetary systems2011年11月20日0:231，components of financial system 看一下定义2，funds flows 流动的载体、原则、监管Indirect financing 间接融资：●3，直接融资和间接融资（了解）Indirect financing is a means of financing via financial intermediaries which mainly includes commercial banks.Commercial banks, insurance companies, investment funds, etc., are bridges for indirect financing.Theory of financial intermediation focusing on the reason why there is financial intermediary, the nature of financial intermediary, and the division of labor between financial markets and intermediaries.Direct financing●Financing activities between demanders for funds and suppliers of funds are conducted in financial markets directly.It is worth pointing out that direct financing also involves financial institutions such as investment banks, security brokers, and market makers, etc.Financial market theory focusing on allocation efficiency of capitals, and asset pricing, etc.Disadvantages of direct financing●Advantages vs. disadvantages of different financingsExpertise requirementsHigher risks involvedIndirect financing●Tough requirements for issuersReducing information and contract costsReducing risks by diversificationsTransformation of maturities4，两种结构，大致理解比较bank-based and market-based市场，伙伴关系相对少，股权分散银行，贷款，商业往来，合作伙伴，允许交叉持股直接融资：市场间接融资：银行Lecture3 financial system and financial structure2011年12月9日15:495，中国的金融体系概览（有所了解）A glimpse at china's financial system中国以商业银行主导的间接融资模式为主● 非简单的银行主导，政府干预太多在直接融资中，通过发行企业债券方式所筹集的资金比例低于股票融资。
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money demand function
liquidity trap：流动性陷阱and classical region
Policy implication:
An increase in money supply may lead to a decline in the interest rate which will increase investment and output growth.
When a country is in the liquidity trap, monetary policy is ineffective to change interest rates and hence output.
→3,Baumol-Tobin Model:
Money held for satisfying transactions motives is not interest-bearing. However,money held for that purpose
has opportunity costs too.
Transactions components of the demand for money is negatively related to the level of interest rates.4,friedman's theory(
会考）
Factors affecting money demand ：
∙Permanent income
→Expected money return （等于负的通胀）
→Expected return on bonds （等于债券的YTM ）
→Expected return on equity （等于股票的红利加资本利得之和除以买入价格）
→Expected inflation
→
Real money demand function ∙
Distinguishing from Keynesian Theory
∙Friedman holds that equity and bonds, etc., are substitutes to money, while Keynes lumps all the assets
except money into bonds.
→Friedman also holds that money and commodities are substitutable. The assumption implies that the
quantity of money may affect output directly.
→Effects of interest rate changes on money demand
→Stability of money demand and predictability of velocity of money
→将资产需求理论运用到货币
金融创新导致对货币量的假定变得模糊∙
China ：
∙ Relatively stable in the long run.
Seems insensitive to the interest rates.
Income elasticity approaches to unity.
5,empirical evidences 了解
The velocity is not constant.
关注永久性收入
利率对货币需求的影响不大货币流通速度相对稳定且可预测
单一的货币供给规划。