Chap_29长期中的货币与物价
Chap29通货膨胀与失业之间的短期权衡取舍45页PPT
A higher level evel of unemployment.
菲利普斯曲线如何和总需求与总供给模型相关 How the Phillips Curve is Related to the Model of
Aggregate Demand and Aggregate Supply...
on various features of the labor market. 例如，最低工资法、工会的市场势力、效率
工资的作用、以及寻找工作的有效性。 Examples include minimum-wage laws, the
market power of unions, the role of efficiency wages, and the effectiveness of job search.
菲利普斯曲线 The Phillips Curve...
通货膨胀率 (年百分比)
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菲利普斯曲线
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失业率 （百分比）
总需求、总供给与菲利普斯曲线
Aggregate Demand, Aggregate Supply, and the Phillips Curve
菲利普斯曲线简单地说明了，短期中出现的通 货膨胀与失业的结合是由于总需求曲线的移动 使经济沿着短期总供给曲线变动。
长期菲利普斯曲线
chapter 29
SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The three functions of money are: (1) medium of exchange; (2) unit of account; and (3) store ofvalue. Money is used as a medium of exchange because money is the item people use topurchase goods and services. Money is used as a unit of account because it is the yardstickpeople use to post prices and record debts. Money is used as a store of value because it is an item people use to transfer purchasing power from the present to the future.2. The primary responsibilities of the Federal Reserve are to regulate banks, ensuring the health ofthe banking system, and to control the quantity of money that is made available in the economy.If the Fed wants to increase the supply of money, it usually does so by creating dollars and using them to purchase government bonds from the public in the nation’s bond markets.3. Banks create money when they make loans and hold a fraction of the amount of the loans inreserves, resulting in an expansion of both money and credit in the economy. If the Fed wanted to use all three of its tools to decrease the money supply, it would: (1) sell government bonds from its portfolio in the open market to reduce the number of dollars in circulation; (2) increase reserve requirements to reduce the money created by banks; and (3) increase the discount rate to discourage banks from borrowing reserves from the Fed.Questions for Review1. Money is different from other assets in the economy because it is the most liquid asset available.Other assets vary widely in their liquidity.2. Commodity money is money with intrinsic value, like gold, which can be used for purposes otherthan as a medium of exchange. Fiat money is money without intrinsic value; it has no value other than its use as a medium of exchange. Our economy today uses fiat money.3. Demand deposits are balances in bank accounts that depositors can access on demand simply bywriting a check. They should be included in the stock of money because they can be as a medium of exchange.4. The Federal Open Market Committee (FOMC) is responsible for setting monetary policy in theUnited States. The FOMC consists of the seven members of the Federal Reserve Board ofGovernors and five of the 12 presidents of Federal Reserve Banks. Members of the Board ofGovernors are appointed by the president of the United States and confirmed by the U.S. Senate.The presidents of the Federal Reserve Banks are chosen by each bank’s board of directors.5. If the Fed wants to increase the supply of money with open-market operations, it purchases U.S.government bonds from the public on the open market. The purchase increases the number of dollars in the hands of the public, thus raising the money supply.6. Banks do not hold 100 percent reserves because it is more profitable to use the reserves to makeloans, which earn interest, instead of leaving the money as reserves, which earn no interest. The amount of reserves banks hold is related to the amount of money the banking system createsthrough the money multiplier. The smaller the fraction of reserves banks hold, the larger themoney multiplier, since each dollar of reserves is used to create more money.7. The discount rate is the interest rate on loans that the Federal Reserve makes to banks. If the Fedraises the discount rate, fewer banks will borrow from the Fed, so banks' reserves will be lower, and thus the money supply will be lower.8. Reserve requirements are regulations on the minimum amount of reserves that banks must holdagainst deposits. An increase in reserve requirements raises the reserve ratio, lowers the money multiplier, and decreases the money supply.9. The Fed cannot control the money supply perfectly because: (1) the Fed does not control theamount of money that households choose to hold as deposits in banks; and (2) the Fed does not control the amount that bankers choose to lend. The actions of households and banks affect the money supply in ways the Fed cannot perfectly control or predict.Problems and Applications1. a. A U.S. penny is money in the U.S. economy because it is used as a medium of exchange tobuy goods or services, it serves as a unit of account because prices in stores are listed interms of dollars and cents, and it serves as a store of value for anyone who holds it overtime.b. A Mexican peso is not money in the U.S. economy, because it is not used as a medium ofexchange, and prices are not given in terms of pesos, so it is not a unit of account. Itcould serve as a store of value, though.c. A Picasso painting is not money, because you cannot exchange it for goods or services, andprices are not given in terms of Picasso paintings. It does, however, serve as a store ofvalue.d. A plastic credit card is similar to money, but represents deferred payment, rather thatimmediate payment. So credit cards do not fully represent the medium of exchangefunction of money, nor are they really stores of value, since they represent short-termloans rather than being an asset like currency.2. a. It would be difficult to run the economy using the "Swopper's Column" instead of moneybecause it requires finding a double coincidence of wants. Money works efficientlybecause it requires satisfying people's needs on just one side of each transaction; you buysomething for money and sell something else for money. With money, you do not have tobuy something from someone who wants an item you're selling.b. The "Swopper's Column" probably exists so that people can avoid paying taxes on thingsthey buy and sell.3. For an asset to be useful as a medium of exchange, it must be widely accepted (so all transactionscan be made in terms of it), recognized easily as money (so people can perform transactions easily and quickly), divisible (so people can provide change), and difficult to counterfeit (so people will not print their own money). That is why nearly all countries use paper money with fancy designs for larger denominations and coins for smaller denominations.For an asset to be useful as a store of value, it must be something that maintains its value over time and something that can be used directly to buy goods and services or sold when money is needed.In addition to currency, financial assets (like stocks and bonds) and physical assets (like real estate and art) make good stores of value.4. a. If there were an easy way to make limestone wheels, the people on Yap would makeadditional wheels as long as the monetary value of the wheels was greater than the cost ofproducing the wheels. The result would be that people would make their own money, sothere would be too much money produced. Most likely, people would stop accepting thewheels as money and switch to some other asset as a medium of exchange.b. If someone in the United States discovered an easy way to counterfeit hundred-dollar bills,they could flood the country with counterfeit currency, thus reducing its value. The resultmight be a switch to a different type of currency.5. Many answers are possible.6. When your uncle repays a $100 loan from Tenth National Bank (TNB) by writing a check from hisTNB checking account, the result is a change in the assets and liabilities of both your uncle and TNB, as shown in these T-accounts:By paying off the loan, your uncle simply eliminated the outstanding loan using the assets in his checking account. Your uncle's wealth has not changed; he simply has fewer assets and fewerliabilities.7. a. Here is BSB's T-account:b. When BSB's largest depositor withdraws $10 million in cash and BSB reduces its loansoutstanding to maintain the same reserve ratio, its T-account is now:c. Since BSB is cutting back on its loans, other banks will find themselves short of reservesand they may also cut back on their loans as well.d. BSB may find it difficult to cut back on its loans immediately, since it cannot force people topay off loans. Instead, it can stop making new loans. But for a time it might find itselfwith more loans than it wants. It could try to attract additional deposits to get additionalreserves, or borrow from another bank or from the Fed.8. If you take $100 that you held as currency and put it into the banking system, then the totalamount of deposits in the banking system increases by $1,000, since a reserve ratio of 10 percent means the money multiplier is 1/.10 = 10. Thus the money supply increases by $900, sincedeposits increase by $1,000 but currency declines by $100.9. With a required reserve ratio of 10 percent, the money multiplier could be as high as 1/.10 = 10, ifbanks hold no excess reserves and people do not keep some additional currency. So themaximum increase in the money supply from a $10 million open-market purchase is $100 million.The smallest possible increase is $10 million if all of the money is held by banks as excess reserves.10. a. If the required reserve ratio is 5 percent, then First National Bank's required reserves are$500,000 x .05 = $25,000. Since the bank’s total reserves are $100,000, it has excessreserves of $75,000.b. With a required reserve ratio of 5 percent, the money multiplier is 1/.05 = 20. If FirstNational lends out its excess reserves of $75,000, the money supply will eventuallyincrease by $75,000 x 20 = $1,500,000.11. a. With a required reserve ratio of 10 percent and no excess reserves, the money multiplier is1/.10 = 10. If the Fed sells $1 million of bonds, reserves will decline by $1 million and themoney supply will contract by 10 x $1 million = $10 million.b. Banks might wish to hold excess reserves if they need to hold the reserves for theirday-to-day operations, such as paying other banks for customers' transactions, makingchange, cashing paychecks, and so on. If banks increase excess reserves such that thereis no overall change in the total reserve ratio, then the money multiplier does not changeand there is no effect on the money stock.12. a. With banks holding only required reserves of 10 percent, the money multiplier is 1/.10 =10. Since reserves are $100 billion, the money stock is 10 x $100 billion = $1,000 billion.b. If the required reserve ratio is raised to 20 percent, the money multiplier declines to 1/.20= 5. With reserves of $100 billion, the money stock would decline to $500 billion, adecline of $500 billion. Reserves would be unchanged.13. a. If people hold all money as currency, the quantity of money is $2,000.b. If people hold all money as demand deposits at banks with 100 percent reserves, thequantity of money is $2,000.c. If people have $1,000 in currency and $1,000 in demand deposits, the quantity of money is$2,000.d. If banks have a reserve ratio of 10 percent, the money multiplier is 1/.10 = 10. So ifpeople hold all money as demand deposits, the quantity of money is 10 x $2,000 =$20,000.e. If people hold equal amounts of currency (C) and demand deposits (D) and the moneymultiplier for reserves is 10, then two equations must be satisfied:(1) C = D, so that people have equal amounts of currency and demand deposits; and (2)10 x ($2,000 - C) = D, so that the money multiplier (10) times the number of dollar billsthat are not being held by people ($2,000 - C) equals the amount of demand deposits (D).Using the first equation in the second gives 10 x ($2,000 - D) = D, or $20,000 - 10 D = D, or $20,000 = 11 D, so D = $1,818.18. Then C = $1,818.18. The quantity of money is C + D = $3,636.36.。
29章
货币乘数
• 货币乘数是准备率的倒数: M = 1/R • 例子: • 准备金率, R = 20% or0 .2: • 货币乘数是 1/0.2 = 5
© 2007 Thomson South-Western
美联储控制货币的工具
• 美联储有三个控制货币的工具: • 公开市场活动 • 调整准备金率 • 调整贴现率
© 2007 Thomson South-Western
货币的含义
货币：经济中人们经常用于向其他人购 买物品或服务的一组资产。
© 2007 Thomson South-Western
货币的职能
• 货币在经济中有三种职能: • 交换媒介 • 计价单位 • 价值储藏
© 2007 Thomson South-Western
案例研究：所有的现金都在哪里?
• 在2004年，美国未偿清的通货有6990亿 美元。 • 平均每个成年人持有3134美元的通货 • 谁持有所有这些现金? • 外国人持有现金 • 非法实体持有这些现金
© 2007 Thomson South-Western
联邦储备体系
• 联邦储备 (Fed) 是国家的中央银行。 – 它是监管银行体系的。 – 它是调节经济中货币的数量的。
美联储的结构
• 美联储理事会 • 理事任期14年，因此每两年有一个空 位。 • 总统有权任命任期4年的主席。 联邦储备体系由位于华盛顿的联邦储 备理事会和12个地区联邦储备银行组 成。
© 2007 Thomson South-Western
美联储的结构
• 联邦储备银行
• 12个地区银行 • 9个主任 • 3个由理事会任命。 • 其余6个由地区商业银行选举产生。
Ch29
Inflation and the Price Level
Figure 29.1 illustrates the distinction between inflation and a one-time rise in the price level.
Inflation and the Price Level
Demand-Pull Inflation
Real GDP increases, the price level rises, and an inflationary gap arises. The rising price level is the first step in the demandpull inflation.
Demand-Pull Inflation
A Demand-Pull Inflation Process Figure 29.3 illustrates a demand-pull inflation spiral. Aggregate demand keeps increasing and the process just described repeats indefinitely.
Demand-Pull Inflation
The money wage rises and the SAS curve shifts leftward. Real GDP decreases back to potential GDP but the price level rises further.
Cost-Push Inflation
The increase in aggregate demand shifts the AD curve rightward. Real GDP increases and the price level rises again.
宏观经济学学习笔记(曼昆经济学原理)29章节
《经济学原理_宏观经济学》第29章货币制度一、重要名词解释货币：经济中人们经常用于向其他人购买物品与服务的一组资产。
交换媒介：买者在购买物品与服务时给予卖者的东西。
计价单位：人们用来表示价格和记录债务的标准。
价值储藏手段：人们可以用来把现在的购买力转变为未来的购买力的东西。
流动性：一种资产兑换为经济中交换媒介的容易程度。
(衡量资产流动性的标准有两个：资产变现的成本和速度。
)商品货币：以有内在价值的商品为形式的货币。
法定货币：没有内在价值、由政府法令确定作为通货使用的货币。
通货：公众手中持有的纸币钞票和铸币。
活期存款：储户可以通过开支票而随时支取的银行账户余额。
联邦储备：美国的中央银行。
中央银行：为了监管银行体系和调节经济中的货币量而设计的机构。
(央行的三个特征：非盈利性、相对独立性、权威性和垄断性。
)货币供给：经济中可得到的货币量。
货币政策：中央银行的决策者对货币供给的安排。
(货币政策是指中央银行采用各种工具调节货币供求以实现宏观经济调控目标的方针和策略的总称，是国家宏观经济政策的重要组成部分。
货币政策由货币政策目标、货币政策工具、货币政策传导机制等组成。
)准备金：银行得到但没有贷出去的存款。
部分准备金银行：只把部分存款作为准备金的银行制度。
准备金率：银行作为准备金持有的存款比例。
货币乘数：银行体系用1美元准备金所产生的货币量。
(又称“货币扩张系数”或“货币扩张乘数”，指中央银行创造或消灭一单位的基础货币所能增加或减少的货币供应量。
) 银行资本：银行的所有者投入机构的资源。
杠杆：将借到的货币追加到用于投资的现有资金上。
杠杆率：银行总资产与银行资本的比率。
资本需要量：政府管制确定的最低银行资本量。
公开市场操作：美联储买卖美国政府债券。
贴现率：美联储向银行发放贷款的利率。
法定准备金：关于银行必须根据其存款持有的最低准备金量的规定。
联邦基金利率：银行向另一家银行进行隔夜贷款时的利率。
二、重要摘抄1.物物交换的交易要求需求的双向一致性，这样的经济难以有效地配置其稀缺资源。
Chap21货币增长与通货膨胀
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在20世纪20年代超级 通货膨胀时期，德国 人用纸币点炉子。
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通货膨胀税
通货膨胀税：政府通过发行货币而筹集的收入。 它就像一种向每一个持有货币的人征收的税。 当政府面临高额支出，税收不足，而且借款能 力有限时，就只能通过印发钞票来为其支出进 行支付。最终，货币量的大量增加引起高通货 膨胀。 几乎所有的超速通货膨胀都是这样引起的。
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费雪效应
根据货币中性原理，货币供给增长影响名义变 量而不是实际变量，有必要区分实际利率与名 义利率
名义利率是银行公布的利率。 实际利率是根据通货膨胀校正的利率。
实际利率＝名义利率－通货膨胀率 名义利率＝实际利率＋通货膨胀率
在长期，货币是中性的，所以货币增长率的变 动只影响通货膨胀率而不影响实际利率。
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通货膨胀的代价
混乱和不方便
通货膨胀造成货币实际价值混乱，使投资者不能区 分成功与不成功企业，抑制了金融市场在把经济中 的储蓄配置到不同类型投资中的作用
通货膨胀引起税收扭曲
通货膨胀增加了储蓄所赚得的收入的税收负担。 因为税收是以名义收入为基础的，没有对通货膨胀 做出相应调整。因此通货膨胀使得人们支付更多的 税收，即使他们的实际收入并没有增加。
产量由要素供给和技术决定。由于货币是 中性的，货币变动并不影响产量(Y)变化.
由于产量由要素供给和技术决定，货币供 应量的变动反映在物价水平（P）的变动上。
当增加货币供给时，结果是提高通货膨胀 率。
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练习和思考
已知经济中生产800蒲式耳小麦，V不变，仍为 2，2005年Ms＝$2000，P＝$5 2006年，货币供给增加5%，为$2100 A 计算2006年的名义GDP和P
曼昆《经济学原理（宏观经济学分册）》（第6版）笔记和课后习题（含考研真题）详解【讲解】
目 录第一部分 笔记和课后习题（含考研真题）详解[视频讲解]第8篇 宏观经济学的数据第23章 一国收入的衡量23.1 复习笔记23.2 课后习题详解23.3 考研真题详解[视频讲解]第24章 生活费用的衡量24.1 复习笔记24.2 课后习题详解24.3 考研真题详解[视频讲解]第9篇 长期中的真实经济第25章 生产与增长25.1 复习笔记25.2 课后习题详解25.3 考研真题详解第26章 储蓄、投资和金融体系26.1 复习笔记26.2 课后习题详解26.3 考研真题详解第27章 基本金融工具27.1 复习笔记27.2 课后习题详解27.3 考研真题详解[视频讲解]第28章 失 业28.1 复习笔记28.2 课后习题详解28.3 考研真题详解[视频讲解]第10篇 长期中的货币与物价第29章 货币制度29.1 复习笔记29.2 课后习题详解29.3 考研真题详解[视频讲解]第30章 货币增长与通货膨胀30.1 复习笔记30.2 课后习题详解30.3 考研真题详解[视频讲解]第11篇 开放经济的宏观经济学第31章 开放经济的宏观经济学：基本概念31.1 复习笔记31.2 课后习题详解[视频讲解]31.3 考研真题详解第32章 开放经济的宏观经济理论32.1 复习笔记32.2 课后习题详解[视频讲解]32.3 考研真题详解[视频讲解]第12篇 短期经济波动第33章 总需求与总供给33.1 复习笔记33.2 课后习题详解33.3 考研真题详解[视频讲解]第34章 货币政策和财政政策对总需求的影响34.1 复习笔记34.2 课后习题详解34.3 考研真题详解[视频讲解]第35章 通货膨胀与失业之间的短期权衡取舍35.1 复习笔记35.2 课后习题详解35.3 考研真题详解[视频讲解]第13篇 最后的思考第36章 宏观经济政策的六个争论问题36.1 复习笔记36.2 课后习题详解36.3 考研真题详解[视频讲解]第二部分 模拟试题及详解曼昆《经济学原理（宏观经济学分册）》（第6版）模拟试题及详解（一）曼昆《经济学原理（宏观经济学分册）》（第6版）模拟试题及详解（二）第一部分 笔记和课后习题（含考研真题）详解[视频讲解]第8篇 宏观经济学的数据第23章 一国收入的衡量23.1 复习笔记1．经济的收入与支出在一国的宏观经济中，收入必定等于支出。
第29章货币制度
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29.3.1 货币供给
➢ 货币供给：流通中的货币存量。 ➢ 货币的衡量指标： ➢ M1=通货+活期存款＋支票性存款 ➢ M2=M1+储蓄存款+小额定期存款＋
货币市场共同基金＋其他项目 ➢ M3=M2+大额定期存款＋其他项目
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货币的多倍扩大和收缩
➢准备金Байду номын сангаас
百分之百准备金银行和部分准备金 银行
➢ M1 ：通货+活期存款+旅行支票+其 他支票存款
➢ M2=M1+储蓄存款+小额定期存款+ 货币市场共同基金+其他
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补充内容
➢ 世界各国中央银行都有自己的货币统计口 径，但是，无论存在何等差异，其划分的 基本依据却是一致的，即都以作为流通手 段和支付手段的方便程度作为标准。
换回货币，然后用货币去生产衣服的人那里购买衣 服。
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➢2. 计价标准（价值尺度） ➢ 货币用以衡量商品之间的价格或者价
值。 ➢ 人们用货币标明各种商品的价格，按
此价格支付货币就能够买到各种商品。
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➢ 3.价值贮藏
➢ 货币代表了普遍的购买力。持币者 贮藏货币，在需要时支出，既贮藏
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补充内容
➢ 具体是： ➢ M0=现金； ➢ M1=现金+活期存款（一般不包括官方机构和外国
银行在商业银行的存款）； ➢ M2=M1+准货币+可转让存单。其中“准货币”指
活期存款以外的一切公私存款； ➢ M3=M2+CD+长于隔夜的限期回购协议和欧洲美
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谁持有所有这些现金? 谁持有所有这些现金
许多现金由外国持有 许多现金由非法主体持有
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Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc.
联邦储备体系
联邦储备（美联储）的体制结构 联邦储备（美联储）的体制结构:
联邦储备体系的主要组成是： 联邦储备体系的主要组成是：
1) 联邦储备理事会 2) 地区联邦储备银行 3) 联邦公开市场委员会
The Federal Reserve 联邦储备
The Federal Reserve (Fed) serves as the nation’s central bank. 联邦储备（Fed）——美国的中央银行 联邦储备（ ）
It is designed to oversee the banking system. 它被设计用来监督银行体系。 它被设计用来监督银行体系。 It regulates the quantity of money in the economy. 调节经济中的货币量。 调节经济中的货币量。
它不具有内在价值。 它不具有内在价值。 例子： 硬币，纸币， 例子： 硬币，纸币，存款支票
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Money in the U.S. Economy
Currency is the paper bills and coins in the hands of the public. Demand deposits are balances in bank accounts that depositors can access on demand by writing a check.
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MONEY AND PRICES IN THE LONG RUN 长期中的货币与物价 长期中的货币与物价
The Monetary System 货币制度
Chapter 29
The Meaning of Money 货币的含义
Money is the set of assets in the economy that people regularly use to buy goods and services from other people. 货币——经济中人们经常用来向其 货币 经济中人们经常用来向其 他人购买物品与劳务的一组资产。 他人购买物品与劳务的一组资产。
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联邦储备的体制结构
理事会
7名成员 名成员 由总统任命 由国会批准 任期14年 任期 年，而且任期错开以便每两年有一 个空缺。 个空缺。 总统任命其中一个成员为主席，任期4年 总统任命其中一个成员为主席，任期 年。
0
图1. 美国经济中的货币
10亿美元 亿美元 $5,455 M2 • 储蓄存款 •小额定期存款 • 货币市场 共同基金 •几种不重要的项目 ($4,276 billion) M1 $1,179 • 活期存款 • 旅行支票 ’ • 其他支票存款 ($599 billion) • 现金 ($580 billion) •M1中的每一种 ($1,179 billion)
Medium of exchange 交换媒介 Unit of account Store of value
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计价单位 价值储藏
The Functions of Money 货币的职能
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The Fed’s Organization
美联储的体制结构 The Federal Reserve Banks 地区联邦储备银行 The New York Fed implements some of the Fed’s most important policy decisions. 纽约联邦储备银行承担美联储的 一些最重要政策的决策。 一些最重要政策的决策。
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Three Functions of Money 货币的职能
Money has three functions in the economy:
货币在经济中有三种职能： 货币在经济中有三种职能：
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美国经济中的货币
现金—— 公众手中持有的纸币钞 现金 票和铸币。 票和铸币。 活期存款—— 储户可以随时开支 活期存款 票的银行帐户余额。 票的银行帐户余额。
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The Fed’s Organization
联邦储备的体制结构 The Federal Reserve System is made up of the Federal Reserve Board in Washington, D.C., and twelve regional Federal Reserve Banks.
The Federal Reserve System
The Structure of the Federal Reserve System:
The primary elements in the Federal Reserve System are:
1) The Board of Governors 2) The Regional Federal Reserve Banks 3) The Federal Open Market Committee
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The Federal Reserve 联邦储备
The Fed was created in 1914 after a series of bank failures convinced Congress that the U.S. needed a central bank to ensure the health of the nation’s banking system.
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The Fed’s Organization
The Board of Governors
Seven members Appointed by the President Confirmed by the Senate Serve staggered 14-year terms so that one comes vacant every two years. President appoints a member as chairman to serve a four-year term.
Currency held abroad Currency held by illegal entities
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所有的现金都在哪里? 所有的现金都在哪里
在 2001年，未清偿的通货有 5800 年 亿美元左右。 亿美元左右。
Examples: Gold, silver, cigarettes.
Fiat money is used as money because of government decree.
It does not have intrinsic value. Examples: Coins, currency, check deposits.
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The Kinds of Money
Commodity money takes the form of a commodity with intrinsic value.
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Figure 1 Money in the U.S. Economy
Billions of Dollars $5,455 M2 • Savings deposits • Small time deposits • Money market mutual funds • A few minor categories ($4,276 billion) M1 $1,179 • Demand deposits • Traveler’checks s • Other checkable deposits ($599 billion) • Currency ($580 billion) • Everything in M1 ($1,179 billion)