文档介绍：Chapter 2
The Role of Money in the Macroeconomy
Money plays a key role in the performance of the
economy.
The amount of money in the economy should not be too
little or too much, but just “right”?
Definitions of the money supply
liquidity and liquid asset
1. liquidity (流动性)
Ability to convert an asset into cash quickly with little
Loss in value.
2. 资产的流动性依赖于:
Ø买进或卖出的难易程度
Ø买卖交易成本
Ø它的价格的稳定性和可预计性
3. liquid asset -illiquid assets
A liquid asset is something you can turn into the generally
acceptable medium of exchange quickly without taking a loss.
Cash and checking accounts are the most liquid assets
Three definitions of the money supply
M1 = Currency outside banks banks + demand deposits at banks + other checkable
deposits at banks and at all thrift institutions + travelers’ checks
通货+ 活期存款+ 在银行和所有储蓄机构的其它支票存款+旅行支票
M2 = M1+ small-denomination time deposits + money market deposits accounts and
savings deposits at all depository institutions + retail money market mutual funds shares
M2 = M1+ 小面额定期存款+ 货币市场存款帐户和在所有储蓄机构的储蓄存款
+ 非机构所有的货币市场互助基金份额
M3 = M2+ large-denomination time deposits at all depository institutions +
institutional money market mutual funds shares + bank repurchaseagreements and
Eurodollars
M3 = M2 + 在所有储蓄机构的大面额定期存款+ 机构所有的货币市场互助基金
份额+ 定期回购协议+ 定期欧洲美元
现阶段我国货币供给量划为3个层次
M0 = cash (狭义货币)
M1
M2
对通货,各国的解释是一致的,指不兑现的银行券和辅币
,我国习惯称之为现金。
Who Determines the Money Supply?
Gold does not determine the money supply, because gold has
little influence on it.
Therefore, currency and checking accounts can be increased or
decreased, without any relation to gold.
Does it make you distrust the value of your money ?
Ø Money is valuable only because you can buy what you need
with it.
Ø The value of money is determined by the prices of the things
we buy.
If gold is not the watchdog, who or what does determine
the amount of money ?