文档介绍：Money
M3
Money is deposit with the banks plus currency (coins and notes) in circulation.
我们定义的货币是银行的存款和流通的现金(硬币和纸币)之和。
The total demand for prises the transactions demand and asset demand for money.
货币的需求包括对货币的交易需求和资产需求两个部分。
Why does the public want to hold money?
(a)The first reason is that people use money to buy goods and services. That is to say, people want money as a medium of exchange in transactions.
Money demanded for this purpose is called the transactions for money.
What determinate the amount of the transactions demand for money?
Obviously the basic determinant is the level of money GDP. The higher the level of money GDP, the larger the amount of the transactions for money.
货币的交易需求是由名义GDP的水平决定的,名义GDP的水平越高,对货币的交易需求越大。
(a) transactions demand(交易需求Dt)
r(利率)
Dt
D(货币的需求量)
(b) asset demand(资产需求或投机需求)
人们可以以多种形式来持有金融资产,如货币、公司股票、企业或政府债券等。
What determines the asset demand for money?
首先要比较持有资产的各种形式的利和弊。
The advantage of holding money is its liquidity.
(持有货币的好处是它具有流动性)
The disadvantage of holding money is that we do not earn as much interest e as bonds or shares.
(持有货币的坏处是不能向持有股票或债券的利息收入)
The opportunity of holding money instead of bonds is the interest e available from holding bonds.
持有货币的机会成本是由于没有持有债券而放弃的利息收入。
利率越高,持有货币的机会成本越大,人们会选择少持有货币,对货币的资产需求会减少。