文档介绍：货币供给的决定因素
Determinants of the Money Supply
© 2006 Pearson Addison-Wesley. All rights reserved
16-*
© 2006 Pearson Addison-Wesley. All rights reserved
16-*
Money Multiplier
M = m MB
Deriving Money Multiplier
R = RR + ER
RR = r D
R = (r D) + ER
Adding C to both sides
R + C = MB = (r D) + ER + C
1. Tells us amount of MB needed support D, ER and C
2. $1 of MB in ER, not support D or C
MB = (r D) + (e D) + (c D)
= (r + e + c) D
© 2006 Pearson Addison-Wesley. All rights reserved
16-*
1
D = MB
r + e + c
M = D + (c D ) = (1 + c) D
1 + c
M = MB
r + e + c
1 + c
m =
r + e + c
m < 1/r because no multiple expansion for currency and because as D ER
Full Model
M = m (MBn + DL)
16-*
Excess Reserves Ratio
Determinants of e
1. i , relative Re on ER (opportunity cost ), e
2. Expected deposit outflows, ER insurance worth more, e
© 2006 Pearson Addison-Wesley. All rights reserved
16-*
Factors Determining Money Supply
© 2006