【PPT精品课件】货币金融学7版英文课件ch25大学课
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货币银行学课件(精品PPT)
第二节 货币 的职能 (huòbì)
functions of
money
价值尺 度(jià zhíchǐ
流通手段 dù )
表现(biǎoxiàn)为价格 表现为货币量交换媒介：挨饿的裁缝与挨冻的面包师
贮藏手段 支付手段
表现为财富 表现为货币的单方面转移
世界货币
表现为世界范围的交换媒介
9 第九页，共三十九页。
括(bāokuò)银行券、汇票、期票、银行支票等。 信用货币以票据流通为根底，直接产生于货币的支
付手段职能。
信用货币完全建立在人们的信用之上，建立在国家 信用的根底之上。
本身没有什么价值，与金属货币也无必然联系，人 们接收仅仅是因为他们(tā men)预期他人也会接受它。
23 23 第二十三页，共三十九页。
实物 货 (shíwù ) 币
金属货币
纸币
信用货币
电子货币
以自然界存在的某种物品和人们生产出来的某种物品充当
货币 以金属如铜、铁、金等作为材料的货币
流通中的纸制货币符号
以信用活动为根底产生的，能够发挥货币作用的信用工具。形式：商业票 据、银行券、存款货币〔可转帐并签支票款〕
电子资金转账系统 ，网上银行，信用卡 货币形式演变的动因：交易费用的节约
17 17 第十七页，共三十九页。
二、金属货币
指以金属为材料、并铸成一定(yīdìng)形状的货币。
中国是最早使用金属货币的国家之一，早在 殷商时代，金属货币就已成为货币的主要形 式。
金银作为货币的优越 性：
1〕易标准化，
2〕易分割，
3〕易携带(xiédài)，
18
4〕易保存，
第十八页，共三十九页。
2
【PPT精品课件】货币金融学7版英文课件--14-大学课件2-专业PPT文档
The Bank of Canada (The Bank)
• The Bank was created by the Bank of Canada Act in 1934 and started operations on March 11, 1935
• Initially the Bank was a private institution but was nationalized in 1938, so is now a national institution with headquarters in Ottawa
By 1945, however, the bank had a monopoly over note issue in the country.
The Bank also conducts ongoing research, working closely with private sector partnerships and note-issuing authorities in other countries, in order to improve costeffectiveness, increase the durability of bank notes, and reduce counterfeiting.
© 2005 Pearson Education Canada Inc.
14-7
Government Debt and Asset Management Services
As the federal government’s fiscal agent, the Bank • provides debt-management services for the federal
• The Bank was created by the Bank of Canada Act in 1934 and started operations on March 11, 1935
• Initially the Bank was a private institution but was nationalized in 1938, so is now a national institution with headquarters in Ottawa
By 1945, however, the bank had a monopoly over note issue in the country.
The Bank also conducts ongoing research, working closely with private sector partnerships and note-issuing authorities in other countries, in order to improve costeffectiveness, increase the durability of bank notes, and reduce counterfeiting.
© 2005 Pearson Education Canada Inc.
14-7
Government Debt and Asset Management Services
As the federal government’s fiscal agent, the Bank • provides debt-management services for the federal
【PPT精品课件】货币金融学7版英文课件--5-大学课件20
d
Point E: P = $750, i = 33.0% B = $500 billion
d
Demand Curve is B in Figure 1 which connects points A, B, C, D, E.
Has usual downward slope
© 2005 Pearson Education Canada Inc.
i = RETe = (F – P) P
Point A: P = $950
($1000 – $950) i=
$950 Bd = $100 billion
= 0.053 = 5.3%
© 2005 Pearson Education Canada Inc.
5-3
Derivation of Bond Demand Curve
© 2005 Pearson Education Canada Inc.
5-18
Liquidity Preference Analysis
Derivation of Demand Curve
1. Keynes assumed money has i = 0 2. As i , relative RETe on money (equivalently, opportunity
5-13
Evidence on the Fisher Effect
© 2005 Pearson Education Canada Inc.
5-14
Business Cycle Expansion
1. Wealth , Bd , Bd shifts out to right
2. Investment , Bs , Bs shifts out to right
Point E: P = $750, i = 33.0% B = $500 billion
d
Demand Curve is B in Figure 1 which connects points A, B, C, D, E.
Has usual downward slope
© 2005 Pearson Education Canada Inc.
i = RETe = (F – P) P
Point A: P = $950
($1000 – $950) i=
$950 Bd = $100 billion
= 0.053 = 5.3%
© 2005 Pearson Education Canada Inc.
5-3
Derivation of Bond Demand Curve
© 2005 Pearson Education Canada Inc.
5-18
Liquidity Preference Analysis
Derivation of Demand Curve
1. Keynes assumed money has i = 0 2. As i , relative RETe on money (equivalently, opportunity
5-13
Evidence on the Fisher Effect
© 2005 Pearson Education Canada Inc.
5-14
Business Cycle Expansion
1. Wealth , Bd , Bd shifts out to right
2. Investment , Bs , Bs shifts out to right
【PPT精品课件】货币金融学7版英文课件--2-大学课件20
© 2005 Pearson Education Canada Inc.
2-3
Internationalization of Financial Markets
International Bond Market 1. Foreign bonds 2. Eurobonds
Now larger than U.S. corporate bond market World Stock Markets
Financial Intermediaries 1. Engage in process of indirect finance 2. More important source of finance than securities markets 3. Needed because of transactions costs and asymmetric
A. Decreases adverse selection and moral hazard problems
B. Securities commissions force corporations to disclose information
2. Ensuring the soundness of financial intermediaries
1. Exchanges
Trades conducted in central locations (e.g., Toronto Stock Exchange and New York Stock Exchange)
2. Over-the-Counter Markets
Dealers at different locations buy and sell
【PPT精品课件】货币金融学7版英文课件--17-大学课件2
The LVTS has been put in place in order to eliminate systemic risk — the risk to the entire payments system due to the inability of one bank to fulfill its payment obligations in a timely fashion. Of, course it is not just Canada that is concerned about systemic risk.
Chapter 17
Tools of Monetary Policy
© 2005 Pearson Education Canada Inc.
Overview
So far we derived a multiplicative relation between M and MBM = m MB and discussed three monetary policy tools that the Bank of Canada can use to manipulate i and M. These tools areopen market operationsBank of Canada advances, andgovernment deposit shiftingIn recent years, however, the Bank conducts policy by setting an operating band for the overnight interest rate ior and targeting ior at the midpoint of the band. In doing so, the Bank permits M to do whatever necessary to keep ior on target.
Chapter 17
Tools of Monetary Policy
© 2005 Pearson Education Canada Inc.
Overview
So far we derived a multiplicative relation between M and MBM = m MB and discussed three monetary policy tools that the Bank of Canada can use to manipulate i and M. These tools areopen market operationsBank of Canada advances, andgovernment deposit shiftingIn recent years, however, the Bank conducts policy by setting an operating band for the overnight interest rate ior and targeting ior at the midpoint of the band. In doing so, the Bank permits M to do whatever necessary to keep ior on target.
【PPT精品课件】货币金融学7版英文课件--20-大学课件2
(monetary
第十三页，共十三页。
2. Monetary base, + $1 billion 3. Then analysis in Fig 1, Et
© 2005 Pearson Education Canada Inc.
2
第二页，共十三页。
Exchange Market Intervention
Sterilized: To reduce MB back to old level, Bank of Canada sells $1 billion of
Two Problems: 1. Country on gold standard loses control of Ms 2. World inflation determined by gold production
© 2005 Pearson Education Canada Inc.
6
第六页，共十三页。
Chapter 20
The International Financial System
© 2005 Pearson Education Canada Inc.
第一页，共十三页。
Exchange Market Intervention
Unsterilized: Bank sells $1 billion of $, buys $1 billion of foreign assets
International Financial Architecture
Capital Controls
1. Controls on outflows unlikely to work
2. Controls on inflows may prevent lending boom and financial crisis, but cause distortions
PPT精品课件货币金融学7版英文课件ch25大学课
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
Vietnam War Buildup and Macroeconomic Activity in the United States: 1964–70
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
Equilibrium in Short Run
Equilibrium: AD = AS If P > P*, AS > AD P to P* If P < P*, AS < AD P to P*
Equilibrium in Long Run
© 2005 Pearson Education Canada Inc.
Shifts in Long-Run Supply
Yn grows over time, but is shown as fixed in AD/AS diagram Real Business Cycle Theory 1. Yn fluctuates a lot due to aggregate supply (real) shocks 2. Shifts in AD small 3. Conclusion: Business cycles due to real shocks 4. Supports nonactivism Hysteresis 1. AD shifts in, natural rate of unemployment , Yn shifts in 2. Unemployment stays high 3. Supports activism
© 2005 Pearson Education Canada Inc.
Vietnam War Buildup and Macroeconomic Activity in the United States: 1964–70
© 2005 Pearson Education Canada Inc.
© 2005 Pearson Education Canada Inc.
Equilibrium in Short Run
Equilibrium: AD = AS If P > P*, AS > AD P to P* If P < P*, AS < AD P to P*
Equilibrium in Long Run
© 2005 Pearson Education Canada Inc.
Shifts in Long-Run Supply
Yn grows over time, but is shown as fixed in AD/AS diagram Real Business Cycle Theory 1. Yn fluctuates a lot due to aggregate supply (real) shocks 2. Shifts in AD small 3. Conclusion: Business cycles due to real shocks 4. Supports nonactivism Hysteresis 1. AD shifts in, natural rate of unemployment , Yn shifts in 2. Unemployment stays high 3. Supports activism
【PPT精品课件】货币金融学7版英文课件--1-大学课件20
6. Aggregate supply and demand analysis
Features
1. Case studies
2. Applications
3. Special-interest boxes
4. Following the Financial News boxes
5. Reading the financial pages
© 2005 Pearson Education Canada Inc.
1-10
How We Study Money and Banking
Basic Analytic Framework
1. Simplified approach to the demand for assets
2. Concept of equilibrium
2. Affect personal wealth and behavior of business firms
Why Study Banking and Financial Institutions?
1. Financial Intermediation Helps get funds from savers to investors
2. Banks and Money Supply Crucial role in creation of money
3. Financial Innovation
Why Study Money and Monetary Policy?
1. Influence on business cycles, inflation, and interest rates
nominal GDP GDP Deflator = real GDP
【PPT精品课件】货币金融学7版英文课件--ch22-大学课
changes
© 2005 Pearson Education Canada Inc.
Baumol-Tobin Model of Transactions Demand
Assumptions 1. Income of $1000 each month 2. 2 assets: money and bonds
Hold all bonds or all money: no diversification
Tobin Model: 1. People want high Re, but low risk 2. As i , hold more bonds and less M, but still diversify and hold M
A. related to W and Y B. negatively related to i
Liquidity Preference
Md
= f(i, Y)
P
–+
© 2005 Pearson Education Canada Inc.
Keynes’s Liquidity Preference Theory
【PPT精品课件】货币 金融学7版英文课件--
ch22-大学课
2020/8/20
Quantity Theory of Money
Velocity PY
V= M
Equation of Exchange M V = P Y
Quantity Theory of Money
1. Irving Fisher’s view: V is fairly constant 2. Equation of exchange no longer identity 3. Nominal income, PY, determined by M 4. Classicals assume Y fairly constant 5. P determined by M
© 2005 Pearson Education Canada Inc.
Baumol-Tobin Model of Transactions Demand
Assumptions 1. Income of $1000 each month 2. 2 assets: money and bonds
Hold all bonds or all money: no diversification
Tobin Model: 1. People want high Re, but low risk 2. As i , hold more bonds and less M, but still diversify and hold M
A. related to W and Y B. negatively related to i
Liquidity Preference
Md
= f(i, Y)
P
–+
© 2005 Pearson Education Canada Inc.
Keynes’s Liquidity Preference Theory
【PPT精品课件】货币 金融学7版英文课件--
ch22-大学课
2020/8/20
Quantity Theory of Money
Velocity PY
V= M
Equation of Exchange M V = P Y
Quantity Theory of Money
1. Irving Fisher’s view: V is fairly constant 2. Equation of exchange no longer identity 3. Nominal income, PY, determined by M 4. Classicals assume Y fairly constant 5. P determined by M
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Conclusion: AD shifts right, Y in short run only; in lon【gPrPuTn精品on课ly件】P货币金融学7版英
© 2005 Pearson Education Canada Inc.
文课件ch25大学课
Summary: Factors that Shift AS
【PPT精品课件】货币 金融学7版英文课件--
ch25-大学课
2020/10/30
【PPT精品课件】货币金融学7版英 文课件ch25大学课
Monetarist View of AD
PY
2000
V=
=
=2
M
1000
Modern Quantity Theory of Money M V=P Y Implication: M determines P Y if V unrelated to M
【PPT精品课件】货币金融学7版英 文课件ch25大学课
Keynesian View of AD
Yad = C + I + G + NX
Downward Sloping AD P , M/P , i , I , NX , Yad , Y
Shift in AD M , M/P , i , I , NX , Yad , Y AD shifts right
Equilibrium in Long Run
Panel (a): Y > Yn Wages : at given P, profits , Y
produced
AS shifts in until Y = Yn
at long-run AS
Panel (b): Y < Yn Wages : at given P, profits , Y
© 2005 Pearson Education Canada Inc.
【PPT精品课件】货币金融学7版英 文课件ch25大学课
Effect of Shift in AS on Y
1. Negative supply shock: AS shifts in, Y P to point 2
2. Y < Yn: wages , AS shifts out until return to point 1 Conclusion: AS shifts in, Y P in short run, but in long run Y and P are unchanged
offsetting G © 2005 Pearson Education Canada Inc.
文课件ch25大学课
Aggregate Supply in Short Run
Upward slope of AS In short-run production costs fixed P , profits , Y produced Shift in AS Production costs : At given P, profits , Y
C or G or T or NX : Yad , Y AD shifts right
Complete Crowding Out
G ,i
C , I , NX
unchanged
C + I + G + NX = Yad
Partial crowding out: private spending do【wPnPT,精b品u课t 件n】o货t 币fu金l融ly学7版英
【PPT精品课件】货币金融学7版英 文课件ch25大学课
Summary: Factors that Shift AD
【PPT精品课件】货币金融学7版英 文课件ch25大学课
Effect of Shift in AD on Y
1. AD shifts right: Y P to point 1'
2. Y > Yn: wages , AS shifts in until reach point 2, where Y = Yn
© 2005 Pearson Education Canada Inc.
【PPT精品课件】货币金融学7版英 文课件ch25大学课
Shifts in Long-Run Supply
Yn grows over time, but is shown as fixed in AD/AS diagram
Real Business Cycle Theory 1. Yn fluctuates a lot due to aggregate supply (real) shocks 2. Shifts in AD small 3. Conclusion: Business cycles due to real shocks 4. Supports nonactivism
Deriving AD Curve M = 1000, V = 2 P
Y = 2000
Point A: P = 2 Point B: P = 1 Point C: P = .5
Conclusion: P Y
Y = 1000 Y = 2000 Y = 4000
PY = 2 PY = 1 PY =.5
, downward sloping AD
AS shifts left
【PPT精品课件】货币金融学7版英 文课件ch25大学课
Equilibrium in Short Run
Equilibrium: AD = AS If P > P*, AS > AD P If P < P*, AS < AD P
to P* to P*
【PPT精品课件】货币金融学7版英 文课件ch25大学课
1000 2000 4000
Shift in AD Curve M : P Y , so at given P, Y
© 2005 Pearson Education Canada Inc.
AD shifts right 【PPT精品课件】货币金融学7版 Curve
produced
AS shifts out until Y =
Yn at long-run AS
Activist sees movement to long-run AS (self-correcting mechanism) as slow; nonactivist sees as fast
© 2005 Pearson Education Canada Inc.