【PPT精品课件】货币金融学7版英文课件--ch22-大学课.pptx

该【【PPT精品课件】货币金融学7版英文课件--ch22-大学课 】是由【小屁孩】上传分享，文档一共【12】页，该文档可以免费在线阅读，需要了解更多关于【【PPT精品课件】货币金融学7版英文课件--ch22-大学课 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Chapter22TheDemandforMoney? P?YV= MEquationofExchangeM?V=P?’sview:,PY, 1M= ??PYVMd=k?PYImplication:interestratesnotimportanttoMd?fromYeartoYear:1915–20023??1. ClassicalsthoughtVconstantbecausedidn’thavegooddata2. AfterGreatDepression,economistsrealizedvelocityfarfromconstant4?’sLiquidityPreferenceTheory3Motives1. Transactionsmotive—relatedtoY2. Precautionarymotive—relatedtoY3. Speculativemotive Md =f(i,Y) P – +5?’sLiquidityPreferenceTheoryImplication:Velocitynotconstant P 1 = Md f(i,Y)MultiplybothsidesbyYandsubstituteinM=Md PY YV= = M f(i,Y)?,f(i,Y)?,V?,changef(i,Y)andVchanges6?-TobinModelofTransactionsDemandAssumptions1. eof$1000eachmonth2. 2assets:moneyandbondseincash1. e=$12,0002. Averagemoneybalances=$1000/23. Velocity=$12,000/$500=24Keeponly1/2paymentincash1. e=$12,0002. Averagemoneybalances=$500/2=$2503. Velocity=$12,000/$250=48Trade-offofkeepinglesscash1. egain=i??$500/22. IncreasedtransactionscostsConclusion:egainfromholdingbonds,lesslikelytoholdcash:Thereforei?,Md?7?-TobinModel8?-Tobinframework : i?,opportunitycost?,holdlessprecautionarybalances,Md?SpeculativeDemandProblemswithKeynes’sframework: Holdallbondsorallmoney:nodiversificationTobinModel: ,butlowrisk ?,holdmorebondsandlessM,butstilldiversifyandholdMProblemwithTobinmodel:NospeculativedemandbecauseT-billshavenorisk(likemoney)buthavehigherreturn?’sModernQuantityTheoryImplicationof3: Md Y =f(YP)?V= P f(YP)SincerelationshipofYandYPpredictable,4impliesVispredictable:GetQ-e,PYTheoryofassetdemand:Mdfunctionofwealth(YP)andrelativeReofotherassets Md =f(YP,rb–rm,re–rm,?e–rm) P + – – –DifferencesfromKeynesianTheories1. Otherassetsbesidesmoneyandbonds:equitiesandrealgoods2. RealgoodsasalternativeassettomoneyimpliesMhasdirecteffects onspending3. rmnotconstant:rb?,rm?,rb–rmunchanged,soMdunchanged:., interestrateshavelittleeffectonMd4. Mdisastablefunction?