西方经济学(宏观)课件CHAPTER06.ppt

CHAPTER 06
ARY POLICY
Slide 1
What You Will Learn in this Chapter:
What the money demand curve is
Why the liquidity preference model determines the interest rate in the short run
How the Bank of Canada can move interest rates
How ary policy affects aggregate output in the short run
How the Bank of Canada’s policy of inflation targeting implies that it automatically offsets recessions and booms
A deeper understanding of the adjustment process behind the savings–investment spending identity
Why economists believe in ary neutrality — that ary policy affects only the price level, not aggregate output, in the long run
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The Demand for Money
The Opportunity Cost of Holding Money
Short-term interest rates are the interest rates on financial assets that mature within six months or less
Long-term interest rates are interest rates on financial assets that mature a number of years in the future
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The Demand for Money
The Opportunity Cost of Holding Money
4
The Money Demand Curve
The money demand curve shows the relationship between the quantity of money demanded and the interest rate
The Liquidity Preference Model of the Interest Rate
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Prices and the Demand for Money
The real quantity of money is the nominal quantity of money divided by the aggregate price level
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Prices and the Demand for Money
The Aggregate Price Level and Money Demand
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The Real Demand for Money
The real money demand curve shows the relationship between the real quantity of money demanded and the interest rate
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Shifts of the Real Money Demand Curve
Changes in real aggregate spending
Changes in technology
Changes in institutions
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The Velocity Approach to Money Demand
The velocity of money is nominal GDP divided by the nominal quantity of money
According to the velocity of money approach to money demand, the real quantity of money demanded is proportional to real aggregate spending
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