货币银行学英文版ppt2

1Chapter2MoneyandthePaymentsSystemTheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang20082MoneyMoney–Moneyisanassetthatisgenerallyacceptedaspaymentforgoodsandservicesorrepaymentofdebt.TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang20083CharacteristicsofMoney1.Ameansofpayment.2.AunitofAccount3.AStoreofValueTheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang20084ThePaymentsSystemTypesofMoneyCommodityMoney–ThingsthathaveintrinsicvalueFiatMoney–Valuecomesfromgovernmentdecree(orfiat)TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang20085ThePaymentsSystemChecks–Instructionstothebanktotakefundsfromyouraccountandtransferthosefundstothepersonorfirmwhosenameiswritteninthe“PaytotheOrderof”line.TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang20086ThePathofaPaperCheckTheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang20087OtherFormsofPaymentsCreditCardsDebitCardsElectronicFundstransfersStoredValueCardsTheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang20088LiquidityLiquidity–ameasureoftheeaseanassetcanbeturnedintoameansofpayment(Money).TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang20089MeasuringMoneyDifferentDefinitionsofmoneybasedupondegreeofliquidity.FederalReserveSystemdefinesmonetaryaggregates.TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200810MonetaryAggregatesLinktoCurrentDataTheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200811GrowthRatesinMonetaryAggregatesTheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200812MoneyandInflation0246810121402468101214MoneyGrowthInflation2YearsLater1990-20001960-1980M2GrowthRateandCPIInflationRate2yearslater.TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200813MeasuresofInflationFixed-weightIndex-CPIDeflator–GDPorPersonalConsumptionExpenditureDeflatorChain-weightindex–Halfwaybetweenfixed-weightandadeflator.TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200814TheRoleofMoneyintheMacroeconomy2.1Moneyplaysakeyroleintheperformanceoftheeconomy.Theamountofmoneyintheeconomyshouldnotbetoolittleortoomuch,butjust“right”?TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200815Definitionsofthemoneysupplyliquidityandliquidassetliquidity(流动性)Abilitytoconvertanassetintocashquicklywithlittlelossinvalue.TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200816liquidassets-illiquidassetsAliquidassetissomethingyoucanturnintothegenerallyacceptablemediumofexchangequicklywithouttakingaloss.CashandcheckingaccountsarethemostliquidassetsTheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200817ThreedefinitionsofthemoneysupplyM1=Currencyoutsidebanks+demanddepositsatbanks+othercheckabledepositsatbanksandatallthriftinstitutions+travelers’checksM2=M1+small-denominationtimedeposits+moneymarketdepositsaccountsandsavingsdepositsatalldepositoryinstitutions+retailmoneymarketmutualfundssharesTheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200818ThreedefinitionsofthemoneysupplyM3=M2+large-denominationtimedepositsatalldepositoryinstitutions+institutionalmoneymarketmutualfundsshares+bankrepurchaseagreementsandEurodollarsM0=cash（狭义货币）M1M2TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200819WhoDeterminestheMoneySupply?Golddoesnotdeterminethemoneysupply,becausegoldhaslittleinfluenceonit.Therefore,currencyandcheckingaccountscanbeincreasedordecreased,withoutanyrelationtogold.Doesitmakeyoudistrustthevalueofyourmoney?TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200820WhoDeterminestheMoneySupply?Moneyisvaluableonlybecauseyoucanbuywhatyouneedwithit.Thevalueofmoneyisdeterminedbythepricesofthethingswebuy.TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200821whoorwhatdoesdeterminetheamountofmoney?Ifgoldisnotthewatchdog,whoorwhatdoesdeterminetheamountofmoney?Itiscentralbank,themonetaryauthorityinmostcountries.Thecentralbankdoesnotdealdirectlywiththepublic.Itisregardedasabankforbanksandresponsiblefortheexecutionofnationalmonetarypolicy.TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200822Ifgoldisnotthewatchdog,whoorwhatdoesdeterminetheamountofmoney?Mostpartofcurrencyenterscirculation,whenpeopleandbusinessfirmscashchecksatbanks.Itispublicwhoultimatelydecidestheproportionofthemoneysupplybeingintheformofcurrency.Thecentralbankwholesalethenecessarycoinsandpapertobank.Thecentralbankisnotparticularlyconcernedwiththefractionofthemoneysupplythatisinoneformoranother,butratherthetotalamountofcheckabledepositspluscurrency.TheInternationalSchoolofJiangxiUniversityofFinanceandEconomics,HainanWang200823TheImportanceofMoneyImoneyversusbarterTheInternationalSchoolofJiangxiUniversityofFinanceandEconomi