米什金货币金融学(商学院版)第3章课件

Copyright©2010PearsonAddison-Wesley.Allrightsreserved.Chapter3WhatIsMoney?Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-2MeaningofMoney•Whatismoney?•Economist’sMeaningofMoney•Anythingthatisgenerallyacceptedinpaymentforgoodsandservicesorintherepaymentofdebts.MoneyCurrency•AratherbroaddefinitionCopyright©2010PearsonAddison-Wesley.Allrightsreserved.3-3MeaningofMoney•Money(astockconcept)isdifferentfrom:•Wealth:thetotalcollectionofpiecesofpropertythatservetostorevalue.Wealthincludesnotonlymoneybutalsootherassets.•Income:flowofearningsperunitoftime(aflowconcept)Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-4FunctionsofMoney•1.MediumofExchange:–Usedtopayforgoodsandservices.–Eliminatesthetroubleoffindingadoublecoincidenceofneeds(reducestransactioncosts)–PromotesspecializationCriteria:(1)Easilystandardized(2)Widelyaccepted(3)Divisible(4)Easytocarry(5)NotdeterioratequicklyCopyright©2010PearsonAddison-Wesley.Allrightsreserved.3-5FunctionsofMoney•2.UnitofAccount:–usedtomeasurevalueintheeconomy–reducestransactioncostsbyreducingthenumberofpricesthatneedtobeconsidered.•3.StoreofValue:–usedtosavepurchasingpowerovertime.–otherassetsalsoservethisfunction–MoneyisthemostliquidofallassetsbutlosesvalueduringinflationLiquidity:therelativeeaseandspeedwithwhichanassetcanbeconvertedintoamediumofexchange.Adoublingofallpricesmeansthatthevalueofmoneyhasdroppedbyhalf.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-6EvolutionofthePaymentsSystem1.CommodityMoneyManyitemshavebeenusedascommoditymoney,suchasshells,beads,cottonandsilktextile,cattle,salt,andeventobacco.Thenpreciousmetalslikegoldandsilveractedasmoney.Metalmoneyhassomeadvantages,becausemetalmoneyisdurable,portable,andeasilydivisible.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-7海贝Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-8Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-9EvolutionofthePaymentsSystem2.FiatmoneyPapercurrencydecreedbygovernmentsaslegaltenderbutnotconvertibleintocoinsorpreciousmetal.Advantages:lighterthancoinsorpreciousmetalDrawbacks:maybecounterfeited,easilystolen,expensivetotransport.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-10EvolutionofthePaymentsSystem3.ChecksAninstructionfromyoutoyourbanktotransfermoneyfromyouraccounttosomeoneelse’saccountwhenshedepositsthecheck.Advantages:--reducesthetransportationcostsassociatedwiththepaymentssystemandimproveseconomicefficiency.--makestransactionsforlargeamountsmucheasier.--lossfromtheftisgreatlyreduced.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-11EvolutionofthePaymentsSystem4.ElectronicpaymentThedevelopmentofcomputersandthespreadoftheInternetmakeitcheaptopaybillselectronically.5.Electronicmoney:Moneythatexistsonlyinelectronicform.(1)Debitcards(2)Stored-valuecards(3)E-cashCopyright©2010PearsonAddison-Wesley.Allrightsreserved.3-12MeasuringMoney•Howdowemeasuremoney?Whichparticularassetscanbecalled“money”?•Constructmonetaryaggregatesusingtheconceptofliquidity:•M1(mostliquidassets)=currency+traveler’schecks+demanddeposits+othercheckabledeposits.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-13MeasuringMoney•M2(addstoM1otherassetsthatarenotsoliquid)=M1+smalldenominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundshares.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-14Table1MeasuresoftheMonetaryAggregatesCopyright©2010PearsonAddison-Wesley.Allrightsreserved.3-15MonetaryAggregatesCurrencyTraveler’sChecksDemandDepositsOtherCheck.DepM1(4)M2(4+3)M3(4+3+4)SmallDen.Dep.SavingsandMMMoneyMarketMutualFundsSharesCopyright©2010PearsonAddison-Wesley.Allrightsreserved.3-16M1vs.M2•Doesitmatterwhichmeasureofmoneyisconsidered?•M1andM2canmoveindifferentdirectionsintheshortrun(seefigure).•Conclusion:thechoiceofmonetaryaggregateisimportantforpolicymakers.Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-17FIGURE1GrowthRatesoftheM1andM2Aggregates,1960–2008Sources:FederalReserveBulletin,p.A4,Table1.10,variousissues;Citibasedatabank;©2010PearsonAddison-Wesley.Allrightsreserved.3-18HowAboutChina?•我国将货币供应量划分为三个层次：•一是流通中现金Ｍ0，即在银行体系外流通的现金；•二是狭义货币供应量Ｍ1，即Ｍ0加上企事业单位活期存款；•三是广义货币供应量Ｍ2，即Ｍ1加上企事业单位定期存款、居民储蓄存款和其他存款。Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-19Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-20项目Item2014.01货币和准货币（M2）（亿元）1123521.21货币（M1）314900.55流通中货币（M0）76488.60Copyright©2010PearsonAddison-Wesley.Allrightsreserved.3-213.5HowReliablearetheM2MoneyData:DataRevisionsCopyright©2010PearsonAddison-Wesley.Allrightsreserved.3-223.5HowReliablearetheM2MoneyData:DataRevisions•Weprobablyshouldnotpaymuchattentiontoshort-runmovementsinthemoneysupplynumbers,butshouldbeconcernedonlywithlonger-runmovements.