宏观经济学-货币政策 (英文)

TheCentralbankuseofopenmarketoperations,changesinthediscountrate,andchangesintherequiredreserveratiotochangethemoneysupply.OpenMarketOperationsTheDiscountRateTheRequiredReserveratioTheultimategoalofmonetarypolicyingeneraltherearefour:pricestability,fullemployment,promoteeconomicgrowthandthebalanceofinternationalpayments.Frictionalunemployment:unemploymentcausedbythenormalsearchtimerequirebyworkerswithmarkedableskillswhoarechangingjobs,initiallyenteringthelaborforce,re-enteringthelabourforce,orseasonallyunemployed.Structuralunemployment:unemploymentcausedbyamismatchoftheskillsofworkersoutofworkandtheskillsrequiredforexistingjobopportunities.CyclicalUnemployment:unemploymentcausedbythelackofjobsduringarecession.TranslationdemandformoneyPrecautionarydemandformoneySpeculativedemandformoneyThestockofmoneypeopleholdtopayeverydaypredictableexpenses.Thestockofmoneypeopleholdtounpredictableexpenses.Thestockofmoneypeopleholdtotakeadvantageofexpectedfuturechangesinthepriceofbonds,stocks,orothernonmoneyfinancialassets.ExcessmoneydemandpeoplesellbondsBondpricesfallandtheinteretraterisesExcessmoneysupplypeoplebyebondsBondpricesriseandtheinteretratefallsIncreaseinthemoneysupplyMoneysurpluseandpeoplebuybondsDecreaseintheinterestrateDecreaseinthemoneysupplyMoneyshortageandpeoplesellbondsIncreaseintheinterestrate(a)Increaseinthemoneysupply(b)DecreaseinthemoneysupplyChangeinthemonetarypollcyChangeinthemoneysupplychangeininterestrateChangeininvestmentChangeintheADcurveChangeinprice,realGDPandemploymentTheKeynesianMonetaryPolicyTransmissionMechanismChangeinthemoneysupplyChangeintheADcurveChangeinprice,realGDPandemploymentChangeinthemonetarypollcyTheMonetaristMonetaryPolicyTransmissionMechanismMS1MS2E1E2ABASE2E1MDAD1AD2（b)Investmentdemandcurve(a)Moneymarket(c)ProductmarketInterestrateInterestrateQuantityofmoneyInvestmentPricelevelRealGDPTheEffectofExpansionaryMoneyPolicyonADITheEquationofExchangeMV=PQMisthemoneysupplyincirculation,andVrepresentsthevelocityofmoneyP×QisnormalGDP.TheQuantityTheoryofMoneyM×V=P×QAccordingtothequantityofmoneytheory,anychanginginthemoneysupplymustleadtoaproportionalchangeinthepricelevel.FollowingtheAsianfinancialcrisisin1997,inordertorepairtheimpactofthecrisisontheeconomy,recoverandstimulatetheeconomicdevelopment,implementtheexpansionarymonetarypolicy,thatis,toreduceinterestrates,increasingthemoneysupply,china'seconomyhasbeengoodrecovery,andbegangrowingfast.After2000,implementtheprudentmonetarypolicy.Inthisperiod,china'seconomymaintainedafastgrowthtrend.Inrecentyears,duetotheoverheatedinvestmentinfixedassets,andproducemoreseriousinflation,thecentralbankraisedinterestrates6timesin2007,whichstatesthetightmonetarypolicybegintoenterthestageofhistory.ThemonetarypolicywhentheAsianfinancialcrisis2010measuresJanuary18Raisedthedepositreserverateof0.5%.February25Raisedthedepositreserverateof0.5%.May10Raisedthedepositreserverateof0.5%.October11Directedupwardadjustmentofthefivebanksdepositreserverate.October20Raisedtheinterestrateof0.25%.November10Raisedthedepositreserverateof0.5%.November19Raisedthedepositreserverateof0.5%.Monetarypolicymeasuresinthisyears:AccordingtoXinhuaNewsagency,2010ofthePoliticalBureauoftheCPCCentralCommitteehadameetingonDecember3,analysisedandstudiedtheeconomicworknextyear.Themeetingpointedout:Toimplementthepositivefiscalpolicyandtheprudentmonetarypolicystrengthenmacro-control'starget,flexibilityandeffectiveness.ThisindicatesthatChinawillchangethemonetarypolicyfromappropriatetoprudentnextyear,farewelltothemaintaingrowth.ThestockmarketfluctuationpowerAfterChicagoUniversityProfessorJamesH.LorieandtheotherMaryT.Hamiltonanalysisthepast100yearsofAmericanbonds,Theconclusionisduringthetransmissionofmonetarypolicyandstockmarkethighsandlows，thequantityofmoneysupplychangewillbeabletoinfluencestockmarketmovementsthantheinterestratemovements.Issuingmoneymaynotleadrisingstockmarket,infact,duringhighinterestratesthebubbleeconomymayappear,suchasthe1930,theUnitedstates,byincreasingthemoneysupplytorisethestockmarket.Relationshipbetweenmonetarypolicyandstockmarket