【PPT精品课件】货币金融学7版英文课件--ch22-大学课

Chapter22TheDemandforMoney©2005PearsonEducationCanadaInc.22-2QuantityTheoryofMoneyVelocityPYV=MEquationofExchangeMV=PYQuantityTheoryofMoney1.IrvingFisher’sview:Visfairlyconstant2.Equationofexchangenolongeridentity3.Nominalincome,PY,determinedbyM4.ClassicalsassumeYfairlyconstant5.PdeterminedbyMQuantityTheoryofMoneyDemand1M=PYVMd=kPYImplication:interestratesnotimportanttoMd©2005PearsonEducationCanadaInc.©2005PearsonEducationCanadaInc.22-3ChangeinVelocityfromYeartoYear:1915–2002©2005PearsonEducationCanadaInc.22-4CambridgeApproachIsvelocityconstant?1.ClassicalsthoughtVconstantbecausedidn’thavegooddata2.AfterGreatDepression,economistsrealizedvelocityfarfromconstant©2005PearsonEducationCanadaInc.22-5Keynes’sLiquidityPreferenceTheory3Motives1.Transactionsmotive—relatedtoY2.Precautionarymotive—relatedtoY3.SpeculativemotiveA.relatedtoWandYB.negativelyrelatedtoiLiquidityPreferenceMd=f(i,Y)P–+©2005PearsonEducationCanadaInc.22-6Keynes’sLiquidityPreferenceTheoryImplication:VelocitynotconstantP1=Mdf(i,Y)MultiplybothsidesbyYandsubstituteinM=MdPYYV==Mf(i,Y)1.i,f(i,Y),V2.Changeinexpectationsoffuturei,changef(i,Y)andVchanges©2005PearsonEducationCanadaInc.22-7Baumol-TobinModelofTransactionsDemandAssumptions1.Incomeof$1000eachmonth2.2assets:moneyandbondsIfkeepallincomeincash1.Yearlyincome=$12,0002.Averagemoneybalances=$1000/23.Velocity=$12,000/$500=24Keeponly1/2paymentincash1.Yearlyincome=$12,0002.Averagemoneybalances=$500/2=$2503.Velocity=$12,000/$250=48Trade-offofkeepinglesscash1.Incomegain=i$500/22.IncreasedtransactionscostsConclusion:Higherisiandincomegainfromholdingbonds,lesslikelytoholdcash:Thereforei,Md©2005PearsonEducationCanadaInc.22-8CashBalanceinBaumol-TobinModel22-9PrecautionaryandSpeculativeMdPrecautionaryDemandSimilartradeofftoBaumol-Tobinframework1.Benefitsofprecautionarybalances2.OpportunitycostofinterestforegoneConclusion:i,opportunitycost,holdlessprecautionarybalances,MdSpeculativeDemandProblemswithKeynes’sframework:Holdallbondsorallmoney:nodiversificationTobinModel:1.PeoplewanthighRe,butlowrisk2.Asi,holdmorebondsandlessM,butstilldiversifyandholdMProblemwithTobinmodel:NospeculativedemandbecauseT-billshavenorisk(likemoney)buthavehigherreturn©2005PearsonEducationCanadaInc.22-10Friedman’sModernQuantityTheoryImplicationof3:MdY=f(YP)V=Pf(YP)SincerelationshipofYandYPpredictable,4impliesVispredictable:GetQ-theoryviewthatchangeinMleadstopredictablechangesinnominalincome,PYTheoryofassetdemand:Mdfunctionofwealth(YP)andrelativeReofotherassetsMd=f(YP,rb–rm,re–rm,e–rm)P+–––DifferencesfromKeynesianTheories1.Otherassetsbesidesmoneyandbonds:equitiesandrealgoods2.RealgoodsasalternativeassettomoneyimpliesMhasdirecteffectsonspending3.rmnotconstant:rb,rm,rb–rmunchanged,soMdunchanged:i.e.,interestrateshavelittleeffectonMd4.Mdisastablefunction©2005PearsonEducationCanadaInc.©2005PearsonEducationCanadaInc.22-11EmpiricalEvidenceonMoneyDemandInterestSensitivityofMoneyDemandIssensitive,butnoliquiditytrapStabilityofMoneyDemand1.M1demandstabletill1973,unstableafter2.Mostlikelysourceofinstabilityisfinancialinnovation3.Castdoubtsonmoneytargets