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《货币、银行和金融市场经济学》第八版
The Three Motives (cont’d) Velocity is not constant: The procyclical movement of interest rates should induce procyclical movements in velocity. Velocity will change as expectations about future normal levels of interest rates change Further Developments in the Keynesian Approach Transactions demand Baumol - Tobin model There is an opportunity cost and benefit to holding money The transaction component of the demand for money is negatively related to the level of interest rates FIGURE 2 Cash Balances in the Baumol-Tobin Model Precautionary Demand Similar to transactions demand As interest rates rise, the opportunity cost of holding precautionary balances rises The precautionary demand for money is negatively related to interest rates Speculative Demand Implication of no diversification Only partial explanations developed further (Tobin) Risk averse people will diversify its portfolio and hold some money as a store of wealth Do not provide a definite answer as to why people hold money as a store of wealth Friedman’s Modern Quantity Theory of Money = demand for real money balances = measure of wealth (permanent income) = expected return on money = expected return on bonds = expected return on equity (common stocks) = expected inflation rate Variables in The Money Demand Function Permanent income (average long-run income) is stable, the demand for money will not fluctuate much with business cycle movements Wealth can be held in bonds, equity and goods; incentives for holding these are represented by the expected return on each of these assets relative to the expected return on money The expected return on money is influenced by: The services proved by banks on deposits The interest payment on money balances Differences between Keynes’s and Friedman’s Model Friedman Includes alternative assets to money Viewed money and goods as substitutes The expected return on money is not constant; however, rb – rm does stay constant as interest rates rise Interest rates h
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