四丶货币理论与货币政策.pdf

四、货币理论与货币政策 MONETARY THEORY AND MONETARY POLICY 金融资产结构  货币与货币供给 M =流通中现金 0 M 1= M 0 +活期存款 M 2 = M 1 +定期存款 M 3 = M 2 +其他短期流动资产（如国库 券、银行承兑汇票、商业票据）+外汇存款  有价证券：分为政府债券和企业债券两 种。  股票。 The Meaning of Money  Money is the set of assets （资产）in the economy that people regularly use to buy goods and services from other people. Three Functions of Money  Money has three functions in the economy. ä Medium of exchange （交换媒介） ä Unit of account （计量单位） ä Store of value （贮藏价值） Medium of Exchange  A medium of exchange is anything that is readily acceptable as payment. Unit of Account  A unit of account is the yardstick people use to post prices and record debts. Store of Value  A store of value is an item that people can use to transfer purchasing power （购买力）from the present to the future. Liquidity （流动性）  Liquidity is the ease with which an asset can be converted into the economy’s medium of exchange. The Kinds of Money  Commodity money （商品货币）takes the form of a commodity with intrinsic value （内在价值）. ä Examples: Gold, silver, cigarettes  Fiat money （法定货币）is used as money because of government decree. ä It does not have intrinsic value. ä Examples: Coins, currency, check deposits Money in the Economy  Currency （通货）is the paper bills and coins in the hands of the public.  Demand deposits （活期存款）are balances in bank accounts that depositors can access on demand by writing a check. 中央银行职能  垄断发行本国的法定货币。  以债务方式接受存款机构缴存的存款准 备金，以垫款或票据再贴现方式对存款 机构发放贷款，承担金融机构之间的票 据交换和结算业务。  代理国库，即经办政府的收支，管理国 家的外汇，制定和实施国家的金融政 策。 The Federal Reserve联邦储备体系  The Federal Reserve (Fed) serves as the nation’s central bank ä It is designed to oversee the banking