金融学（第四版）课件：The Demand for Real Money Balances and Market Equilibrium.pptx

TheDemandforRealMoneyBalancesandMarketEquilibrium

2WhereIsAlltheMoney?InAugust2001,M1=$1,277.8billion$646.2billionwasincurrencyGiven107millionhouseholds,theaverageholdingsofeachhouseholdwere$11,940(intermsofM1)and$6,040(incurrency)AlargeportionofcheckabledepositsareheldbycorporationsEstimatesarethatmorethan50%ofU.S.currencyisheldoutsidetheU.S.

3TheDemandforReal

MoneyBalancesWealthmaybeheldinrealassetsorfinancialassets(includingmoney)whenrelativeratesofreturnchange,householdsadjusttheirportfoliosmoneyalsofunctionsasameansofpayment(mediumofexchange)

4TheDemandforReal

MoneyBalancesThedemandformoneyisactuallyademandforrealmoneybalancesadjustedforchangesinpurchasingpowerArealmoneybalancecanbedefinedasthenominalmoneysupply(M)dividedbytheoverallpricelevel(P)realmoneybalances=M/P

5TheDemandforReal

MoneyBalancesSincethedemandformoneyisademandforrealmoneybalances,nominalmoneydemandisproportionaltotheoveralllevelofpricesifthepricelevelrisesby10%,nominalmoneydemandrisesby10%

6Households’DemandforRealMoneyBalancesTherearetwomotivesbehindhouseholds’demandtoholdrealmoneybalanceshouseholdsneedmoneytoconsummatetransactions(transactionsmotive)householdstrytoholdsomerealmoneybalancesasaprecautionagainstunforeseendevelopments(precautionarymotive)

7RealMoneyHoldingsbyaTypicalHouseholdAverageholdingsofrealmoneybalancesoverthemonthTime(Months)$2,100–$1,100–$100–PrecautionaryDemandTransactionsDemandTransactionsDemand

8Households’DemandforRealMoneyBalancesRealmoneybalancesyieldastreamofservicestohouseholdsbenefitsofholdingrealmoneybalancesdefinedbythetimeanddistresssavedbyhavingmoneyonhandforimmediateusemonetary(reducedtransactionsfeessuchasbrokeragefees)nonmonetary(reducedtimeandinconvenience)

9Households’D