第4章_个人需求和市场需求.pptVIP

第 4 章;金融市场;金融市场;金融市场;金融市场;4-1 货币需求;4-1 货币需求;4-1 货币需求;4-1 货币需求;4-1 货币需求;4-1 货币需求;4-1 货币需求;4-1 货币需求;Md (for $Y′ $Y);Md ($Y);货币需求;4-1 货币需求;4-1 货币需求;货币与名义收入之比和利率：1960-1998;4-1 货币需求;4-1 货币需求;4-1 货币需求;假定:;LM 关系: M = $YL(i) 流动性需求 (L) = 货币供给M;Md ($Y);Md ($Y);Md ($Y);公开市场业务：;平衡表;货币政策和公开市场业务;货币政策和公开市场业务;债券的价格和利率 水平之间是负相关关系;货币政策和公开市场业务;第 1 步: 中央银行购买债券 第 2 步: 中央银行通过改变货币来影响利率水平 第 3 步: 债券需求增加导致债券价格上升 第 4 步: 债券价格上升，利率下降;紧缩性货币政策将会影响到的因素包括… 货币供给 债券需求 利率;小结:;作业;Banks are financial intermediaries-- They receive funds (deposits) which  are liabilities They make loans and buy bonds which  are assets;The Determination of the Interest Rates: II;Why do banks hold reserves?;The supply and demand for central bank money;The demand for money;The demand for money;The demand for money;The demand for reserves;The demand for reserves;The demand for reserves;The Determination of the Interest Rates: II;The Determination of the Interest Rates: II;The Determination of the Interest Rates: II;The Determination of the Interest Rates: II;The supply and demand for reserves;The supply and demand for reserves;The supply and demand for reserves;The supply and demand for money;The supply and demand for money;The supply and demand for money;Open market operations revisited;Open market operations revisited;Open market operations revisited;Increases in Central Bank money (Fed buys bonds) decrease the interest rate Decreases in Central Bank money (Fed sells bond) increase the interest rate