3-16 区块链（block chain）与比特币.pptVIP

Measuring Money M1 The narrowest measure of money More or less the same for most countries M1 consists of currency as well as demand deposits + other checkable deposits Canada is a noteworthy exception Adds checkable deposits at credit unions and other non-bank depository institutions in M1 Currency in the value of banks and ATMs are not included in M1 Measuring Money M2 Monetary aggregates broader than M1 Considerably differs from one country to another The savings deposits and most time deposits are usually included in M2 Savings deposits: interest-bearing non-transaction accounts that can be drawn upon demand at no costs. Time deposits: interest-bearing deposits or certificates of deposits (CDs) held for a given period of time and can be withdrawn with prior written notice(預先書面通知), usually at very low costs. Measuring Money M3 Broadest definition of money The definitions vastly differ from one country to another Many central banks calculated it Such as the ECB, Japan, Canada, Switzerland, Australia, New Zealand, Iceland, Thailand, the Philippines, Mexico, and Turkey. However, a number of central banks no longer calculate M3 For example, the Fed discontinued measuring M3 in March 2006 Monetary Aggregates Currency Traveler’s Checks Demand Deposits Other Check. Dep M1 (4) M2 (4+3) M3 (4+3+4) Small Den. Dep. Savings and MM Money Market Mutual Funds Shares Which Is The Most Accurate Monetary Aggregate? Which measurement should central banks consider when trying to affect variables in the economy?(那一種衡量最能影響經濟變數) If the monetary aggregates move together, it does not matter much that we are not sure of the appropriate definition of money if they do not move together, then what one monetary aggregate tells us is happening to the money supply might be quite different from what another monetary aggregate would tell us M1 vs. M2 Does it matter which measure of money is considered? M1 and M2 can move in different directions in the short run(短期) (see figure). Conclusion