武汉大学金融系各科教材初级宏观CHAPTER 25 MONEY, BANKING, AND FINANCIAL MARKETS教学文稿.pptVIP

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武汉大学金融系各科教材初级宏观CHAPTER 25 MONEY, BANKING, AND FINANCIAL MARKETS教学文稿.ppt

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武汉大学金融系各科教材初级宏观CHAPTER 25 MONEY, BANKING, AND FINANCIAL MARKETS教学文稿.ppt

CHAPTER 25 MONEY, BANKING, AND FINANCIAL MARKETS;Interaction with last chapters: Y = C + I +G I = I (r), r depends on supply of and demand for money Monetary Supply and Demand for Money ------interest rate------investment------aggregate demand------GDP GDP ------ Money ------ interest rate;1. Basic Knowledge About Money and Banking: a Review 1.1 The Evolution of Money(511-513R) Barter Commodity Money Modern Money ( Credit Money): Paper money Bank money (checking deposits) 1.2 The Function of Money (pp519) Medium of exchange Unit of account Store of value;1.3 Components of Money Supply (p513-514) M0 = Coins + Currency (mainly currency) M1= M0+Demand Deposit or Checking Deposit = CU + DD M2= M1 + Saving Deposit + Time Deposit 1.4 Banking System (Commercial) Reserve(RE)=vault cash and deposit with Central bank reserve ratio （re）= RE / DD actual vs. required reserve ratio (Legal re)， excess reserve if actual required RE = re · DD;currency deposit ratio （cu）= CU / DD High-powered money or monetary base MB = CU + RE The net money liabilities of the government held by the public (see the Glossary of terms in the end of textbook).;2.3 Interest Rates and Asset Prices(pp515R-pp516L) Present Value of an Asset---- Discounted Money value of a stream of income from The asset over time. NEGATIVE Relationship between interest rates and asset prices.;2.4 Interest Rate and Price Change: Nominal versus Real(516R-519R) Nominal Interest Rate (518L) Real Interest Rate Real Interest Rate = Nominal Interest Rate – Inflation Rate ;3. THE DEMAND FOR MONEY(519R-521R) Why demand money? (Money demand and demand for money: Equivalent!) Two sources of money demand Transaction Part of Assets: Rights Claiming for others other terms for assets: worth, wealth In addition: Precautionary motive Forces influencing money demand: