斯蒂芬D威廉森宏观经济学第三版第十五章StephenD.Williamson27sMacroeconomicsThirdEditionchapter15

1、copyright 2008 pearson addison-wesley. all rights reserved.chapter 15money, inflation and bankingcopyright 2008 pearson addison-wesley. all rights reserved.15-2chapter 15 topics alternative forms of money. money and the absence of double coincidence of wants. the causes and effects of long-run infla

2、tion. financial intermediation and banking.copyright 2008 pearson addison-wesley. all rights reserved.15-3alternative forms of money commodity money circulating private bank notes commodity-backed paper currency fiat money transactions deposits at bankscopyright 2008 pearson addison-wesley. all righ

3、ts reserved.15-4the double-coincidence problem and the role of money barter exchange is difficult in highly-developed, specialized economies. economic exchange requires search costs, and these costs are high when economic agents are specialized in consumption and production, and can only trade a goo

4、d or service for another good or service. search costs are reduced dramatically if everyone accepts money in exchange for goods and services.copyright 2008 pearson addison-wesley. all rights reserved.15-5figure 15.1 an absence-of-double-coincidence economycopyright 2008 pearson addison-wesley. all r

5、ights reserved.15-6figure 15.2 good 1 as a commodity money in the absence-of-double-coincidence economycopyright 2008 pearson addison-wesley. all rights reserved.15-7figure 15.3 fiat money in the absence-of-double-coincidence economycopyright 2008 pearson addison-wesley. all rights reserved.15-8the

6、effects of long-run inflation use the monetary intertemporal model from chapter 10. show that money is not superneutral higher money growth causes higher inflation, which affects real economic variables. an increase in the money growth rate increases the inflation rate and the nominal interest rate,

7、 and reduces employment and output.copyright 2008 pearson addison-wesley. all rights reserved.15-9figure 15.4 scatterplot of the inflation rate vs. the growth rate in m0 for the united states, 19602006copyright 2008 pearson addison-wesley. all rights reserved.15-10equation 15.1assume that the centra

8、l bank causes the money supply to grow at a constant rate.copyright 2008 pearson addison-wesley. all rights reserved.15-11equation 15.2in equilibrium, money supply equals money demand.copyright 2008 pearson addison-wesley. all rights reserved.15-12equation 15.3money supply also equals money demand i

9、n the future period.copyright 2008 pearson addison-wesley. all rights reserved.15-13equation 15.4combine the previous two equations.copyright 2008 pearson addison-wesley. all rights reserved.15-14equation 15.5the consumers intertemporal marginal condition.copyright 2008 pearson addison-wesley. all r

10、ights reserved.15-15equation 15.6marginal condition reflecting the consumers tradeoff between current leisure and future consumption:copyright 2008 pearson addison-wesley. all rights reserved.15-16equation 15.7marginal condition reflecting the consumers tradeoff between current leisure and current c

11、onsumption:copyright 2008 pearson addison-wesley. all rights reserved.15-17figure 15.5 the long-run effects of an increase in the money growth ratecopyright 2008 pearson addison-wesley. all rights reserved.15-18the friedman rule inflation causes an inefficiency, in that it distorts intertemporal dec

12、isions. the friedman rule is a prescription for monetary growth that eliminates the inefficiency caused by inflation. the friedman rule specifies that the money stock grow at a rate that makes the nominal interest rate zero. in practice, no central bank appears to have adopted a friedman rule to gui

13、de monetary policy.copyright 2008 pearson addison-wesley. all rights reserved.15-19equation 15.9pareto optimality requires thatcopyright 2008 pearson addison-wesley. all rights reserved.15-20equation 15.10in a competitive equilibrium,copyright 2008 pearson addison-wesley. all rights reserved.15-21eq

14、uation 15.11also, in a competitive equilibrium,copyright 2008 pearson addison-wesley. all rights reserved.15-22properties of assets rate of return risk maturity liquiditycopyright 2008 pearson addison-wesley. all rights reserved.15-23defining characteristics of financial intermediariesborrow from on

15、e group of economic agents and lend to another.well-diversified with respect to both assets and liabilities.transform assets.process information.copyright 2008 pearson addison-wesley. all rights reserved.15-24the diamond-dybvig banking model three periods, 0, 1, and 2. two types of consumers: early

16、(consume in period 1) and late (consume in period 2) efficient economic arrangement is for consumers to set up a bank in order to share risk. given the banks deposit contract, the bank is open to a run, which is a bad equilibrium.copyright 2008 pearson addison-wesley. all rights reserved.15-25figure

17、 15.6 the utility function for a consumer in the diamonddybvig modelcopyright 2008 pearson addison-wesley. all rights reserved.15-26figure 15.7 the preferences of a diamonddybvig consumercopyright 2008 pearson addison-wesley. all rights reserved.15-27equation 15.12 the marginal rate of substitution

18、of early consumption for late consumption iscopyright 2008 pearson addison-wesley. all rights reserved.15-28equation 15.13 first constraint that a deposit contract must satisfy iscopyright 2008 pearson addison-wesley. all rights reserved.15-29equation 15.14second constraint that a deposit contract must satisfy iscopyright 2008 pearson addison-wesley. all rights reserved.15-30equation