米什金货币金融学(商学院版)第3章课件

Chapter3WhatIsMoney?Chapter3WhatIsMoney?MeaningofMoneyWhatismoney?

Economist’sMeaningofMoneyAnythingthatisgenerallyacceptedinpaymentforgoodsandservicesorintherepaymentofdebts.Money>CurrencyAratherbroaddefinitionMeaningofMoneyWhatismoney?MeaningofMoneyMoney(astockconcept)isdifferentfrom:Wealth:thetotalcollectionofpiecesofpropertythatservetostorevalue.Wealthincludesnotonlymoneybutalsootherassets.Income:flowofearningsperunitoftime

(aflowconcept)

MeaningofMoneyMoney(astockFunctionsofMoney1.MediumofExchange:Usedtopayforgoodsandservices.Eliminatesthetroubleoffindingadoublecoincidenceofneeds(reducestransactioncosts)PromotesspecializationCriteria:EasilystandardizedWidelyacceptedDivisibleEasytocarryNotdeterioratequicklyFunctionsofMoney1.MediumofFunctionsofMoney2.UnitofAccount:usedtomeasurevalueintheeconomyreducestransactioncostsbyreducingthenumberofpricesthatneedtobeconsidered.3.StoreofValue:usedtosavepurchasingpowerovertime.otherassetsalsoservethisfunctionMoneyisthemostliquidofallassetsbutlosesvalueduringinflationLiquidity:therelativeeaseandspeedwithwhichanassetcanbeconvertedintoamediumofexchange.Adoublingofallpricesmeansthatthevalueofmoneyhasdroppedbyhalf.FunctionsofMoney2.UnitofAcEvolutionofthePaymentsSystem1.CommodityMoney Manyitemshavebeenusedascommoditymoney,suchasshells,beads,cottonandsilktextile,cattle,salt,andeventobacco.Thenpreciousmetalslikegoldandsilveractedasmoney.Metalmoneyhassomeadvantages,becausemetalmoneyisdurable,portable,andeasilydivisible.EvolutionofthePaymentsSyst海贝海贝米什金货币金融学(商学院版)第3章ppt课件EvolutionofthePaymentsSystemFiatmoneyPapercurrencydecreedbygovernmentsaslegaltenderbutnotconvertibleintocoinsorpreciousmetal.Advantages:lighterthancoinsorpreciousmetalDrawbacks:maybecounterfeited,easilystolen,expensivetotransport.EvolutionofthePaymentsSystEvolutionofthePaymentsSystemChecksAninstructionfromyoutoyourbanktotransfermoneyfromyouraccounttosomeoneelse’saccountwhenshedepositsthecheck.Advantages:--reducesthetransportationcostsassociatedwiththepaymentssystemandimproveseconomicefficiency.--makestransactionsforlargeamountsmucheasier.--lossfromtheftisgreatlyreduced.

EvolutionofthePaymentsSystEvolutionofthePaymentsSystemElectronicpaymentThedevelopmentofcomputersandthespreadoftheInternetmakeitcheaptopaybillselectronically.Electronicmoney:Moneythatexistsonlyinelectronicform.(1)Debitcards(2)Stored-valuecards(3)E-cashEvolutionofthePaymentsSystMeasuringMoneyHowdowemeasuremoney?Whichparticularassetscanbecalled“money”?Constructmonetaryaggregatesusingtheconceptofliquidity:M1(mostliquidassets)=currency+traveler’schecks+demanddeposits+othercheckabledeposits.MeasuringMoneyHowdowemeasuMeasuringMoneyM2(addstoM1otherassetsthatarenotsoliquid)=M1+smalldenominationtimedeposits+savingsdepositsandmoneymarketdepositaccounts+moneymarketmutualfundshares.MeasuringMoneyM2(addstoM1Table1MeasuresoftheMonetaryAggregatesTable1MeasuresoftheMonetMonetaryAggregatesCurrencyTraveler’sChecksDemandDepositsOtherCheck.DepM1(4)M2(4+3)M3(4+3+4)SmallDen.Dep.SavingsandMMMoneyMarketMutualFundsSharesMonetaryAggregatesCurrencyM1M1vs.M2Doesitmatterwhichmeasureofmoneyisconsidered?M1andM2canmoveindifferentdirectionsintheshortrun(seefigure).Conclusion:thechoiceofmonetaryaggregateisimportantforpolicymakers.M1vs.M2DoesitmatterwhichFIGURE1GrowthRatesoftheM1andM2Aggregates,1960–2008Sources:FederalReserveBulletin,p.A4,Table1.10,variousissues;Citibasedatabank;/releases/h6/hist/h6hist1.txt.FIGURE1GrowthRatesoftheHowAboutChina?我国将货币供应量划分为三个层次：一是流通中现金Ｍ0，即在银行体系外流通的现金；二是狭义货币供应量Ｍ1，即Ｍ0加上企事业单位活期存款；三是广义货币供应量Ｍ2，即Ｍ1加上企事业单位定期存款、居民储蓄存款和其他存款。HowAboutChina?我国将货币供应量划分为三个层米什金货币金融学(商学院版)第3章ppt课件项目Item2014.01

货币和准货币（M2）（亿元）1123521.21

货币（M1）314900.55流通中货币（M0）76488.60项目Item2014.01货币和准货币（M2）（亿3.5HowReliablearethe

M2MoneyData:DataRevisions3.5HowReliablearethe

M2M