米什金货币金融学(商学院版)第3章ppt课件.ppt

Copyright 2010 Pearson Addison-Wesley. All rights reserved.Chapter 3What Is Money?Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-2Meaning of Money What is money? Economists Meaning of Money Anything that is generally accepted in payment for goods and services or in the repayment of debts. Money Currency A rather broad definitionCopyright 2010 Pearson Addison-Wesley. All rights reserved.3-3Meaning of Money Money (a stock concept) is different from: Wealth: the total collection of pieces of property that serve to store value.Wealth includes not only money but also other assets. Income: flow of earnings per unit of time (a flow concept) Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-4Functions of Money 1. Medium of Exchange: Used to pay for goods and services.Eliminates the trouble of finding a double coincidence of needs (reduces transaction costs)Promotes specializationCriteria:(1)Easily standardized(2)Widely accepted(3)Divisible (4)Easy to carry(5)Not deteriorate quicklyCopyright 2010 Pearson Addison-Wesley. All rights reserved.3-5Functions of Money 2.Unit of Account: used to measure value in the economy reduces transaction costs by reducing the number of prices that need to be considered. 3.Store of Value: used to save purchasing power over time. other assets also serve this function Money is the most liquid of all assets but loses value during inflationLiquidity: the relative ease and speed with which an asset can be converted into a medium of exchange.A doubling of all prices means that the value of money has dropped by half.Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-6Evolution of the Payments System1.Commodity MoneyMany items have been used as commodity money, such as shells, beads, cotton and silk textile, cattle, salt, and even tobacco. Then precious metals like gold and silver acted as money.Metal money has some advantages, because metal money is durable, portable, and easily divisible. Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-7海贝海贝Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-8Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-9Evolution of the Payments System2. Fiat money Paper currency decreed by governments as legal tender but not convertible into coins or precious metal.Advantages: lighter than coins or precious metalDrawbacks: may be counterfeited, easily stolen, expensive to transport.Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-10Evolution of the Payments System3. ChecksAn instruction from you to your bank to transfer money from your account to someone elses account when she deposits the check.Advantages :-reduces the transportation costs associated with the payments system and improves economic efficiency.-makes transactions for large amounts much easier.-loss from theft is greatly reduced. Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-11Evolution of the Payments System4. Electronic paymentThe development of computers and the spread of the Internet make it cheap to pay bills electronically.5. Electronic money: Money that exists only in electronic form.(1)Debit cards(2) Stored-value cards (3) E-cashCopyright 2010 Pearson Addison-Wesley. All rights reserved.3-12Measuring Money How do we measure money? Which particular assets can be called “money”? Construct monetary aggregates using the concept of liquidity: M1 (most liquid assets) = currency + travelers checks + demand deposits + other checkable deposits. Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-13Measuring Money M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits + savings deposits and money market deposit accounts + money market mutual fund shares. Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-14Table 1 Measures of the Monetary AggregatesCopyright 2010 Pearson Addison-Wesley. All rights reserved.3-15Monetary AggregatesCurrencyTravelers ChecksDemand DepositsOther Check. DepM1 (4)M2 (4+3)M3 (4+3+4)Small Den. Dep.Savings and MMMoney Market Mutual Funds SharesCopyright 2010 Pearson Addison-Wesley. All rights reserved.3-16M1 vs. M2 Does it matter which measure of money is considered? M1 and M2 can move in different directions in the short run (see figure). Conclusion: the choice of monetary aggregate is important for policymakers. Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-17FIGURE 1 Growth Rates of the M1 and M2 Aggregates, 19602008Sources: Federal Reserve Bulletin, p. A4, Table 1.10, various issues; Citibase databank; www.federalreserve.gov/releases/h6/hist/h6hist1.txt.Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-18How About China? 我国将货币供应量划分为三个层次： 一是流通中现金0，即在银行体系外流通的现金； 二是狭义货币供应量1，即0加上企事业单位活期存款； 三是广义货币供应量2，即1加上企事业单位定期存款、居民储蓄存款和其他存款。 Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-19Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-20项目项目 ItemItem2014.01 2014.01 货币和准货币（M2）（亿元）1123521.21 货币（M1）314900.55 流通中货币（M0）76488.60 Copyright 2010 Pearson Addison-Wesley. All rights reserved.3-213.5 How Reliable are the M2 Money Data: Data RevisionsCopyright 2010 Pearson Addison-Wesley. All rights reserved.3-223.5 How Reliable are the M2 Money Data: Data Revisions We probably should not pay much attention to short-run movements in the money supply numbers, but should be concerned only with longer-run movements.