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lecture8 money demand 2011年12月13日 11:17

1,货币数量论：交易方程式，恒等式 2,流动性偏好理论：流动性陷阱，推导不用看 3,弗里德曼现代货币数量论(必考),跟凯恩斯的对比

1,Quantity Theory of Money Fisher equation: MV=PT, T是交易量

Fisher's assumptions:推成货币数量论的假设→ A1. V, the velocity of money depends on social customs, technical developments and density of population, etc., which are rather stable in the short run. Hence, V is assumed to be stable. By equation of exchange and assumption A1, M=(1/V)PT When money market is in equilibrium, the quantity of money held by agents equals the quantity of demand demand for money, thus, Md=M, and we have, Md=kPY→ A2. Classical economists assume that wages and prices are flexible. As a result, output equals that under full employment. In other words, T is also a constant variable in this case. Conclusions C1. By A1., Fisher converted equation of exchange into quantity theory of money, which holds that nominal income depends on quantity of money only. C2. By A2., changes in price level is subject to changes in quantity of money only.认为货币名义需求取决于名义收入

Views on money demand Money demand depends on income rather than on the interest rate. A focus on the function of medium of exchange

2,liquidity preference theory流动性偏好理论 3 motives: transaction motive交易动机 precautionary motive预防动机 speculative motive投机动机

money demand function:

liquidity trap:流动性陷阱 and classical region古典区域

Real demand for money P: price level i:interest rate y:real income

中间的货币政策才有效，古典区域里是垂直的。

→ Policy implication: An increase in money supply may lead to a decline in the interest rate which will increase investment and output growth. When a country is in the liquidity trap, monetary policy is ineffective to change interest rates and hence output.

→ The velocity is not constant. 分区 MF的第 1页