1、International Economics Chapter 13 Money, Interest Rates and Exchange Rates Money defined: a brief review The demand for money The equilibrium interest rate The money supply and the exchange rate in the short run Money, Price and the exchange rate in the long run Key termsKey terms aggregate money d 。

2、emand exchange rate overshooting long run short run deflation inflation short-run equilibrium long-run equilibrium money supply money demand price level exchange rate interest rates expected returns of foreign assets money supply money demand goods prices . Money defined: a brief review . What is mo 。

3、ney? M1 M2 小贴士小贴士 和和 狭义货币供应量狭义货币供应量= 流通中现金企业活期存款农村存流通中现金企业活期存款农村存 款机关团体部队存款个人持有的款机关团体部队存款个人持有的 信用卡类存款信用卡类存款 广义货币供应量广义货币供应量= 企业存款中具有企业存款中具有 定期性质的存款居民储蓄存款外定期性质的存款居民储蓄存款外 币存款信托类存款币存款信托类存款 a medium of exchange a unit of account a store of value three main functions . The demand for money .the demand for 。

4、 money by individuals expected return(interest rate) risk liquidity aggregate money demand the interest rate the price level real national income Md=PL(R, Y) Md /P =L(R, Y) Md /P and R : for a given Y, Md /P rises as R falls. R Md /P L(R, Y) Md /P and Y: For a given R, an increase in Y from Y1 to Y2 。

5、 raises the demand for real money balances at every level of R and causes the whole demand schedule to shift upword. R Md /P L(R, Y1 ) L(R, Y2 ) Increase in Y . The equilibrium interest rate .Equilibrium in the money market MS=MD=P L(R, Y) MS/P=MD/P=L(R, Y) EquilibriumEquilibrium R Md /P MS /P R2 Re 。

6、 R1 E Q1Q2 At R1, MS/PMD/P, excess money supply, R falls. At R2, , MS/PMD/P, excess money demand, R rises. At Re, MS/P=MD/P, equilibrium. Conclusion: P 371 R and MS/P R Md /P (MS/P)1 R2 R1 Q1Q2 (MS/P)2 1 2 Real money holdings Conclusion: P 372 R and Y 2 1 R MS/P R2 R1 L(R, Y1 ) L(R, Y2 ) Q1Real mone 。

【国际|国际经济学课件珍藏版】7、y holdings Conclusion: P 373 . The money supply and the exchange rate in the short run What is short run? Price and real output are given. MS/P=MD/P=L(R, Y) the exchange rate in the short run United States Federal Reserve System European System of Central Banks United States money market European mo 。

8、ney market Foreign exchange market MSUS MSE R$ R R$ 1 Rates of return (in dollar terms) Dollar return 1 2 E2$/ E1$/ O L(R$ , YUS ) Increase in real money supply U.S. real money holdings E$/ 2 M1US/PUS M2US/PUS R1$ R2$ An increase in the U.S. money supply Rates of return (in dollar terms) Dollar retu 。

9、rn 1 2 E2$/ E1$/ O L(R$ , YUS ) Increase in European money supply U.S. real money holdings E$/ 1 MSUS/PUS R1$ An increase in European money supply Conclusion: An increase in a countrys money supply causes its currency to depreciate in the foreign exchange market. A reduction in a countrys money supp 。

10、ly causes its currency to appreciate in the foreign exchange market. . Money, Price and the exchange rate in the long run What is long run? Price and real output are flexible. MS/ P=MD/P=L(R, Y) P=MS/L(R, Y) See the figure 14-13 on page 388. Conclusion: All else equal, a permanent increase in a coun 。

11、trys money supply causes a proportional long-run depreciation of its currency against foreign currencies. Similarly, a permanent decrease in a countrys money supply causes a proportional long-run appreciation of its currency against foreign currencies. Exchange rate overshooting Conception: The exchange rate is said to overshoot when its immediate response to a disturbance is greater than its long-run response.。

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标题：国际|国际经济学课件珍藏版