03货币供求与利率 - Macro-economics 3 3.1 3.1 3.2 3.2...

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Unformatted text preview: Macro-economics 3 货货货货货货货 3.1 货货货货货 3.1 货货货货货 3.2 货货货货货 3.2 货货货货货 3.3 货货货货货货货 3.3 货货货货货货货 张张张张张 Chapter 3 Macro-economics 3.1 货货货货货 3.1 货货货货货 3.1.1 货货货货货货货货 3.1.1 货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 张张张张张 Chapter 3 Macro-economics 货货货货货货货货货货 货货货货货货货货货货 货货货货货货货货货货货货货货货货货货 M 货货货货货货货货货货货货货货 Y 货货货货货货货货货货货货 V 货货货货 Y M= V 货货货 ‐ 货货货货货货货货货货货货货货货货货 ‐ 货货货货货货货货货货货货货货 货货货货货 ‐ 货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货 ‐ 货货货货货货货货货货货货货货货货货货 张张张张张 Chapter 3 Macro-economics 货货货“货货货货货” 货货货“货货货货货” 货货货货货货货货货货货 货货货货货货 M 货货货货货货货货货货货货货货货货货货货 P 货货货货货货货货 Y 货货货货货货货 V 货货货货货货 货货货 PY M= V 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 PY 货货货货 货货货货货货货货货货货货货货货货货 P 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 P 货货货货货货货 货货货货货货货货货货 M 货货货 货货货 张张张张张 Chapter 3 Macro-economics 货货货货货货货货货 MY = PV M/P 货“货货货货货货”货货货货货货货货货货货货货货货货 Y 货货货货货货货 V 货货 货货 货货货货 Y 货货货货货货货 V 货货货货货货货货— 货货货货货货货货 Y/V 货货货货货货货货货货货货货货 “ 货货货货货”货货货货货货货货 P 货货货货货货货货 M 货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 张张张张张 Chapter 3 Macro-economics 货货货货货“货货货货货” 货货货货货“货货货货货” 货货货货货货 M 货货货货货货货货货货货货货货货货货货货 P 货货货货货货货货 Y 货货货货货货货 k 货货货货货货 货 货货 货货 M = kPY 货货货货货货货 M 货货货货货货货货货货 k 货 P 货 Y 货货货货货 货货货货货货货货货货 ‐ 货 k 货货货货货货货货货货货货 k 货 V 货货货货货货货货货货货货货货货 k 货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 k 货货货货货货 货货货货货货货 货货货货货货货 张张张张张 Chapter 3 Macro-economics 货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 ( 货货货货货货货 ) 货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货 张张张张张 Chapter 3 Macro-economics 3.1.2 货货货货货货货货货货 1. 货货货货货货货 货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 L = f (Y ) 货货货货货 dL >0 dY 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 Y 张张张张张 Chapter 3 Macro-economics L L=f(Y) O Y 货货货货货货货 张张张张张 Chapter 3 Macro-economics 2. 货货货货货货货 2. 货货货货货货货货货货货货货货货货货货货“货货货货货”货货 K 货货货货货货货货货 货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 L ′ = f (Y ) 货货货货货 dL ′ >0 dY 货 L1 货货货货货货货货货货货货货货货货货货 L1 = L + L ′ = f (Y ) 张张张张张 货货货货货 dL1 >0 dY Chapter 3 Macro-economics L1 L1=f(Y) Y O 货货货货货货货货货货货 张张张张张 Chapter 3 Macro-economics 3. 货货货货货货货 货货货货货货货货货 货货货货货货货货 货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货 ‐ 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 ( 货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 ( 货货货货货货货货货货 L2 = f ( r ) 张张张张张 货货货货货 dL2 <0 dr Chapter 3 Macro-economics 货货货货货 : 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货 L2 货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货 r r1 r0 L2=f(r) O L2 货货货货货货货 张张张张张 Chapter 3 Macro-economics 货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货 L1=f(Y) 货货货货货货货货货货货货货货货 货货货货 L2=f(r) 货货 L 货货货货货货货货货货 L=L1货L2=f(Y)货f(r) 货货 L1 货 L2 货货货货货货货货货 L 货货货货 L=kY货hr 张张张张张 Chapter 3 Macro-economics r L O L 货货货货货货货货货货货 货货货货货货货货货货货 张张张张张 Chapter 3 Macro-economics 3.2 货货货货货 货货货货货 3.2.1 货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 U 货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货 张张张张张 Chapter 3 Macro-economics 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货— 货货货货货货货货货货货货货货“货货货”货货 — 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货 P MC 货 S P0 O E q0 D q 货货货货货货货货货 货货货货货货货货货 张张张张张 Chapter 3 Macro-economics 3.2.2 货货货货货货货货货货货货 19 货货货 20 货货货货货货货货货货货货货货货货货 1973 货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货 张张张张张 Chapter 3 货货货货货货货货货货货货 货货 货货 货货 货货 货货 张张张张张 Macro-economics 货 20 货货货货货货 50 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 1944 货货货货货货货货货货货货货 货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货 1945 货 12 货货货货货货货货货货货货 44 货货货货货 22 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 1947 货 11 1 945 货 15 货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 35 货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货 50 货货货货货货货货货货货货货货货货货货货货货货货货货货“货货货货”货货货货货货货货货货货货货货货货货货货货货货货货货货货货 1971 货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货 8 货货货货货货 35 货货货货货货货货货货货货货货货“货货货货”货货货货货货货货货货货货货货货货 1973 货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 Chapter 3 Macro-economics 货货货货货货货 货货货货货货货 货货货货货货货货货货货货货货货货货货货 货货货货货货货 ( 货货 ) 货 张 M1 货货货货货货货货货货货货 张 M2 货 M1货 货货货货货货货货货货货货货货货货货货货货货货 货货货 M0 货货货货货货货 货货货 2005 货货货货货货 M0 货 2.4032 货货货货 M1 货 10.7279 货货货货 M2 货 29.8756 货货货货 2010 货货货货货货 M0 货 4.4628 货货货货 M1 货 26.6621 货货货货 M2 货 72.5851 货货货货 张张张张张 Chapter 3 Macro-economics 货货货货 货货货货 货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货①货货货货货货货货货货货 ②货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货 货货货货货货货货货货货 ③货货货货 ④货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货 货货货货 货货货货货 货货货货货 货货货货货 货货货货货货货货货货货货货货货货 货货货货货①货货货货 ②货货货货 ③货货货货 货货货货 货货货货 张张张张张 Chapter 3 Macro-economics 货货货货货货货 货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 ( 货货货货货 ) 张张张张张 Chapter 3 Macro-economics 货货货货货货货货货 货货货货货货货货货 货货货货“货货”货货货货货 货货货货“货货”货货货货货 货货货 RE 货货 RE=Rd·D, r=20% 货货 C C=D-RE A 货货货 100 20 80 货货货 B 货货货 80 16 64 货货货 C 货货货 64 12.8 51.2 货货货 …… …… …… …… n 0 0 0 货货 张张张张张 货货 D D=RE+C 500 100 400 Chapter 3 Macro-economics M=m+m(1-Rd)+m(1-Rd)2+……+m(1-Rd)n =m[1+(1-Rd) +(1-Rd)2 +(1-Rd)3 +……+(1-Rd)n] 1 = m× 1 − (1 − Rd ) 1 =m × Rd M 1 K= = m Rd 张张张张张 货货货货 Chapter 3 Macro-economics 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货 货货货货货 货货货货货货 -- 货货货货货货货 – 货货货货货货货货货货货货货货货货 Re 货 – 货货货货货货货货货货货货货货货货货货货 Rc 货 M 1 K= = m Rd + Re + Rc 张张张张张 Chapter 3 Macro-economics 货货货货货货货货货 货货货货货货货货货 货货货货货 H = CU+RE=Rc·D+Rd·D = (Rc+Rd)D CU+RE=Rc·D+Rd·D 货货货货货 M = CU+D = Rc·D+D= (Rc+1)D Rc·D+D= (Rc+1)D M Rc + 1 = = Km H Rc + Rd 货货货货 M 货货货货货货货货 – 货货货货货货货货货货货货 H – 货货货货货货 Km=Rc+1/Rc+Rd 货货货货货货货货货货货货货 Rd 货货货货货货货 张张张张张 Chapter 3 货货 : 货货货货货货货货货货货货货 - 张张张张张 198 4 198 5 198 7 198 8 1998 1999 20 0 3 20 0 4 20 0 6 20 0 7 20 0 8 20 10 20 11 Macro-economics 货货货货货货 20% 货货货货货 25% 货货货货货 40% 货货货货货 10% 货货 12% 货货 13% 货货 8% 货货 6% 货货 7% 货货 7.5% 货货货货 3 货货 7.5%→9% 货货货货 10 货货 9%→14.5% 货货货货 9 货货 14.5% →17.5% →15.5%/13.5% 货货货货 6 货货 15.5%/ 13.5%→18.5% /15.0% 货货货货 6 货货 18.5%/15.0%→19.0%/15.5% 货 1.20 货 →19.5%/16.0% 货 2.24 货→20.0%/16.5% 货 3.25 货 →20.5%/17.0% 货 4.21 货→21.0%/17.5% 货 5.18 货 →21.5%/18.0% 货 6.20 货 Chapter 3 Macro-economics 货货货货货货 货货货货货货 r O 张张张张张 M1 M0 货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货 货货货货货货货货货货 M2 M Chapter 3 Macro-economics 3.3 货货货货货货货 货货货货货货货 3.3.1 货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货 M 1/P 1/P2 1/P0 E 1/P1 O 张张张张张 货货货货货货货货货货货货货货货货货货 货货货货货 1/P 货货货货货货货货货 货货货货 货货货货 L L,M L0,M0 Chapter 3 Macro-economics 3.3.2 货货货货货货货货货 r 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货 M 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货 货货货货货货货货货货货货货货货货货货货货 r0 L M0 张张张张张 L,M Chapter 3 Macro-economics 3.3.3 货货货货货货货 货货货货货货货 货货货货货货货 r M1 M0 M2 货货货货货货货货货货货货货货 r1 r0 r2 L M1 M0 M2 货货货货货货货货货货货货货货货货货 张张张张张 Chapter 3 Macro-economics 货货货货货货 货货货货货货 r M L2 L0 L1 r1 r0 r2 货货货货货货货货货货货货货货货货 张张张张张 Chapter 3 ...
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Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
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