货币供给（money supply)

货币供给内生性(money supply endogeneity)

为什么银行危机可能引起货币供给的减少？

Why might a banking crisis lead to a fall in the money supply？

解释短期和长期货币供给增加的影响。

Explain the impact of an increase in the money supply in the short run and in the long run.

货币供给的减少对利率、收入、消费和投资的影响是什么？

What is the impact of a decrease in the money supply on the interest rate, income, consumption, and investment？

变货币供给？ b．A国政府官员如何为赤字融资而又不影响货币供给？ Assume that the government of country A will run a budget deficit next year． Government officials do not want the budget deficit to affect the money supply． a．How might a budget deficit after the money supply？ b．How can government officials in cotmtry A finance the deficit without affecting the money supply？

联储可能影响货币供给的三种方法是什么？

What are the three ways in which the Federal Reserve can influence the money supply？

在1929～1933年期间货币供给的减少是因为通货—存款比率和准备金—存款比率都上升了。运用货币供给模型和表18-4中的数据回答以下有关这一时期的假设的问题。

a．如果通货—存款比率上升，但准备金—存款比率保持不变，货币供给会发生什么变动？

b．如果准备金—存款比率上升，但通货—存款比率保持不变，货币供给会发生什么变动？

c．这两种变动中哪一种要更多地对货币供给的减少负责？

	1929年8月	1933年3月
货币供给	26.5	19.0
通货	3.9	5.5
活期存款	22.6	13.5
基础货币	7.1	8.4
通货	3.9	5.5
准备金	3.2	2.9
货币乘数	3.7	2.3
准备金—存款比率	0.14	0.21
通货—存款比率	0.17	0.41

The money supply fell during the years 1929 to 1933 because b'oth the currency-deposit ratio and the reserve-deposit ratio increased. Use the model of the money supply and the data in Table 18-4 to answer the following hypothetical questions about this episode.

a．What would have happened to the money supply if the currency-deposit ratio had risen but the reserve-deposit ratio had remained the same？

b．What would have happened to the money supply if the reserve-deposit ratio had risen but the currency-deposit ratio had remained the same？

c．Which of the two changes was more responsible for the fall in the money supply？

假设价格有完全的伸缩性，而且，经济中产出的波动正如实际经济周期理论所说的是由于技术冲击。

a．如果美联储保持货币供给不变，随着产出的波动，物价水平会发生什么变动？

b．如果美联储调整货币供给以稳定物价水平，随着产出的波动，货币供给会发生什么变动？

c．许多经济学家观察到，货币供给的波动与产出的波动正相关。这是反对实际经济周期理论的证据吗？

Suppose that prices are fully flexible and that the output of the economy fluctuates because of shocks to technology, as real business cycle theory claims.

a．If the Federal Reserve holds the money supply constant, what will happen to the price level as output fluctuates？

b．If the Federal Reserve adjusts the money supply to stabilize the price level, what will happen to the money supply as output fluctuates？

c．Many economists have observed that fluctuations in the money supply are positively correlated with fluctuations in output. Is this evidence against real business cycle theory？

平。假定在货币供给增加之前，利率等于长期利率，那么，长期价格水平上涨的幅度是大于还是小于货币供给增加的幅度？如果最初利率低于长期水平，情况又会如何？

Imagine that the central bank of an economy with unemployment doubles its money supply．In the long run，full employment is restored and output returns to its full employment level．On the (admittedly unlikely)assumption that the interest rate before the money supply increase equals the long-run interest rate，is the long-run increase in the price level more than proportional or less than proportional to the money supply change？ What if(as is more likely)the interest rate was initially below its long-run level？

因此，这种管制的改变会使持有货币更有吸引力。

a．这种变动如何影响货币需求？

b．货币流通速度会发生什么变动？

c．如果美联储使货币供给保持不变。短期和长期产出与物价将发生什么变动？

d．对这种管制变动，美联储的反应应该是保持货币供给不变吗？为什么是或为什么不是？

Suppose that a change in government regulations allows banks to start paying interest on checking accounts. Recall that the money stock is the sum of currency and demand deposits, including checking accounts, so this regulatory change makes holding money more attractive.

a．How does this change affect the demand for money？

b．What happens to the velocity of money？

c．If the Fed keeps the money supply constant, what will happen to output and prices in the short run and in the long run？

d．Should the Fed keep the money supply constant in response to this regulatory change？ Why or why not？