FMI7e_ch05Monetary Theory and Policy(金融市场好机构―7e, by Jeff Madura)).ppt

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1、Chapter5MonetaryTheoryandPolicyFinancialMarketsandInstitutions,7e,JeffMaduraCopyright©2006bySouth-Western,adivisionofThomsonLearning.Allrightsreserved.1ChapterOutlineMonetarytheoryTradeofffacedbytheFedEconomicindicatorsmonitoredbytheFedLagsinmonetarypolicyAss

2、essingtheimpactofmonetarypolicyIntegratingmonetaryandfiscalpoliciesGlobaleffectsofmonetarypolicy2MonetaryTheoryPureKeynesianTheoryOneofthemostpopulartheoriesinfluencingtheFedDevelopedbyJohnMaynardKeynesSuggestshowtheFedcanaffecttheinteractionbetweenthedemandf

3、ormoneyandthesupplyofmoneytoinfluence:InterestratesTheaggregatelevelofspendingEconomicgrowth3MonetaryTheory(cont’d)PureKeynesianTheory(cont’d)CanbeexplainedbyusingtheloanablefundsframeworkDemandforandsupplyofloanablefundsdeterminetheequilibriuminterestrateThe

4、businessinvestmentscheduleillustratestheinverserelationshipbetweeninterestratesonloanablefundsandthelevelofbusinessinvestment4MonetaryTheory(cont’d)PureKeynesianTheory(cont’d)CorrectingaweakeconomyTheFedwoulduseopenmarketoperationstoincreasethemoneysupplyAhig

5、herlevelofthemoneysupplywouldreduceinterestratesLowerinterestratesencouragemoreborrowingandspendingKeynesianphilosophyadvocatesanactiveroleforthegovernmentincorrectingeconomicproblems5MonetaryTheory(cont’d)S2CorrectingaWeakEconomyD1i2i1S1DemandandSupplyofLoan

6、ableFundsBusinessInvestmentSchedulei1i2B1B26MonetaryTheory(cont’d)PureKeynesianTheory(cont’d)CorrectinghighinflationTheFedwouldsellTreasurysecurities(decreasethemoneysupply)AlowerlevelofthemoneysupplyreducesthelevelofspendingLessspendingslowseconomicgrowthand

7、reducesinflationarypressure(demand-pullinflation)7MonetaryTheory(cont’d)S1CorrectingHighInflationD1i1i2S2DemandandSupplyofLoanableFundsBusinessInvestmentSchedulei2i1B2B18MonetaryTheory(cont’d)PureKeynesianTheory(cont’d)Effectsofacreditcrunchonastimulativepoli

8、cyTheeconomicimpactofmonetarypolicydependsonthewillingnessofbankstolendfundsIfbanksareunwillingtoextendcreditdespiteastimulativepolicy,theresultisacreditcrunchAcreditcrunchcanoccurduringa